TPE Market worth $26.3 billion by 2026 | Key players Arkema S.A, Asahi Kasei Corporation, BASF SE, Dow, Covestro AG

According to recent market research "TPE Market by Type (SBC, TPU, TPO, TPV, COPE, PEBA), End Use Industry (Automotive, Building&Construction, Footwear, Wire&Cable, Medical, Engineering), Region (North America, Europe, APAC, South America, MEA) - Global Forecast to 2026", The global thermoplastic elastomers market size is estimated to be USD 19.9 billion in 2021 and is projected to reach USD 26.3 billion by 2026, at a CAGR of 5.7% between 2021 and 2026.

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Automotive is the largest application in the TPE market. TPE is used in exterior filler for panels, wipers, rocker panels, body seals, automotive gaskets, door & window handles, other under-the-hood applications. The segment account for about 33% market share in terms of volume in 2020. The sector is in declining phase for past two year (2018-2019) due to global economic slowdown. However, the segment in expected to recover in forecast period. Moreover, focus towards electric and hybrid vehicle will provide new opportunities for TPE manufacturer.

APAC accounted for the largest share in terms of volume and value of the TPE market in 2020, followed by North America and Europe. The use of TPE is expected to witness the highest growth in the APAC region during the forecast period. The market in this region is driven by the recovery of the automotive sector in China, India, and Southeast Asian countries. Global automobile manufacturers are investing in APAC countries in establish their production plants to enhance their market presence in the region. China is the significant market for automobile and the largest consumer of TPE in the world. The focus towards the development of New Energy Vehicles (NEVs) to reduce carbon footprint will drive the automotive industry in China which will further enhance the demand of TPE during the forecast period.

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The global thermoplastic elastomers market size is estimated to USD 19.9 billion in 2021 and is projected to reach USD 26.3 billion by 2026, at a CAGR of 5.7% between 2021 and 2026. The recovery of automotive sector across the world is driving the thermoplastic elastomers market during the forecast period.

The major industry players are adopted acquisitions, expansions, joint venture, and new product development as growth strategies in the last four years. The leading players in the market are Arkema S.A (France), Asahi Kasei Corporation (Japan), BASF SE (Germany), The Dow Chemical Company (The U.S), Covestro AG (Germany), Huntsman Corporation (The U.S), Teknor Apex Company (The U.S), Lubrizol Corporation (The U.S), Tosh Corporation (Japan), Kraton Corporation (The U.S), China Petroleum and Chemical Corporation (China), Mitsubishi Chemical Company (Japan), DuPont (The U.S), SIBUR (Russia), EvonikIndustries AG (Germany), Dynasol Elastomers (Spain).

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Arkema is involved in the manufacturing and sales of several chemical products that find applications in consumer goods, paint & coatings, building & construction, automotive & transportation, electronics, energy, and other industries. The company operates business through four segments: adhesive solutions, advanced materials, coating solutions, and intermediates. The company offers thermoplastic elastomers under the advanced materials division. Arkema has 144 production facilities and presence across 55 countries.

BASF SE is chemical conglomerate and has a strong presence across the globe. The company supplies its products through 11 divisions, which are grouped into six segments: chemical, materials, industrial solutions, surface technologies, nutrition & care, and agriculture solutions. The company has a broad portfolio comprising 75 strategic business units. It produces thermoplastic elastomers under the performance material division, within the materials segment. The company operates 6 Verbund sites and 241 production sites across 90 countries. The Verbund concept allows the company to fully integrate the production process, technology, distribution channel, and recently the digital channel; to create efficient value chains that help in saving raw material cost, improve product yield, minimize emission, and lower logistic costs.

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