Thermoplastic Elastomer Market Forecasts to 2028 – Global Analysis by Product Type (Styrenic block copolymer (SBC), Thermoplastic polyurethane (TPU), Thermoplastic polyolefin TPO), Thermoplastic vulcanizate (TPV), Polyether block amide elastomer (PEBA),

Thermoplastic Elastomer Market Forecasts to 2028 – Global Analysis by Product Type (Styrenic block copolymer (SBC), Thermoplastic polyurethane (TPU), Thermoplastic polyolefin TPO), Thermoplastic vulcanizate (TPV), Polyether block amide elastomer (PEBA), Copolyester ether elastomer (COPE)), Material (Synthesized Bio-based Polyester Elastomer, Polylactide), Production Process (Extrusion Injection Molding, Blow Molding, Rotational Molding, Others), Application and By GeographyAccording to Stratistics MRC, the Global Thermoplastic Elastomers Market is accounted for $24.7 billion in 2022 and is expected to reach $40.297billion by 2028 growing at a CAGR of 8.5% during the forecast period. Thermoplastic elastomers (TPEs) are thermoplastic and elastomeric materials with elastic capabilities. They are a physical combination of polymers that combine both plastic and elastomers components. These materials are widely employed in the automobile sector, where they are used for car tyres and other auto components. TPEs are also used in the manufacture of household appliances, adhesives, sealants, and coatings for industrial uses, wire and cables for the electrical and electronic industries, and roofing in the construction industry. The expansion of the plastics sector can be credited with the increased demand for these materials from diverse end-use industries.

According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037, owing to the growth in air cargo. Also, the US mainliner carrier fleet is expected to grow at a rate of 54 aircraft per year due to the existing fleet getting older.

Market Dynamics:

Driver:

The recovery of automotive sector and rising penetration of electric vehicles (EVs)

Decreased sales, a movement in customer preferences toward EVs and ride-sharing, changing regulatory environments, declining per-capita spending, and economic depression in some nations have all had an impact on traditional vehicle production. When compared to conventional metals, thermosets rubbers, and other materials, thermoplastic elastomers are employed in EVs to give a number of high-performance qualities. The market for thermoplastic elastomers is boosted by the government's backing of EVs and the shifting regulatory landscape. The demand for thermoplastic elastomers is anticipated to rise over the projected period as a result of the global EV market's growth and the automotive sector's recovery.

Restraint:

Higher cost of thermoplastic elastomers

In contrast to other materials like PVC, rubbers, polyethylene, and polyurethane, the production of thermoplastic elastomers is a capital-intensive and sophisticated process. Manufacturing equipment for thermoplastic elastomers must be set at a high temperature in the presence of technological know-how. Since thermoplastic elastomers' use was only permitted in high-end applications due to the hefty investment requirements, Several additional materials, including compounding grades of polyethylene, polypropylene, acrylonitrile butadiene styrene, and polyurethane, have been produced that have qualities similar to TPEs and are considerably less expensive than TPE. In a few end-use industries, including industrial machinery, building & construction, and electronics, thermoplastic elastomers are a competitive product due to all these factors. The pricing of thermoplastic elastomers are also impacted by changes in the cost of raw materials.

Opportunity:

Emerging market for bio based thermoplastic elastomers

Bio based thermoplastic elastomers are produced using renewable resources like vegetable oils and fatty acids. It has comparable and superior qualities to those of conventional thermoplastic elastomers, primarily for the footwear, sporting goods, and electronics industries. The creation of bio based thermoplastic elastomers enhances biodegradability while using less non-renewable resources. The development and commercialization of biobased thermoplastic elastomers have opened up a number of new business prospects for producers of these materials. Additionally, many producers of synthetic thermoplastic elastomers, including BASF and Lubrizol, have moved their emphasis to the creation of environmentally benign and long-lasting goods.

Threat:

Intra thermoplastic elastomers replacement

The market offers a variety of thermoplastic elastomers that are distinguished according to price and performance requirements. Depending on the applications' profit margins, a certain type of thermoplastic elastomers is used. The demand for other thermoplastic elastomers is being challenged by the rising trend of streamlining the difficult selection process when selecting a particular type due to the growing emphasis on specific types and the ability to fulfil numerous purposes. This circumstance has increased the adaptability of one kind of thermoplastic elastomers and driven down their price.

Covid-19 Impact

Due to the disruption of the supply chain, the halt of production, and the decline in demand from end-use industries like the automotive, construction, and footwear industries, the pandemic had an effect on the market for thermoplastic elastomers. However, the Covid-19 epidemic increased demand from the medical sector, supporting growth in the market for thermoplastic elastomers. Additionally, the forecast period will see an increase in the use of thermoplastic elastomers in a number of industries, including the automotive and footwear sectors, as a result of the end-use industries' quick recovery, rising disposable income, changing lifestyles, and growing environmental awareness.

