Thermoplastic Elastomers Market Forecast, 2024 - 2030.

Thermoplastic Elastomers Market Overview

Thermoplastic Elastomers Market size is forecasted to reach US$42.9 billion by 2030, after growing at a CAGR of 5.7% during the forecast period 2024-2030. Thermoplastic elastomers are made up of plastic and elastomer ingredients that have both thermoplastic, thermosets, and elastomeric qualities. Thermoplastic Elastomers such as polystyrenes, polyurethanes, polyesters, and polyamides are widely employed in the automobile industry. Thermoplastic elastomers are also used in the construction sector for roofing, adhesives, sealants, and coatings for industrial purposes, and wire and cables in the electrical and electronic industries, as well as in the manufacture of consumer products. The medical and electronics business is one of the primary contributors to this market. The expansion of coronavirus resulted in a surge in demand for medical equipment, which supported the thermoplastics elastomers market growth in 2020. However, the covid-19 pandemic has had a significant impact on the other end-use industries, as a result, the thermoplastic elastomer market was hampered.

?? ?????? ???????? ?????????????????????? @ https://tinyurl.com/2tsu4teh

Thermoplastic elastomers (TPEs) are a class of polymers that combine the characteristics of thermoplastics and elastomers. These materials exhibit both the flexibility and resilience of elastomers and the processability of thermoplastics. The automotive industry is a significant consumer of TPEs, particularly for applications like weather seals, gaskets, and interior components. The demand for lightweight and fuel-efficient vehicles has increased the adoption of TPEs as they offer a balance of performance and cost-effectiveness. The consumer electronics industry's demand for aesthetically pleasing and durable materials has contributed to the adoption of thermoplastic elastomers. The Asia-Pacific region, particularly China, has been a dominant market for thermoplastic elastomers.

?? ???????????????? ???????????? ???????????? @ https://tinyurl.com/mr2arpfp

Market Snapshot :

Report Coverage

The report: “Thermoplastic Elastomers Market Report – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the global synthetic resin market. By Type: Styrenic Block Copolymer (TPE-S), Thermoplastic Olefin (TPE-O), Elastomeric Alloy (TPE-V or TPV), Thermoplastic Polyurethane (TPU), Thermoplastic Copolyester, Thermoplastic Polyamide, and Others By Production Process: Extrusion, Injection Molding, Blow Molding, Rotational Molding, and Others By End-Use Industry: Automotive & Transportation (Airbags, Anti-Slip Mats, O-rings, Belts, Bumpers, Air Duct Components, and Others), Building & Construction (Residential, Commercial, Industrial, Infrastructural), Footwear (Casual, Sports), Electricals & Electronics (Mobile Phones, Cables, Sockets and Others), Healthcare (Tubes, Syringe, Seals, Bags, and Others), Consumer Goods (Washing machine, Dishwasher, Dryer, Refrigerator and Others), and Others By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Middle East (Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa, Nigeria, Rest of Africa), and Rest of the World [Middle East (Saudi Arabia, UAE, Israel, and Rest of the Middle East), and Africa (South Africa, Nigeria, and Rest of Africa)

?? Schedule a Call @ https://tinyurl.com/4w6puzxt

Key Takeaways

• The Asia Pacific market for Thermoplastic Elastomers is expected to grow at the fastest rate during the forecast period. The main contributors to the growth of thermoplastic elastomers are China, Japan, and India. The market for Thermoplastic Elastomers is growing fastest in China.
• Styrene block copolymers are a common form of TPE (SBCs). SBCs are commonly used in road building to modify asphalt. Because asphalt is widely used in China and India, SBCs have a substantial market share.
• Thermoplastic polyolefins (TPOs), which are predominantly utilized in the automobile industry, are the next most common type of block copolymer after styrene block copolymers. Because it's widely employed in applications like seals and hoses, thermoplastic vulcanizates (TPVs) are predicted to increase at a faster rate.
• The depletion of basic commodities such as fossil fuel supplies, as well as shifting crude oil prices are Projected to function as a stumbling block to market expansion. Thereby unlatching various challenges for the thermoplastic elastomer market.

