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Thermoplastic Elastomers - Global Market Trajectory & Analytics

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    Report

  • 495 Pages
  • July 2022
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 4845765

FEATURED COMPANIES

  • Arkema Group
  • Celanese Corporation
  • Exxon Mobil Corporation
  • Kolon Plastic, Inc.
  • Kuraray America, Inc.
  • PolyOne Corporation

Global Thermoplastic Elastomers Market to Reach $24.3 Billion by 2026


Thermoplastic elastomers (TPE) are a combination of polymers comprising both elastomeric and thermoplastic components. TPEs are products with features and performance attributes similar to that of rubber. Similar to plastic, thermoplastic elastomers can be recycled. Due to the incorporation of an elastomeric component, TPEs are known to exhibit flexible and soft characteristics enabling the material to be stretched to twice its original length and returned to its original state under room temperature conditions. Due to the soft attributes, TPEs are considered finding favor in a wide range of end use markets including consumer goods. Over the years, thermoplastic elastomers have emerged as alternatives to rubber, glass, metal, wood and traditional engineered plastics in several end use markets. Growth in the global market is set to be fueled by growing demand from automotive, construction, medical, and electrical & electronics industries among others. The eco-friendly attribute of TPEs and its enhanced performance features are driving market growth. Growing demand for light weight and high performance passenger cars, and increasing use of TPU (Thermoplastic Polyurethane) and TPO (Thermoplastic Olefins) as substitutes for EPDM (ethylene propylene diene monomer) in construction materials are fueling demand for TPEs. Rising demand for bio-based TPEs and the growing use of TPEs in medical industry is also poised to favor market growth. Focus on new product development and innovation continues to fuel market growth, as companies continue to focus on addressing the rising demand for high performance and low cost materials from various industries.

Amid the COVID-19 crisis, the global market for Thermoplastic Elastomers estimated at US$20.1 Billion in the year 2022, is projected to reach a revised size of US$24.3 Billion by 2026, growing at a CAGR of 5.2% over the analysis period. Block Copolymers, one of the segments analyzed in the report, is projected to record a 5.5% CAGR and reach US$11.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Blends segment is readjusted to a revised 4.7% CAGR for the next 7-year period. Styrenic block copolymers (SBC) represent a major type of TPE in use, as it is among the most inexpensive forms of TPEs available in the market. As high performance TPEs, SBCs find use in a number of pressure sensitive adhesive applications such as labels, tapes and construction adhesives. Further, due to their soft and low cost features, TPEs are used in footwear applications for making shoe soles. The material also finds use in gasket materials and sealants for roofing and road paving applications. SBCs are widely used in medical industry in applications such as infusion bags, medical device components, disposables for tubing and syringes, and in implants.

The U.S. Market is Estimated at $5.4 Billion in 2022, While China is Forecast to Reach $4.9 Billion by 2026


The Thermoplastic Elastomers market in the U.S. is estimated at US$5.4 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$4.9 Billion by the year 2026 trailing a CAGR of 7.9% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR. The United States is among the leading markets for TPEs, with growth attributed to the presence of leading automobile production facilities in the region. The growing emphasis on fuel efficient vehicles is leading to increasing use of TPEs in automotive industry. Sustained advances in the medical field and growing demand for biodegradable and eco-friendly materials is also leading to high demand for TPEs. Asia-Pacific market for thermoplastic elastomers is poised to record strong growth. Rapid growth of the automotive industry in the region, growing use of copolyester ether elastomers (COPE) and restrictions placed on using PVC (polyvinyl chloride) are fueling growth in Asia-Pacific`s TPE market. Expanding population and rapid pace of industrialization are leading to intense focus on building & construction activity, thus offering growth potential for TPEs market. The presence of several leading manufacturers of TPEs including Tosoh, Asahi Kasei, and Sinopec in Asia also favors market growth.

Automotive (End-Use) Segment to Reach $7.7 Billion by 2026


Automotive industry remains one of the leading markets for TPEs, with the elastomer being used increasingly as a replacement for wooden and metal components in an automobile. The increasing use of TPEs in the manufacture of a wide range of high quality automotive components is likely to fuel segment growth. TPEs are being used in exterior body parts like wipers, automotive gaskets, rocker panels, body seals, door & window handles, vibration damping pads, and exterior filler panels. Also, driven by advancements in the recent years, the use of TPEs has extended to under the hood applications like fuel lines, belts & hoses, clamps, and buffer blocks for boots & bonnets along with weather stripping such as water and soundproofing. The growing need to reduce automobile weight in order to comply with fuel efficiency mandates and strict emission regulations is leading to high demand for lightweight materials for the auto industry, driving demand for TPE use in vehicles. In the global Automotive (End-Use) segment, USA, Canada, Japan, China and Europe will drive the 5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4.1 Billion will reach a projected size of US$5.9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1 Billion by the year 2026, while Latin America will expand at a 6.6% CAGR through the analysis period.

Select Competitors (Total 64 Featured):

  • Arkema Group
  • Asahi Kasei Advance Corporation
  • BASF SE
  • Celanese Corporation
  • China Petroleum & Chemical Corporation (SINOPEC)
  • Covestro AG
  • E. I. du Pont De Nemours and Company
  • Exxon Mobil Corporation
  • Huntsman Corporation
  • Kolon Plastic, Inc.
  • KRAIBURG TPE GmbH & Co. KG
  • Kraton Corporation
  • Kuraray America, Inc.
  • LCY Chemical Corporation (LCY Group)
  • LG Chem
  • Mitsubishi Chemical Corporation
  • PolyOne Corporation
  • Royal DSM NV
  • RTP Company
  • SABIC (Saudi Basic Industries Corporation)
  • Sibur Holding PJSC
  • TARO PLAST S.p.a.
  • Teknor Apex Company
  • The Lubrizol Corporation
  • Zylog Plastalloys Pvt. Ltd.

What`s New for 2022?

  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to the digital archives
  • Complimentary updates for one year
The global analysis and forecast periods covered within the report are 2020-2027 (Current & Future Analysis) and 2012-2019 (Historic Review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.

FEATURED COMPANIES

  • Arkema Group
  • Celanese Corporation
  • Exxon Mobil Corporation
  • Kolon Plastic, Inc.
  • Kuraray America, Inc.
  • PolyOne Corporation

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Thermoplastic Elastomers: An Introduction
  • Types and Properties of Commercial TPEs
  • Benefits of TPEs
  • Primary Applications of TPEs
  • Regulatory Guidelines for TPEs
  • Thermoplastic Elastomers Market: Growth Prospects and Outlook
  • Styrenic Block Copolymers (SBC): A Widely Used Thermoplastic Elastomer
  • Automotive: The Leading End-Use Market for Thermoplastic Elastomers
  • China Along with Other Asian Economies Emerge as the Largest Regional Markets
  • Global Economic Environment Influences Demand Dynamics in the TPE Market
  • Global Economic Outlook: Real GDP Growth Rates in % by Country/Region for the Years 2017 through 2020
  • Thermoplastic Elastomers - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Rising Demand from Automotive Industry Presents Considerable Growth Opportunities for Thermoplastic Elastomers Market
  • Automotive Production Trends to Influence Demand for TPE: Global Passenger Cars Production (In Million Units) by Geographic Region/Country for the Years 2017, 2019 and 2022
  • Adoption of Strict Regulations to Control Emissions Augurs Well for Use of Thermoplastic Elastomers in Auto Industry
  • Growing Application of Thermoplastic Elastomers in HVAC Industry Fuels Market Prospects
  • Global HVAC Systems Market: Revenues in US$ Billion for the Years 2015-2025
  • Building & Construction: A Promising Market for TPEs
  • Increasing Replacement of EPDM in Construction Materials by TPU & TPO Bodes Well for the Market
  • Growth of World Construction Industry Higher than Global GDP, Spells Opportunities for the TPE Market
  • Projected Increase in Construction Investments Favors Roofing Market: World Construction Industry (in US$ Trillion) for the Years 2017, 2019 & 2022
  • Projected Infrastructure Investment Needed (in US$ Trillion) by Region Over the Period 2016-2040
  • TPEs Find Growing Use in Medical Industry
  • Global Medical Device Market: Revenues in US$ Billion for the Years 2019, 2021, 2023 and 2025
  • Rising Popularity of TPEs for Medical Tubing Applications
  • Global Medical Tubing Market Revenues in US$ Billion for the Years 2018, 2020 and 2022
  • Consumer Goods Industry Drives Demand for TPEs
  • TPEs Find Use in Oil & Gas Industry
  • Bio-based Thermoplastic Elastomers Offer Tremendous Potential for Growth
  • Innovations & Advancements
  • KRAIBURG Develops Thermoplastic Elastomer Hybrids
  • Thermoplastic Elastomers and Gels based on Subcomponent Metallosupramolecular Assembly
  • Tekni-Plex Announces TPE Tubing and Compounds
4. GLOBAL MARKET PERSPECTIVEIII. MARKET ANALYSIS
UNITED STATES
  • Thermoplastic Elastomers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
CANADA
JAPAN
  • Thermoplastic Elastomers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
CHINA
  • Thermoplastic Elastomers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
EUROPE
  • Thermoplastic Elastomers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
FRANCE
  • Thermoplastic Elastomers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)
GERMANY
  • Thermoplastic Elastomers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)
ITALY
UNITED KINGDOM
  • Thermoplastic Elastomers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)
SPAINRUSSIAREST OF EUROPE
ASIA-PACIFIC
  • Thermoplastic Elastomers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)
AUSTRALIA
  • Thermoplastic Elastomers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)
INDIA
  • Thermoplastic Elastomers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)
SOUTH KOREAREST OF ASIA-PACIFIC
LATIN AMERICA
  • Thermoplastic Elastomers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)
ARGENTINABRAZILMEXICOREST OF LATIN AMERICA
MIDDLE EAST
  • Thermoplastic Elastomers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)
AFRICA
  • Thermoplastic Elastomers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)
IV. COMPETITION
  • Total Companies Profiled: 64

A selection of companies mentioned in this report includes:

  • Arkema Group
  • Asahi Kasei Advance Corporation
  • BASF SE
  • Celanese Corporation
  • China Petroleum & Chemical Corporation (SINOPEC)
  • Covestro AG
  • E. I. du Pont De Nemours and Company
  • Exxon Mobil Corporation
  • Huntsman Corporation
  • Kolon Plastic, Inc.
  • KRAIBURG TPE GmbH & Co. KG
  • Kraton Corporation
  • Kuraray America, Inc.
  • LCY Chemical Corporation (LCY Group)
  • LG Chem
  • Mitsubishi Chemical Corporation
  • PolyOne Corporation
  • Royal DSM NV
  • RTP Company
  • SABIC (Saudi Basic Industries Corporation)
  • Sibur Holding PJSC
  • TARO PLAST S.p.a.
  • Teknor Apex Company
  • The Lubrizol Corporation
  • Zylog Plastalloys Pvt. Ltd.