Triton’s report suggests that the global thermoplastic elastomers market is anticipated to advance with a growth rate of 6.37% in value and 2.61% in volume over the forecast period 2023-2030.
Factors such as the application of TPE as an alternative to thermoset elastomers, the launch of 3D printing, and growing adoption in the automotive industry drive the thermoplastic elastomers market. TPEs are widely adopted in the automotive sector, including in producing car panels, seat backs, belts, handles, and door liners. Moreover, they make vehicles more energy-efficient by lowering weight and offering durability and corrosion resistance.
However, reduced volume consumption of TPE due to lightweight trends and volatile cost of raw materials restrict the studied market’s progression.
REGIONAL OUTLOOK
The global thermoplastic elastomers market covers Latin America, Europe, North America, Asia-Pacific, and the Middle East and Africa regions.
The Asia-Pacific is estimated to witness the fastest growth over the projected phase. This growth can be attributed to the rising need for construction materials owing to infrastructure development. Other than this, increased regulations to reduce C02 emissions across China, South Korea, and India are expected to support the adoption of thermoplastic elastomers in various applications, including automotive parts, tires, and plastic products.
Competitive Outlook
The notable companies in the thermoplastic elastomers market consist of Asahi Kasei Corporation, Arkema SA, Covestro AG, Evonik Industries AG, Lubrizol Corporation, BASF SE, LG Chem Ltd, Dynasol Group, Kraton Corporation, and The Dow Chemical Company.
BASF SE is engaged in developing and commercializing chemical products and solutions for various sectors, including agriculture, energy, pharmaceuticals, nutrition, and paints & coatings. The company offers polyurethane for manufacturers of casual shoes, boots, and sports shoes. BASF has product facilities across 90 nations, with headquarters based in Germany.
1. Global Thermoplastic Elastomers Market - Summary
2. Industry Outlook
2.1. Parent Market Analysis
2.2. Impact Analysis On The Thermoplastic Elastomers Market
2.2.1. Covid-19 Impact
2.2.2. Impact Of Russia-ukraine War
2.3. Porter’s Five Forces Analysis
2.3.1. Threat Of New Entrants
2.3.2. Threat Of Substitutes
2.3.3. Bargaining Power Of Buyers
2.3.4. Bargaining Power Of Suppliers
2.3.5. Threat Of Competitive Rivalry
2.4. Market Maturity Analysis
2.5. Industry Components
2.5.1. Raw Materials Manufacturer
2.5.2. Polymer Compounding
2.5.3. End-user
2.6. Regulatory Framework
2.7. Key Market Strategies
2.7.1. Collaborations
2.7.2. Product Launches
2.7.3. Mergers & Acquisitions
2.7.4. Business Divestitures & Expansions
2.8. Market Drivers
2.8.1. Application Of Thermoplastic Elastomer As A Substitute For Thermoset Elastomer
2.8.2. Introduction Of 3d Printing Technology
2.8.3. Growing Demand In The Automotive Sector
2.9. Market Challenges
2.9.1. Reduced Volume Consumption Due To The Lightweight And Miniaturization Trends
2.9.2. Price Fluctuations In Raw Materials
2.10. Market Opportunities
2.10.1. Lightweight Materials Support Product Weight Reduction
2.10.2. Growing Use Of Thermoplastic Elastomers In Recyclability Improvement Projects
2.10.3. Thermoplastic Elastomers Support In Co2 Emission Reduction
2.11. Analyst Perspective
3. Global Thermoplastic Elastomers Market – By Material Type
3.1. Polystyrene
3.2. Polyamide
3.3. Polyolefin
3.4. Polyurethane
3.5. Elastomeric Alloy
3.6. Other Material Types
4. Global Thermoplastic Elastomers Market – By Industry Vertical
4.1. Medical
4.2. Building & Construction
4.3. Industrial
4.4. Consumer Goods
4.5. Electrical & Electronics
4.6. Automotive
4.7. Other Industry Verticals
5. Global Thermoplastic Elastomers Market – By Regional Outlook
5.1. North America
5.1.1. Market By Material Type
5.1.2. Market By Industry Vertical
5.1.3. Country Analysis
5.1.3.1. United States
5.1.3.1.1. United States Thermoplastic Elastomers Market Forecast & Prospects