The global Thermoplastic Elastomers Market is estimated to be valued at US$ 36.7 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Thermoplastic elastomers are polymers made by blending different polymeric materials to obtain properties similar to vulcanized rubber at room temperature. They possess both the properties of elasticity and processability. They can be easily processed using injection molding and extrusion techniques without the use of any vulcanization process. Their growing use in various end-use industries such as automotive, medical, consumer goods and others is driving the market growth.
Market key trends:
Rising demand for plant-based materials: Consumers are increasingly preferring sustainable and eco-friendly products. This has increased the demand for plant-based thermoplastic elastomers which are derived from renewable sources like vegetable oils and starches. Their production involves lower carbon footprint and reduced environmental impact. Major thermoplastic elastomer manufacturers are developing novel plant-based product lines using vegetable-oil based polyols and starch polyols to cater to the rising demand. This is a major trend driving the market growth.
Segment Analysis:
The thermoplastic elastomers market is segmented into styrenic block copolymers (SBCs), thermoplastic polyolefins (TPO), thermoplastic polyurethanes (TPU), thermoplastic vulcanizates (TPV) and copolyester. Among these, the styrenic block copolymers (SBCs) segment accounts for the largest share, owing to its widespread use in footwear, adhesives and automotive applications. SBCs exhibit superior elasticity and resistance to tearing, making them well-suited for use in applications that require flexibility as well as strength.
Key Takeaways:
The Global Thermoplastic Elastomers Market Size is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period, due to increasing demand from the automotive industry.
Regional analysis
Asia Pacific accounts for the largest as well as the fastest growing region in the global thermoplastic elastomers market. The growth in Asia Pacific is driven by strong demand from the automotive and construction industries in major economies such as China and India.
Key players
Key players operating in the thermoplastic elastomers market are DowDuPont Inc., Arkema Group, Asahi Kasei Corporation, PolyOne Corporation, Elastron Kimya SA, Kraton Corporation, Evonik Industries, Covestro AG., Lubrizol Corporation, Huntsman Corporation, Tosh Corporation, and Teknor Apex Company. Among these, DowDuPont Inc., Arkema Group and Kraton Corporation are the top players dominating the market due to their huge production capacities and strong global distribution networks.
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