The ease of processing exhibited by thermoplastic elastomers (TPEs) through injection molding, extrusion, and blow molding underscores their importance in manufacturing. This characteristic contributes significantly to cost-effectiveness and operational efficiency in various industries. TPEs' compatibility with common thermoplastic processing techniques allows for streamlined production processes, reducing manufacturing complexities and costs. Manufacturers benefit from the flexibility and simplicity of shaping TPEs into intricate designs, making them ideal for applications across automotive, consumer goods, and medical sectors.
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Data Bridge Market Research analyses the Global Thermoplastic Elastomers Market, which was USD 21.13 billion in 2022 and is expected to reach USD 34.20 billion by 2030, growing at a CAGR of 6.2% during the forecast period of 2023 to 2030. The global thermoplastic elastomers market is propelled by the increasing demand in the automotive sector, where these materials are extensively utilized in manufacturing seals, gaskets, bumpers, and interior components.
Key Findings of the Study
Expansion of construction and infrastructure projects is expected to drive the market's growth rate
The expansion of construction and infrastructure projects serves as a significant driver for the global thermoplastic elastomers market. Thermoplastic elastomers are increasingly used in the building and construction industry for roofing materials and sealants. As the world witnesses a heightened focus on large-scale infrastructure development, the demand for these materials rises correspondingly. Their versatility, durability, and suitability for various construction-related products position thermoplastic elastomers as essential components in modern construction projects.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Billion, Volume in Units, Price in USD
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Segments Covered
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Product Type (Styrene Block Copolymers (TPE-S), Thermoplastic Polyolefin, Thermoplastic Olefins (TPE-O), Elastomeric Alloys (TPE-V or TPV), Thermoplastic Polyurethanes (TPU), Thermoplastic Co-polyester, Thermoplastic Polyamides), Application (Automotive, Building and Construction, Electrical and Electronics, Household Appliances, Medical, Adhesives, Sealants and Coatings, Footwear, HVAC, Others)
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Countries Covered
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U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, U.A.E., Egypt, Israel, Rest of Middle East and Africa
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Market Players Covered
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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)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The global thermoplastic elastomers market is segmented on the basis of product type, and application.
- On the basis of product type, the global 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 polyamide
- On the basis of application, the global thermoplastic elastomers market is segmented into automotive, building and construction, electrical and electronics, household appliances, medical, adhesives, sealants and coatings, footwear, HVAC, and others
Major Players
Data Bridge Market Research recognizes the following companies as the major global thermoplastic elastomers market players in global thermoplastic elastomers market are 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)
Market Developments
- In 2021, Avient, a provider of specialized and sustainable material solutions, announced a notable expansion to its portfolio. Three proprietary thermoplastic elastomer (TPE) formulations incorporating antimicrobial additives were introduced to Avient's general lightening services PE portfolio. These formulations, tested under JIS Z2801 and ASTM G21-15 standards, aimed to protect molded plastic parts by inhibiting bacterial growth by 99.9 percent or more. The applications for these innovative products spanned consumer electronics, personal care item grips, and automotive components such as cup holder mats and heating, ventilation, and air conditioning (HVAC) seals. This move demonstrated Avient's commitment to providing advanced material solutions with a focus on both functionality and sustainability
- In 2022, DowDuPont Inc. took a noteworthy step in the biopharmaceutical industry by launching Dupont Liveo pharma tubing. This new product, a thermoplastic elastomer tubing, underscored DuPont's proactive stance in shaping the future of biopharmaceutical processing. The announcement emphasized DuPont's commitment to expanding supply capacities for silicone elastomers and tubing, as well as enhancing its single-use pharma product lines
- In 2020, Bausch+Lomb made a significant stride in the eyecare industry by launching the -2.75 cylinder variant for its Biotrue ONE Day for Astigmatism daily disposable contact lenses. This product featured Thermoplastic Elastomers, showcasing the company's commitment to innovation in vision correction.
- In 2020, Menicon, a prominent player in the contact lens market, demonstrated its forward-thinking approach by launching the Menicon Future Device Research Laboratory in Japan. This strategic move highlighted Menicon's dedication to advancing research and development in the field of eye care devices
Regional Analysis
Geographically, the countries covered in the global thermoplastic elastomers market report are U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, U.A.E., Egypt, Israel, Rest of Middle East and Africa.
As per Data Bridge Market Research analysis:
North America is the dominant region in global thermoplastic elastomers market during the forecast period 2023-2030
North America dominates the global thermoplastic elastomers market, due to a surge in trade activities and widespread adoption across diverse industries. The automotive sector favors these materials for their flexibility and durability in components such as seals and bumpers. In the building and construction industry, thermoplastic elastomers find use in roofing materials and sealants, aligning with the region's robust infrastructure projects. North America's dominance extends to various sectors, including electrical and electronics, household appliances, medical devices, adhesives, sealants and coatings, footwear, and HVAC, where the versatility of thermoplastic elastomers meets diverse application needs.
Asia-Pacific is estimated to be the fastest growing region in global thermoplastic elastomers market the forecast period 22023-2030
The Asia-Pacific region is expected to experience the substantial growth in the global thermoplastic elastomers market from 2023 to 2030. This growth is attributed to a growing awareness of the advantageous properties of thermoplastic elastomers, including superior cleanliness, shock absorption, flexibility, and resilience to adverse weather, chemicals, and thermal conditions. The region's industries recognize these qualities, leading to an increased demand for thermoplastic elastomers across diverse applications. This heightened awareness is expected to be a key driver for sustained market growth in the Asia-Pacific region during the forecast period.
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