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The Thermoplastic Elastomer Market grew from USD 35.61 billion in 2023 to USD 38.18 billion in 2024. It is expected to continue growing at a CAGR of 7.31%, reaching USD 58.39 billion by 2030. Speak directly to the analyst to clarify any post sales queries you may have.
These materials offer exceptional processing flexibility, recyclability, and durability in various applications such as automotive, consumer goods, medical devices, construction, packaging, footwear, and electronics. Key growth factors driving the TPE market include increasing demand for lightweight automobile materials to enhance fuel efficiency and reduce carbon emissions, along with using TPEs in medical devices due to their biocompatibility, versatility, and sterilizability. Moreover, rapid urbanization and growing industrialization increase demand for TPE products in construction applications such as roofing membranes and sealants. However, high manufacturing costs associated with using advanced material technologies and volatile raw material prices hinder the market's growth. However, innovation in biodegradable and biobased TPEs and increasing applications of thermoplastic elastomers across various industries due to material enhancements using advanced technologies are expected to bolster the market growth.
Regional Insights
The thermoplastic elastomer (TPE) market in the Americas has a significant landscape owing to its rising use in major industries such as automotive, construction, medical devices, consumer goods, and packaging. Significant investments by the government in infrastructure development projects have fueled the growth of TPE in the Americas. The government's strong focus on environmental regulations in the EMEA region drives demand for biodegradable TPE solutions. The policies on reducing plastic waste by the European Union have encouraged researchers to develop innovative solutions, such as thermoplastic elastomers, which have significantly contributed to the growth of the market in the region. The thermoplastic elastomers market is emerging in APAC due to rapid industrialization and its surging use in the automotive, electronics, construction, and medical devices sectors. Supportive Government initiatives are implemented in the domestic production of TPE with rising investment in research and development (R&D) activities to cater to the increasing demand for high-performance materials of TPE. The Asia-Pacific region witnessed a surge in research partnerships between local and foreign institutions to develop innovative TPE solutions.Market Insights
Market Dynamics
- The market dynamics represent an ever-changing landscape of the Thermoplastic Elastomer Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
Market Drivers
- Rising Use of Thermoplastic Elastomer in Automotive Applications
- Increasing Adoption of Consumer Electronics Goods
- Growing Investments in Building and Construction Sector for Infrastructure Development
Market Restraints
- Price Volatility Associated with Production of Thermoplastic Elastomer (TPE)
Market Opportunities
- Emerging Applications of Thermoplastic Elastomer with Material Enhancements
- Development of Bio-based Thermoplastic Elastomers
Market Challenges
- Limited Sustainability with Thermoplastic Elastomer (TPE) and Its Production
Market Segmentation Analysis
- Type: Proliferating use of thermoplastic elastomer in high-performance and heat resistance applications
- End Use Industry: Growing demand for TPE in engineering and automotive industries to manufacture lightweight and durable products
Industry Insights
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Thermoplastic Elastomer Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Thermoplastic Elastomer Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.Recent Developments
Avient Launches Automotive-Specific Grades within its reSound REC Recycled Content TPEs Portfolio
Avient Corporation has expanded its product lines for automotive interior applications by introducing two new grades of reSound REC thermoplastic elastomers. With 80 and 90 Shore A durometers, these elastomers comprise 35% or 45% post-consumer recycled (PCR) content derived from recycled food packaging. They can be customized to meet the volatile organic compounds (VOCs) and fogging standards of original equipment manufacturers (OEMs). The product series is highly suitable for a wide range of interior applications, including door mats/mat pockets, center console trays, front and rear trunk liners, and components for instrument panels and dashboards.Prism Worldwide announces the commercial availability of Ancora C-1000 Thermoplastic Elastomer, which contains 50% post-consumer recycled content derived from end-of-life tires
Prism Worldwide has introduced a thermoplastic elastomer (TPE) called Ancora C-1000. Ancora C-1000 incorporates at least 50% post-consumer recycled content sourced from end-of-life tires, aligning with IIJA Buy America requirements. Moreover, AncoraTM C-1000 significantly reduces its carbon footprint by approximately 86% compared to virgin synthetic rubber compounds. The versatility of this product makes it suitable for a wide range of applications, including automotive all-weather mats, weather stripping, and footwear, among others.Kraiburg TPE to Unveil Innovative Automotive, Medical, and Sustainable Thermoplastic Elastomers at Chinaplas 2021.
Kraiburg TPE’s newest offerings are designed with specific goals in mind. For example, their THERMOLAST M line of materials is designed for durable automotive components like gaskets or seals. This family of materials was created with a focus on maintaining performance even in demanding environments due to its excellent wear resistance, low compression set, and good temperature stability. Additionally, this family of materials can be easily processed using either injection molding or extrusion technology. Kraiburg TPE also has a range of medical-grade materials available. Their MEDIPRENE series was created with medical device manufacturers in mind and offers high transparency, optical clarity, excellent mechanical properties, and superior processing capabilities for injection molding or extrusion processes. Additionally, their MEDIPRENE series meets all USP Class VI requirements for use in medical applications, making it an ideal choice for any product that requires such certifications. Kraiburg TPE is expected to showcase several sustainable solutions at Chinaplas 2021. In particular they are introducing their ECOFLEX ECOPURE line, which is made from 100% recycled material and is certified carbon neutral according to EN ISO 14067-2013 standards. This family of materials offers excellent mechanical properties while still being eco-friendly and recyclable, so customers can reduce their environmental impact without sacrificing the performance or quality of the end product.Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Thermoplastic Elastomer Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.Key Company Profiles
The report delves into recent significant developments in the Thermoplastic Elastomer Market, highlighting leading vendors and their innovative profiles. These include Arkema S.A., Asahi Kasei Corporation, Aurora Plastics, LLC, Avient Corporation, BASF SE, Biesterfeld AG, Celanese Corporation, China Petroleum & Chemical Corporation, Covestro AG, Distrupol Limited, DuPont de Nemours, Inc., Elastron Kimya Sanayi ve Ticaret A.Ş., Evonik Industries AG, Exxon Mobil Corporation, Huntsman International LLC, KRAIBURG TPE, Kraton Corporation by DL Chemical Co., Ltd., LCY Chemical Corp., Lubrizol Corporation, LyondellBasell Industries N.V., Mitsubishi Chemical Holdings Corporation, Mitsui Chemicals, Inc., Moriroku Chemicals Company, Ltd., RTP Company, Shin-Etsu Polymer Co., Ltd., SIBUR International GmbH, Teknor Apex Company, Inc., The Dow Chemical Company, Tosoh Corporation, TSRC Corporation, and Zeon Corporation.Market Segmentation & Coverage
This research report categorizes the Thermoplastic Elastomer Market to forecast the revenues and analyze trends in each of the following sub-markets:Type
- Copolyester Ether Elastomers
- Polyether Block Amide Elastomers
- Styrenic Block Copolymer
- Thermoplastic Polyolefins
- Thermoplastic Polyurethane
- Thermoplastic Vulcanizates
End Use Industry
- Aerospace & Defense
- Automotive
- Building & Construction
- Consumer Goods & Sports
- Engineering
- Medical
- Wires & Cables
Region
Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Additional Product Information:
- Purchase of this report includes 1 year online access with quarterly updates
- This report can be updated on request. Please contact our Customer Experience team using the Ask a Question widget on our website
Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report
Purchase of this report includes 1 year online access with quarterly updates
Purchase of this report includes 1 year online access with quarterly updates
Additional Product Information:
- Purchase of this report includes 1 year online access with quarterly updates
- This report can be updated on request. Please contact our Customer Experience team using the Ask a Question widget on our website
Table of Contents
1. Preface
2. Research Methodology
5. Market Insights
6. Thermoplastic Elastomer Market, by Type
7. Thermoplastic Elastomer Market, by End Use Industry
8. Americas Thermoplastic Elastomer Market
9. Asia-Pacific Thermoplastic Elastomer Market
10. Europe, Middle East & Africa Thermoplastic Elastomer Market
11. Competitive Landscape
12. Competitive Portfolio
List of Figures
List of Tables
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Arkema S.A.
- Asahi Kasei Corporation
- Aurora Plastics, LLC
- Avient Corporation
- BASF SE
- Biesterfeld AG
- Celanese Corporation
- China Petroleum & Chemical Corporation
- Covestro AG
- Distrupol Limited
- DuPont de Nemours, Inc.
- Elastron Kimya Sanayi ve Ticaret A.Ş.
- Evonik Industries AG
- Exxon Mobil Corporation
- Huntsman International LLC
- KRAIBURG TPE
- Kraton Corporation by DL Chemical Co., Ltd.
- LCY Chemical Corp.
- Lubrizol Corporation
- LyondellBasell Industries N.V.
- Mitsubishi Chemical Holdings Corporation
- Mitsui Chemicals, Inc.
- Moriroku Chemicals Company, Ltd.
- RTP Company
- Shin-Etsu Polymer Co., Ltd.
- SIBUR International GmbH
- Teknor Apex Company, Inc.
- The Dow Chemical Company
- Tosoh Corporation
- TSRC Corporation
- Zeon Corporation
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 181 |
| Published | June 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 38.18 Billion |
| Forecasted Market Value ( USD | $ 58.39 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
