The recyclability of thermoplastic elastomers (TPEs) is a key factor influencing the dynamics of the TPE industry. With the increasing focus on sustainability and environmental awareness, the recyclable nature of TPEs aligns well with the growing demand for eco-friendly materials. The ability to reprocess and reuse TPEs helps reduce waste and also contributes to establishing a circular economy, where materials are continuously recycled and reintegrated into the production cycle. This appeals to manufacturers, end-users, and regulatory bodies, driving the adoption of recyclable TPEs and promoting a more sustainable and environmentally responsible approach in the thermoplastic elastomers market.
According to Data Bridge Market Research, the Thermoplastic Elastomers Market accounted for USD 19.90 billion in 2021 and is expected to reach USD 32.20 billion by 2029, registering a CAGR of 6.2% during the forecast period of 2022-2029.
“Increased demand thermoplastic elastomers in the different industries drive the market”
The global adoption of thermoplastic elastomers in various end-user sectors, including automotive, building and construction, electrical and electronics, household appliances, medical, adhesives, sealants and coatings, footwear, HVAC, and more, is expected to drive market growth. The healthcare industry particularly relies on thermoplastic elastomers for manufacturing medical equipment like catheters, medication delivery tubes, surgical tool grips, and implants. This widespread utilization of thermoplastic elastomers in the healthcare sector, coupled with its expanding applications in other industries, creates significant opportunities for market expansion and reinforces the importance of these versatile materials in meeting diverse industry demands.
What restraints the growth of thermoplastic elastomers market?
“Fluctuations in the prices of raw materials restrain the market growth”
The thermoplastic elastomers market may face obstacles due to volatility or fluctuations in the prices of raw materials. Fluctuating raw material prices can directly impact the production costs of thermoplastic elastomers, affecting profit margins and overall market growth. Rapid changes in raw material prices can make it challenging for manufacturers to maintain stable pricing strategies and competitiveness in the market. Moreover, price fluctuations may also disrupt supply chains and lead to the uncertain availability of raw materials. In order to mitigate these hindrances, industry players often employ strategies like long-term supply agreements, diversification of raw material sources, and efficient inventory management.
Segmentation: Thermoplastic Elastomers Market
The thermoplastic elastomers market is segmented on the basis of product type and application.
- On the basis of product type the thermoplastic elastomers market is segmented into styrene block copolymers (TPE-S), thermoplastic polyolefin, thermoplastic olefins (TPE-O), elastomeric alloys (TPE-V or TPV), thermoplastic polyurethanes (TPU), thermoplastic co-polyester, and thermoplastic polyamides.
- On the basis of application, the thermoplastic elastomers market is segmented into automotive, building and construction, electrical and electronics, household appliances, medical, adhesives, sealants and coatings, footwear, HVAC, and others.
Regional Insights: North America dominates the thermoplastic elastomers market
North America dominates the thermoplastic elastomers market due to increased construction activities in the region and the growth of the automobile industry, particularly in developing countries within North America.
Asia-Pacific, on the other hand, is projected to experience substantial growth from 2022 to 2029. This is driven by advancements in the healthcare and automotive sectors, numerous automotive production plants, and the region's increasing use of biodegradable products.
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Recent Developments in Thermoplastic Elastomers Market
- In March 2020, Asahi Kasei Corporation acquired Veloxis Pharmaceuticals Inc., bolstering its presence in the pharmaceutical industry and advancing its transformation into a global healthcare provider. Collaborating with Veloxis' expanded management team and workforce, Asahi Kasei aims to maximize the value of both companies.
- In January 2020, BASF acquired Solvay's global non-European PA6.6 business, including a 50% share in Butachimie's ADN production, for $1.53 billion. This acquisition strengthens BASF's polyamide capabilities, introducing renowned products like Technyl to its portfolio.
The Prominent Key Players Operating in the Thermoplastic Elastomers Market Include:
- Arkema (France)
- Asahi Kasei Corporation (Japan)
- BASF SE (Germany)
- Dow (U.S)
- Covestro AG (Germany)
- Huntsman International LLC. (U.S.)
- Teknor Apex (U.S.)
- The Lubrizol Corporation (U.S.)
- Tosh Corporation (Japan)
- Kraton Corporation (U.S.)
- China Petroleum Corporation (China)
- Mitsubishi Chemical Company (Japan)
- DuPont (U.S.)
- SIBUR (Russia)
- Corporate. Evonik (Germany)
- Dynasol Group (Spain)
Above are the key players covered in the report, to know about more and exhaustive list of thermoplastic elastomers market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Thermoplastic Elastomers Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