The electronic & electrical segment is expected to be the largest during the forecast period

The market is divided into automotive, building & construction, footwear, electrical & electronics, medical, and others on the basis of application. Due to the expanding demand for lightweight vehicles from a growing global population, the automotive sector dominated the market. Wipers, external panels, bonnets and boots, among other auto parts, all use thermoplastic elastomers. During the projection period, the electronic & electrical segment is anticipated to increase significantly. The materials' soft texture, chemical and electrical resistance, beauty, and colour are only a few of their benefits. The need for wiring and cables is expected to rise as they are increasingly used in residential and commercial construction.

The automotive segment is expected to have the highest CAGR during the forecast period

One of the largest markets for TPEs is still the automotive industry, where the elastomer is being employed to replace wooden and metal parts in cars. The segment CAGR is projected to rise as a result of the growing use of TPEs in the production of numerous high-quality automotive components. Wipers, automotive gaskets, rocker panels, body seals, door & window handles, vibration damping pads, and exterior filler panels are just a few examples of exterior body parts that use TPEs. Additionally, thanks to developments in recent years, TPEs are now used for under-the-hood components including fuel lines, belts and hoses, clamps, buffer blocks for boots and bonnets, and weather stripping for sound and water resistance. The automobile industry has the highest CAGR during the forecast year.

Region with highest share:

A substantial portion of the worldwide market is thought to belong to North America, which has a high level of disposable income and rapid technological development. Consumers' rising demand for autos and the expansion of the building sector have propelled manufacturers to innovate. The high economic standing of the countries in the region and this need will further fuel the industry. The market for thermoplastic elastomers will also benefit from the expansion of the medical sector. As a result, North America is projected to have the highest share.

Region with highest CAGR:

In terms of CAGR, the thermoplastic elastomers market, Asia-Pacific leads. China is a major producer and consumer of TPE. The fact that many Western companies had already increased their operations in China and, to a smaller degree, other Asian nations because of cheaper labour and manufacturing costs, served as gasoline for this. As a result, the region's market for thermoplastic elastomers is expanding thanks to APAC's expanding transportation industry, commanding the market in the Asia-Pacific region.

Key players in the market

Some of the key players profiled in the Thermoplastic Elastomers Market include Huntsman corporation, Lubrizol corporation, DuPont de Nemours, inc., Asahi kasei corporation, Basf se, Arkema s.a., Dow chemical company, GAF, Noble polymers, Zeon corporation, Celanese corporation, Elastron, China Petroleum & Chemical Corporation, Advanced Elastomers Systems L.P., Bayer Material Science LLC, EMS group, LG Chemicals, Nippon Polyurethane Industry Company Ltd., TSRC Corporation, Teknor APEX Company

Key Developments:

In January 2022, Arkema plans to invest in Serquigny, France, to enhance its global Pebax elastomers production capacity by 25%. The bio-circular Pebax, Renew, and classic Pebax ranges will all benefit from this initiative.

February 2022 - DuPont has agreed to sell Celanese Corporation a majority of its Mobility & Materials segment, including the Engineering Polymers business line and certain Performance Resins and Advanced Solutions product lines, for $11.0 billion in cash, subject to customary transaction adjustments.

In December 2021, Celanese Corporation has acquired the Exxon Mobil Corporation's Santoprene TPV elastomers business for a total purchase price of US$1.15 billion, which includes two world-scale production facilities in Pensacola, Florida, and Newport, Wales, United Kingdom, with a total annual production capacity of over 190 kt.

August 2020: Lubrizol invested in the thermoplastic polyurethane business globally. The investments include the increased production capabilities of surface paint protection film (PPF) and protection. At the same time, it would provide additional benefits to PPF manufacturers and supply chains.
November 2020: Evonik announced the cooperation with HP for developing a new co-branded1 elastomers, a flexible high-performance specialty powder based on a thermoplastic amide grade (TPA) for 3D printing.

Product Type Covered:
• Styrenic block copolymer (SBC)
• Thermoplastic polyurethane (TPU)
• Thermoplastic polyolefin TPO)
• Thermoplastic Vulcanizates (TPV
• Polyether block amide elastomers (PEBA)
• Co polyester ether elastomers (COPE)

Material Covered:
• Synthesized Bio-based Polyester Elastomer
• Polylactide

Production Process Covered:
• Extrusion
• Injection Molding
• Blow Molding
• Rotational Molding
• Other Production Process

Application Covered:
• Footwear
• Machinery seals
• Pressure-sensitive adhesives
• Road paving
• Roofing
• Grips/handles
• Plugs and sockets
• Caps and closures
• Medical tubing
• Other Applications

End User Covered:
• Building & construction
• Automotive
• Wires & cables
• Medical
• Engineering

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances