The market for thermoplastic elastomers is boosted by the government's backing of EVs and the shifting regulatory landscape
Luton, Bedfordshire, United Kingdom, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Thermoplastic Elastomers Market.
The Global Thermoplastic Elastomers Market is expected to grow at 6.90% CAGR from 2022 to 2028. It is expected to reach above USD 25.5 billion by 2028 from USD 16.00 billion in 2021.
Thermoplastic elastomers are polymers having a blend of elastomeric and thermoplastic properties. These are more commonly known as thermoplastic rubber. These are flexible and soft materials that can be stretched and returned to their original length.
The demand for lightweight and flexible materials in various end-use industries such as automotive, construction, and medical is expected to drive the thermoplastic elastomers (TPE) market. Thermoplastic elastomers have properties such as wear resistance, scratch resistance, a smooth finish, foldability, and heat stability, making them an excellent choice for a wide range of applications across industries.
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Because of their eco-friendly nature, bio-based thermoplastic elastomers are becoming increasingly popular in a variety of industries. These materials can be reshaped and reformed, which is a useful factor for reducing waste while also providing numerous benefits such as chemical resistance, oxidation, UV rays, and others, resulting in high demand from end-users.
Key Industry Players
Key players operating in the industry are Advanced Elastomer Systems L.P., Arkema S.A., BASF SE, LyondellBasell Industries, TSRC Corporation, Yantai Wanhua Polyurethane Co. Ltd., Bayer MaterialScience LLC, China Petroleum & Chemical Corporation, Dynasol Elastomers LLC, Nippon Polyurethane Industry Company Ltd., Avient Corporation, Teknor APEX Company, Huntsman Corporation, Kraton Polymers LLC, LG Chemicals,Arkema SA, Covestro AG, Evonik Industries AG, Sinopec Group, Lubrizol Corporation, Kraton Corporation, Tosoh Corporation
Jan 17 2022: Arkema announces a 25% increase in its global Pebax® elastomer production capacity by investing in Serquigny in France.
In April 2022, DowDuPont Inc. announced the launch of its Dupont Liveo pharma tubing, a thermoplastic elastomer tubing for the biopharmaceutical industry.
In January 2022, Huber Engineered Materials a subsidiary of J.M. Huber Corporation announced the completion of the acquisition of RHI Magnesita’s 50% ownership stake in a joint venture with Magnifying Magnesiaprodukte GmbH & Co. KG that was signed in May 2021.
In December 2021, Pexco LLC, a leading plastic extruder in the North American region announced the acquisition of Performance Elastomers Corporation (PEC), based in Ohio.
October 11, 2021, Covestro announced its commitment to expand its production capacity of thermoplastic polyurethane (TPU) in North America by 25% by debottlenecking its New Martinsville, West Virginia, manufacturing facility.
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Thermoplastic elastomers Market: Segmentation
Based On Type
Thermoplastic Polyurethane (TPU)
Styrenic Block Copolymer (TPE-S)
Elastomeric Alloys (TPE-V or TPV)
In 2021, the thermoplastic vulcanizates segment is expected to hold the largest market share. Thermoplastic Vulcanizates are expected to have the largest market share. They can reuse and recycle production waste and refuse, which explains the causes.
Styrenic Block Copolymers dominated the Thermoplastic Elastomers market in 2021, with a revenue share of more than 36.1%. In 2021, the most consumed material was Styrenic Block Copolymer.
Based On End- User
Building & Construction
Over the next forecast period, the automotive segment is expected to grow significantly in the market. This expansion can be attributed to the global increase in demand for lightweight automobiles.
Based On Material
Poly Ether Imides
In terms of material, polystyrene is predicted to hold a significant market share in 2021. These polystyrenes are high-performance elastomers that have been developed to increase their performance in a wide range of applications.
Based On Application
Wires and Cables
Adhesive & Sealant
Paving & Roofing
Housewares & Appliances
Asia-Pacific is expected to dominate the Thermoplastic Elastomers market during the forecast period, . China and India are the region's fastest-growing economies, with each becoming one of the world's largest manufacturing powerhouses. The Asia Pacific region is the world's largest automobile manufacturing hub, accounting for roughly 60% of global output. Overall car production in the first nine months of 2021 was 32.67 million units, an 11% increase over the same period the previous year. The Chinese construction industry is expanding rapidly.
Germany is home to some of the world's largest automotive manufacturers, as well as a thriving automotive manufacturing industry, making it a highly rewarding market for thermoplastic elastomers. Other factors that may favor thermoplastic elastomer sales in this European country include rising sales of electric vehicles and rising demand for lightweight automotive components.
North America is expected to have a significant share of the global market, owing to the region's rapid technological advancement and high disposable incomes. Consumer demand for automobiles, combined with growth in the construction industry, has pushed manufacturers to innovate.
During the forecast period, Latin America, the Middle East, and Africa are expected to grow significantly. Brazil is expected to experience rapid growth as a result of increasing urbanization and ongoing economic development. Simultaneously, rising technological advancement would lead to a high demand for thermoplastic elastomers for applications in the construction and consumer goods industries.
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Rising demand for automotive and automotive parts, as well as increasing EV penetration
Strict emission regulations and norms in emerging economies
Growing demand for medical elastomers
Increasing utilization in the HVAC industry
Higher cost of producing thermoplastic elastomers
Increasing raw materials prices
Growing alertness of Bio-based thermoplastic elastomer
Raising awareness of its advantages
Benefits of Thermoplastic Elastomers
100% recyclable – no scrap
No static crosslinking processes
Shorter cycle time, less energy consumption
Low density (0.9 g/cm3)
Can be colored
Processes such as blow molding, thermoforming, heat welding, and film blowing can be applied.
Frequently Asked Questions
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Industrial PU Elastomer Market
The global industrial PU elastomer market is expected to grow at 6.3 % CAGR from 2020 to 2029. It is expected to reach above USD 12.55 billion by 2029 from USD 7.24 billion in 2020.
Ultrasoft Thermoplastic Elastomer Market
The global ultrasoft thermoplastic elastomer market is expected to grow at more than 5% CAGR from 2022 to 2029. It is expected to reach above USD 8 billion by 2029 from USD 5.2 billion in 2021.
Thermoplastic Polyurethane Market
The global Thermoplastic Polyurethane Market is expected to grow at more than 6.5% CAGR from 2022 to 2029. It is expected to reach above USD 5.33 billion by 2029 from USD 2.84 billion in 2021.
Fluoropolymer Additives Market
The market for fluoropolymers additives market was valued at USD 1.35 billion in 2021, and is predicted to reach at USD 2.22 billion in 2029 grow at a CAGR of 5.7 % over the forecast period.
The global polyurethane market is expected to grow at 5.3% CAGR from 2022 to 2029. It is expected to reach above USD 87.54 billion by 2029 from USD 55 billion in 2021.
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