USD 22.37 billion
Report ID: SQMIG15E2162 | Region: Global | Published Date: February, 2023 | Pages: 157 | Tables: 63 | Figures: 75
Global Thermoplastic Elastomer Market size was valued at USD 22.37 billion in 2021 and is poised to grow from USD 24.26 billion in 2022 to USD 46 billion by 2030, growing at a CAGR of 8.32% in the forecast period (2023-2030).
Thermoplastic elastomers provide the properties of both plastics and elastomers. The products are commonly used to provide a range of properties in end-user industries, such as easy moldability, heat stability, smoothness, wear resistance, and scratch resistance.
There are different types of computers, each with its own strengths and weaknesses. Some are more expensive, but offer better performance. The demand for thermoplastic elastomers is projected to increase in the future as a result of the recovery of several end use industries, such as automotive and construction, from the COVID-19 pandemic and the increasing penetration of electric vehicles (EVs) worldwide.
The growing demand from the automotive industry, the environmentally friendly properties of thermoplastic elastomers, and the recent advances in the thermoplastic elastomer processing industry are all contributing factors to the growth of thermoplastic elastomers. The global industry has grown thanks to increasing consumption in various applications.
Growing demand for auto parts manufacturing is expected to be a major factor driving the global industry during the forecast period. The increased regulation of carbon emissions has forced major automotive OEMs to use plastics in place of metal and alloy parts. This change has led to a decrease in the use of metals and alloys in automotive components, which in turn has led to a decrease in emissions.
US Thermoplastic Elastomer Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 22.37 billion
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The thermoplastic elastomers market is segmented on the basis of product type, application, and region. Whereas product type is sub segmented into the styrene block copolymers , thermoplastic polyolefin, thermoplastic olefins , elastomeric alloys , thermoplastic polyurethanes , thermoplastic copolyester and thermoplastic polyamides. The application is sub segmented into the automotive, building and construction, electrical and electronics, household appliances, medical, adhesives, sealants and coatings, footwear, HVAC and others. Based on region, the market is segmented into North America, Latin America, Asia Pacific, Europe, and MEA
Analysis by Product type
Based on the product type, Styrene block copolymers are the most popular type of thermoplastic elastomer, accounting for a large share of the market. Called styrenic block copolymers, these high-performance elastomers are made to improve performance in many applications. In a number of end-use industries, styrene block copolymers are replacing ethylene-propylene (EP) rubber and EPDM. These new thermoplastic materials have unique thermoplastic characteristics that make them better suited for certain applications.
Analysis by Application
Based on the application, In the automotive sector, it is important to have a variety of parts, such as fuel line covers, air vents, door handles, side bumpers, mudguard parts, and door weather strips. The automotive sector is expected to grow in demand for thermoplastic elastomers, as players compete for market share to supply vehicles with lighter weight and growing demand. Transportation infrastructure is developing at a fast pace, and favorable government regulations are helping to support the growth of the automotive sector.
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North America dominated the market and accounted for a revenue share of over 35.0% in 2021. The North American region is one of the largest consumers of plastics owing to high demand in the automotive, electrical and electronics, packaging, and construction sectors.
Due to their various benefits, easy molding, and desired shape formation, The TPE and other polymers have many applications in each industry . Many automobile manufacturers prefer using plastic parts in their vehicles, which helps them to achieve low-cost production and increase their profits. The region has a slow-growing market because there are already too many companies selling the same type of products there and the population is smaller than in Asia Pacific.
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Demand from Various End User Industries to Bolster Market Growth
High Cost to Hinder Market Growth
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The players in the global thermoplastic elastomer market are investing in mergers & acquisitions. They are also collaborating with other companies to expand their consumer base. Investing in research and development activities are providing them with an edge over their competitors as they expand their product portfolio.
Top players company profiles
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According to our analysis, Throughout the past few years, the rise of the global industry has mostly been attributed to rising demand across a variety of applications, including those in the automotive, electrical and electronics, industrial, medical, and consumer goods sectors. Over the projected period, the manufacture of automotive components is anticipated to experience rising demand, which will have a significant impact on the global industry.
|Market size value in 2021||USD 22.37 billion|
|Market size value in 2030||USD 24.26 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Thermoplastic Elastomer Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Thermoplastic Elastomer Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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