Inquiry Before Buying @ https://tinyurl.com/mr2mda4k

Figure: Asia-Pacific Thermoplastic Elastomers Market Revenue, 2021-2030 (US$ Billion) ? For More Details on This Report - Request for Sample

Thermoplastic Elastomers Market – By Type

The styrenic block copolymers segment held a significant share in the Thermoplastic Elastomers Market in 2023 and is forecasted to grow at a CAGR of 6.3% during the forecast period 2024-2030. SBC is a type of thermoplastic elastomer that acts like rubber but processes like plastic. The physical crosslinks in the block copolymer structure, which are reversible when heated or dissolved, are principally responsible for this. Due to rising consumer demand from various industries such as automotive, construction, medical, footwear, electrical & electronics, and others, the Styrenic block copolymers segment dominated the market. Furthermore, the trend toward lightweight autos is expected to contribute to the segment's continued expansion.

Buy Now @ https://tinyurl.com/vf5rzd3m

Thermoplastic Elastomers Market – By End-Use Industry

The Automotive & Transportation segment held a significant share in the Thermoplastic Elastomers Market in 2023 and is forecasted to grow at a CAGR of 6.3% during the forecast period 2024-2030. The growth is due to the growing need for lightweight cars from the world's growing population. Wipers, external panels, bonnets and boots, and other automotive elements all use thermoplastic elastomers. The entire weight of the vehicle is made up of all its components integrated with thermoplastic elastomers. These materials allow automobiles to be lighter, resulting in great demand for them. According to the International Organization of Motor Vehicle Manufacturers (OICA), automotive production increased by 10% in the first nine months of 2021 to 57.26 million units, up from 52.15 million units in the same period last year. India exported 4.1 million vehicles in FY21, according to Invest India. Indian automobile exports totalled 1,419,430 units from April to June 2021, compared to 436,500 units from April to June 2020. Furthermore, this segment's expansion is likely to be aided by technical advancements in the industry.

Thermoplastic Elastomers Market – By Geography

Asia-Pacific held the largest share in the Thermoplastic Elastomers Market in 2024 up to 35.1%. TPE is widely manufactured and consumed in China. This was fuelled by past events, in which many Western firms expanded their operations in China, and to a lesser extent, other Asian countries, due to lower manufacturing and labor costs. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), automotive production and Vietnam grew by 1.2 percent and 5.5 percent from the previous year to 5,71,632 and 2,50,000 units, respectively, in 2019. In November 2020, Boeing forecasted that China's airlines would spend US$1.4 trillion on 8,600 new planes and US$1.7 trillion on commercial aircraft services over the next 20 years. According to India Brand Equity Foundation (IBEF), India’s domestic automobile production increased at a 2.36 percent CAGR from FY16 to FY20, with 26.36 million vehicles produced in FY20. Between FY16 and FY20, domestic automobile sales increased at a 1.29 percent compound annual growth rate (CAGR), with 21.55 million vehicles sold in FY20. According to the Japan Automobile Manufacturers Association (JAMA), automobile production in Japan increased in November from 6,67,462 units in October to 6,90,311 units. Thus, the growth of the Thermoplastic Elastomers Market in the region is being aided by the increasing transportation sector in APAC, thereby dominating the market in the Asia-Pacific region.

Thermoplastic Elastomers Market Drivers

Increase in Demand for TPE products in the End-Use industry

Thermoplastic elastomers have important features such as heat stability, smoothness, and resistance to wear and abrasion, which is leading to an increase in their use in a variety of industries. In recent years, rising usage in a variety of sectors including footwear, consumer products, electronics, and construction had an impact on worldwide market growth. The market for thermoplastic elastomers has exploded since it has emerged as a viable alternative to natural or synthetic rubber, glass, or any other typical manufactured plastic, including PVC.

For instance, Kansai International Airport in Japan will spend about 100 billion yen ($911 million) by 2025 to upgrade the larger terminal, to increase space for international flights at the country's No.2 hub. The Indian Union Budget of February 2020 aims to build 100 new airports by 2024 as part of the Centre's Udan scheme to help with growing air traffic. According to the United States International Trade Commission, China is the largest supplier of footwear to the United States. China accounted for $8.7 billion (42.3 percent) of total U.S. footwear imports in 2020. India is the second-largest global producer of footwear after China. According to a report published by Invest India on the 'Non-Leather Footwear Industry in India’, India is the world's second-largest consumer and producer of footwear and is expected to grow eightfold by 2030. From US$10.6 billion in 2019, India's footwear market is expected to grow to US$15.5 billion by 2022. Thus, significant growth in the end-use industries is fuelling the growth of the Thermoplastic Elastomers Market, thereby driving the market growth.

Growing Demand for Bio-Based TPE

Bio-based thermoplastic elastomers are gaining popularity in a variety of industries due to their environmentally beneficial characteristics. These materials may be reshaped and reformed, which is a useful aspect for reducing waste while also providing many benefits like chemical resistance, oxidation, UV rays, and others, resulting in high demand from end-users. Bio-based TPEs are utilized in the medical and consumer goods industries for a variety of purposes, including the manufacture of medical equipment and domestic appliances. Biobased TPU is made from a variety of biopolymers, including maize starch, wheat starch, polyhydroxy butyrate (PHB), polylactide (PLA), castor oil, and palm oil. The global need for appliances, especially consumer products such as small kitchen appliances, wires & cables, and tubes, will drive up thermoplastic elastomer use. According to wire & cable India, with a CAGR of 10%, the wire and cable sector is expected to reach a volume of around 27 million km by FY 2023-24. Thus, the increasing Bio-Based TPE sector acts as a driver for the Thermoplastic Elastomers Market during the forecast period.

Thermoplastic Elastomers Market Challenges

Higher Cost of TPE Materials

TPE's manufacturing method is more complicated than that of traditional materials like polyethylene, PVC, rubbers, and polyurethane, and it necessitates a large investment. TPE is manufactured using a high-temperature manufacturing apparatus that requires a high level of technical knowledge. TPE has become more expensive as a result of large investments and complicated manufacturing methods. TPE's high production cost has limited its adoption on a large scale, with high-end applications being the exception. Compounding grades of polyethylene, polypropylene, acrylonitrile butadiene styrene, and polyurethane, for example, have been produced to have qualities similar to TPE while costing less. Thus, TPE faces intense rivalry in a few end-use industries, including industrial machinery, construction, and electronics. The price of TPE is also affected by the rising cost of raw ingredients. And all of these factors are projected to limit the market growth during the forecast period.

Thermoplastic Elastomers Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Thermoplastic Elastomers Market. The Thermoplastic Elastomers Market’s top 10 companies are:

1. Arkema S.A
2. Asahi Kasei Corporation
3. BASF SE
4. The Dow Chemical Company
5. Covestro AG
6. Huntsman Corporation
7. Teknor Apex Company
8. Lubrizol Corporation
9. Celanese Corporation
10. Kraton Corporation

Recent Developments

• In January 2022, Arkema plans to invest in Serquigny, France, to enhance its global Pebax elastomer production capacity by 25%. The bio-circular Pebax, Renew, and classic Pebax ranges will all benefit from this initiative.
• In November 2022, Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, announced it has completed the acquisition of the majority of the Mobility & Materials (M&M) business of DuPont.
• In November 2023, Arkema successfully completed today a €700 million bond issue with a 6.5 - year maturity and an annual coupon of 4.25%. In line with its financing policy, the Group aims through this issue to continue to refinance its upcoming bond maturities and extend the average maturity of its debt.