Triton’s research report on the thermoplastic elastomers market in Asia-Pacific is expected to register a CAGR of 6.46% in revenue and 2.70% in volume during the forecast period 2023-2030. China, Japan, India, South Korea, Australia, ASEAN countries, and Rest of Asia-Pacific are considered in the given region.
Japan, the world’s third-largest economy, has emerged as a significant player in the global automotive industry. Its substantial investments in automobile research and development have fueled the expansion of the tire industry. Moreover, the shift towards energy-efficient vehicles to reduce expenses and foster future technology has increased. Given the automotive sector’s growth, the demand for thermoplastic elastomers for tire production is expected to elevate, driving the overall market.
India hosts the fourth-largest tire industry globally, following China and the US. In this regard, the nation’s TPE consumption in the automotive industry has soared in recent years. The Indian tire industry confronts challenges stemming from rising raw material costs and tire manufacturers’ drive for operational modernization. Manufacturers aim to cater to various vehicle types, including passenger cars, buses, military vehicles, motorcycles, and trucks.
Competitive Outlook
The companies listed in the thermoplastic elastomers market include Arkema SA, BASF SE, Dynasol Group, Asahi Kasei Corporation, and LG Chem Ltd.