Thermoplastic Elastomers Market, by Product Type (Styrenic Block Co-polymers, Co-polyester, Polyurethane, Polyamide, Thermoplastic/Elastomers Blend & Alloy, Polyolefin, Vulcanizates, Reactor-made Thermoplastic Polyolefin Elastomers (R-TPO), Polyolefin Plastomers (POP’s), and Polyolefin Elastomers (POE’s)), by Application (Automotive Parts, Wires & Cables, Coating, Adhesive & Sealant, Paving & Roofing, Housewares & Appliances, and Others), by End-use Industry (Building & Construction, Automotive, Packaging, Footwear, Consumer Electronics, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
Thermoplastic elastomers are flexible materials, which can be stretched without permanently deforming their shape. Thermoplastic elastomers are a physical mix of polymers, which are usually plastic and rubber. Thermoplastic elastomers are manufactured by injection, molding, and extrusion. Various automobile parts such as window handles, gaskets, body seals, wipers, filler panels, rocker panels, and damping pads are manufactured from thermoplastic elastomers. Rising demand for automobiles and increasing consumer spending on automobiles is expected to drive growth of the thermoplastic elastomers market.
Market Dynamics
Due to increasing demand for lighter vehicles, thermoplastic elastomers is expected to find increasing applications in the automotive sector. Furthermore, growing demand for bio-based thermoplastic elastomers is driving growth of this market. Hence, players in market are manufacturing bio-based thermoplastic elastomer (TPE) compounds that contain raw materials from renewable resources such as plant and vegetable crops. This is expected to be a major growth opportunity for key players in market.
Growing automotive industry and high demand for electric vehicles is the major driver for the growth of global thermoplastic elastomers in the forecast period. Automotive parts segment accounted for the largest revenue share in the global thermoplastic elastomers market in 2021. This is due to the properties of TPE such as weather & temperature resistance, shock absorption, flexibility, abrasion resistance, and recyclability.
Growing medical equipment manufacturing industry is expected to drive growth of styrenic block co-polymers segment and in turn fuel growth of the thermoplastic elastomers market, globally. For instance, according to the India Brand Equity Foundation in April 2022, medical devices industry in India was valued at US$ 10.36 billion in 2020 and is expected to reach US$ 50 billion by 2025, with a CAGR of 37%.
Various key players are focused towards expanding the manufacturing of thermoplastic elastomers, which is a key factor driving growth of the thermoplastic elastomers market. For instance, in November 2018, DuPont had announced that it was investing over US$ 80 million to build a new manufacturing facility in Zhangjiagang, Jiangsu Province in East China. This new facility will produce compounded high-end engineering plastics and adhesives to serve customers in transportation, electronics, industrial and consumer products markets. This planned site become operational in 2020 with expansion through 2023, thereby driving the overall TPE market growth in the Asia Pacific region.
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