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The global thermoplastic elastomers market is growing more opportunities due to its unique features such as flexibility, cleanliness, weather, shock absorption, dimensional stability, and easy sterilization. Thermoplastic elastomers have more growth opportunities due to their environmental-friendly character. Along with that, the production process does not require high costs, which can bring more opportunities for the global market.
As a result, the global key players are looking into its excellent performance characteristics and further trying to give better facilities and bring more opportunities for the marketing sector.
The Thermoplastic Elastomers (TPE) market has witnessed significant growth due to its versatile applications across various industries. Market dynamics of TPE are influenced by several factors that impact its demand, supply, and overall growth trajectory. One key driver is the increasing demand for lightweight, durable, and eco-friendly materials across industries like automotive, construction, healthcare, and consumer goods. TPE's ability to combine the flexibility of rubber with the processability of thermoplastics makes it a preferred choice for manufacturers seeking versatile and cost-effective materials.
The automotive industry stands out as a major consumer of TPE, utilizing it in interior components, weather sealing, and under-the-hood applications due to its resistance to oils, chemicals, and high temperatures. Additionally, the construction sector utilizes TPE in seals, gaskets, and roofing membranes owing to its weatherability and durability. Moreover, the healthcare industry benefits from TPE's biocompatibility, using it in medical devices and equipment, while the consumer goods sector employs TPE in products like footwear, toys, and soft-touch grips due to its aesthetic appeal and tactile properties.
Market dynamics are also shaped by technological advancements and innovations in TPE manufacturing processes. Continuous research and development efforts aim to enhance TPE properties such as heat resistance, tensile strength, and recyclability, catering to evolving industry requirements. Furthermore, the emphasis on sustainable materials has prompted the development of bio-based TPE, contributing to the market's expansion.
The TPE market is not without challenges. Fluctuating raw material prices, particularly for petrochemical-based TPEs, can impact production costs and subsequently affect market growth. Additionally, competition from other materials, including thermoset elastomers and traditional rubber, poses a challenge to TPE market expansion. However, the ongoing efforts to improve TPE's performance characteristics and its compatibility with recycling processes are expected to mitigate these challenges.
Geographically, Asia-Pacific dominates the TPE market due to the presence of key manufacturing hubs, increasing industrialization, and rising demand from diverse end-user industries. China, in particular, stands as a significant producer and consumer of TPE, driving regional market growth. North America and Europe follow suit, driven by technological advancements and a focus on sustainable solutions, fostering the adoption of TPE in various applications.
The COVID-19 pandemic brought disruptions to global supply chains, impacting the TPE market. Supply shortages and fluctuations in demand were observed across industries, causing temporary setbacks. However, the post-pandemic recovery, coupled with increasing investments in infrastructure and technological advancements, is expected to bolster the TPE market's growth in the coming years.
Thermoplastic Elastomers Market Highlights:
Global Thermoplastic Elastomers (TPE) Market Overview
Thermoplastic Elastomers (TPE) Market Size was valued at USD 19.63 Billion in 2023. The thermoplastic elastomers industry is projected to grow from USD 21.30 Billion in 2024 to USD 37.717 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.40% during the forecast period (2024 - 2032). One of the main market drivers for the increase in demand for thermoplastic elastomers (TPE) worldwide. Airbags, window trims, cowl panels, seals, and air duct components are frequently made with thermoplastic polymers. Rapid urbanization worldwide and rising disposable income among customers have caused the vehicle industry to grow exponentially, which in turn is driving the market for thermoplastic elastomers (TPE).
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Thermoplastic Elastomers (TPE) Market Trends
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Adoption of bio-based thermoplastic elastomers (TPE) is driving the market growth
Due to their eco-friendly attributes that assist environmental protection, bio-based thermoplastic elastomers (TPE) are becoming a more popular concept across various industries. These materials may be bent and reformed, which would help reduce waste while also providing several benefits like chemical resistance, oxidation, UV protection, and others, leading to high demand from end users. Various uses, including the production of medical equipment and home appliances, call for bio-based TPEs in the consumer goods and medical sectors. The consumption of thermoplastic type elastomers will rise due to the increasing demand for appliances, including consumer goods such as small kitchen appliances, wires & cables, and tubes. Additionally, the high population growth is anticipated to increase construction activity, accelerating market growth.
Innovations in the automobile sector are driven by consumers' rising need for lightweight vehicles. As a result, it is fueling the expansion of the market for thermoplastic elastomers (TPE). Population growth may be a factor in the skyrocketing demand for autos. These materials are utilized in various automobile applications, including car gaskets, door and window handles, exterior filler panels, and wiper blades. High demand would result from diverse thermoformed elastomer kinds in the production of lightweight cars, which would spur market expansion. For instance, Tesla unveiled a completely functioning electric vehicle that uses thermoplastic elastomers (TPE) for various auto elements to reduce the vehicle's weight. Cars and cargo vehicles with electric motor for better handling and control are among the available vehicle types. Other sectors including construction, medicine, electrical, and electronics, are expanding quickly, which is expected to assist market expansion. Thus, driving the thermoplastic elastomers (TPE) market revenue.
2024: Kraton introduced a new range of TPEs with enhanced flexibility and durability for automotive and consumer goods.
TEIJIN Limited - 2023: TEIJIN launched advanced TPE materials aimed at improving performance in electronics and medical devices.
Thermoplastic Elastomers (TPE) Market Segment Insights
Thermoplastic Elastomers (TPE) Product Insights
The thermoplastic elastomers (TPE) market segmentation, based on product includes Polyurethane, Polyamide, Vulcanizate, Styrenic Block Copolymer, Olefin and Others. The styrenic block copolymer segment dominated the market. The thermoplastic elastomers (TPE), known as SBC functions like rubber but is processed like plastic. This is mostly caused by the physical crosslinks in the block copolymer structure, which are reversible when heated or dissolved. The styrenic block copolymers segment dominated the market due to increased consumer demand from various industries, including automotive, construction, medical, footwear, electrical & electronics.
Thermoplastic Elastomers (TPE) End-Use Insights
The thermoplastic elastomers (TPE) market segmentation, based on end-use, includes Footwear, Home Appliances, Automotive, Building & Construction, Healthcare and Others. The automotive category generated the most income due to the increased demand for lightweight vehicles brought on by the expanding population. Thermoplastic elastomers (TPE) are used in wipers, exterior panels, bonnets, boots, and other automobile components. The vehicle's entire weight comprises thermoplastic elastomers (TPE) that are integrated into all its parts. There is a high demand for these materials since they make cars lighter. The International Organisation of Motor Vehicle Manufacturers (OICA) reports that, compared to the same period last year, the production of automobiles climbed by 10% to 57.26 million units in the first nine months of 2021, from 52.15 million units.
Figure 1: Thermoplastic Elastomers (TPE) Market, by End-Use, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Thermoplastic Elastomers (TPE) Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American thermoplastic elastomers (TPE) market area will dominate this market. Due to the significant demand in the building, automotive, electrical, and electronics industries, as well as packaging and electronics, the North American region is one of the biggest consumers of plastics. TPE and kindred polymers have a wide range of uses in every industry because of their adaptability, simplicity in molding, and ability to take on certain shapes. Plastic is a popular choice for vehicle parts among automakers, which can produce their products more affordably and boost profits.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: THERMOPLASTIC ELASTOMERS (TPE) MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe thermoplastic elastomers (TPE) market accounts for the second-largest market share. Even though the macro-environmental issues projected to impede the regional economy include the financial crisis, growing unemployment, and stagnant industrial output, an upbeat outlook for manufacturing and consumerism in Eastern Europe will support this region's growth. Various federal-level institutions, including ECHA, the European Commission, and others, have strict environmental rules characteristic of the region. Further, the German thermoplastic elastomers (TPE) market held the largest market share, and the UK thermoplastic elastomers (TPE) market was the fastest growing market in the European region
The Asia-Pacific Thermoplastic elastomers (TPE) Market is expected to grow at the fastest CAGR from 2023 to 2032 due to the rising demand for these materials from a variety of industries, including the footwear, construction, and automotive industries. The economic growth of nations like China, India, and Japan would improve consumers' lifestyles, which would lead to a significant increase in demand for luxury goods like cars and shoes. Additionally, the region's expanding middle-class population is expected to increase demand for construction work and cars. Moreover, China’s thermoplastic elastomers (TPE) market held the largest market share, and the Indian thermoplastic elastomers (TPE) market was the fastest growing market in the Asia-Pacific region.
Thermoplastic Elastomers (TPE) Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the thermoplastic elastomers (TPE) market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, thermoplastic elastomers (TPE) industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the thermoplastic elastomers (TPE) industry to benefit clients and increase the market sector. In recent years, the thermoplastic elastomers (TPE) industry has offered some of the most significant advantages to market. Major players in the thermoplastic elastomers (TPE) market attempting to increase market demand by investing in research and development operations include Timco Rubber (US), Arkema (France), Huntsman International LLC (US), the Dow Chemical Company (US), RTP Company (US), Covestro AG (Germany), Kraiburg TPE GmbH & Co. KG (Germany), Tosoh Corporation (Japan), the Lubrizol Corporation (US), Teknor Apex (US), Kent Elastomer Products (US), Altana AG (Germany), JSR Corporation (Japan), and Elastron Kimya SAN. TÄ°C. AÅž (Turkey).
The business of Huntsman Corp (Huntsman) is producing unique organic chemical products. It supplies various substances, including amines, maleic anhydride, MDI, and formulations for epoxy-based polymers, textile chemicals, and dyes. The business advertises its goods to a broad spectrum of consumers as well as business clients. Huntsman products are used in a variety of industries, including those that produce adhesives, aerospace, personal care and hygiene products, automotive, durable and non-durable consumer goods, digital inks, construction goods, electronics, power generation, medical, packaging, coatings and construction, refining, synthetic fiber, textile chemicals, and dyes.
The Lubrizol Corp. (Lubrizol), a division of Berkshire Hathaway Inc., is a specialty chemical business that develops and provides technology for the international consumer, industrial, and transportation sectors. Engine additives, driveline additives, products for industrial specialties, engineered polymers, coatings, and solutions for life sciences are among its goods and services. Engine oils, gear oils, metalworking fluids, gearbox fluids, compressor lubricants, fuel additives, pipelines, greases for transportation and industrial applications, specialty driveline lubricants, over-the-counter pharmaceutical products, personal care items, performance coatings, sporting goods, plumbing and fire sprinkler systems are among the industries where the company's products are used. In August 2020, investments in the thermoplastic polyurethane industry were made by Lubrizol. The investments include improved surface paint protection film (PPF) and protective production capabilities. Additionally, it would assist supply chains and PPF manufacturers simultaneously.
Key Companies in the thermoplastic elastomers (TPE) market include
- Timco Rubber (US)
- Arkema (France)
- Huntsman International LLC (US)
- Dow Chemical Company (US)
- RTP Company (US)
- Covestro AG (Germany)
- Kraiburg TPE GmbH & Co. KG (Germany)
- Tosoh Corporation (Japan)
- Lubrizol Corporation (US)
- Teknor Apex (US)
- Kent Elastomer Products (US)
- Altana AG (Germany)
- JSR Corporation (Japan)
- Elastron Kimya SAN. TÄ°C. AÅž (Turkey)
Thermoplastic Elastomers (TPE) Industry Developments
April 2022: Dupont Liveo pharma tubing, a thermoplastic elastomers (TPE) tube, was introduced by DowDuPont Inc. for the biopharmaceutical sector. A selection of TPE-based extruded pharmaceutical tubing was introduced with the product launch.
January 2022: By investing Serquigny, France, Arkema announced an increase of 25% in its Pebax elastomer production capacity. The investment made producing more bio-circular Pebax Rnew and conventional Pebax products possible.
November 2020: In order to create a flexible, high-performance specialty powder based on a thermoplastic amide grade (TPA) for 3D printing, Evonik and HP announced their collaboration.
March 2020: Asahi Kasei Corporation acquired Veloxis Pharmaceuticals Inc. This acquisition will increase the company's visibility in the pharmaceutical sector. Asahi Kasei is committed to hastening the process of becoming a provider of healthcare on a worldwide scale. Asahi Kasei will collaborate with the significantly expanded management team and staff of Veloxis to maximize the value of both the existing pharmaceutical companies and those that are acquired.
Thermoplastic Elastomers (TPE) Market Segmentation
Thermoplastic Elastomers (TPE) Product Outlook (USD Billion, 2018-2032)
- Polyurethane
- Polyamide
- Vulcanizate
- Styrenic Block Copolymer
- Olefin
- Others
Thermoplastic Elastomers (TPE) End-Use Outlook (USD Billion, 2018-2032)
- Footwear
- Home Appliances
- Automotive
- Building & Construction
- Healthcare
- Others
Thermoplastic Elastomers (TPE) Regional Outlook (USD Billion, 2018-2032)
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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