Thermoplastic Elastomers Market is Expected to Show a Value of USD 32.20 billion by 2029

The automotive industry's requirement for thermoplastic elastomers for lightweight vehicle components is projected to drive the market. In addition, the market is expected to grow as a result of the adoption of this product by numerous sectors due to its eco-friendly and easy-to-recycle nature. They high usage of thermoplastic elastomers across end users is resulting in increased traction for the market.

Global Thermoplastic Elastomers Market was valued at USD 19.90 billion in 2021 and is expected to reach USD 32.20 billion by 2029, registering a CAGR of 6.2% during the forecast period of 2022-2029. " automotive " accounts for the material type segment in the application elastomers market as it is highly utilized across used in exterior filler for panels, wipers, rocker panels, body seals, automotive gaskets, door and window handles, other under-the-hood applications. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

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Global Thermoplastic Elastomers Market Definition

Thermoplastic elastomers (also known as plastic wrap, food wrap, saran wrap, and stretch film) is a thin transparent plastic film that sticks to surfaces and to itself and is used to wrap food in containers. Thermoplastic elastomers are high-quality food wrap films that keep food fresh, protect it from insects and microbiological contamination, and reduce the risk of food waste by extending its shelf life.

Thermoplastic elastomers are a combination of thermoplastic and elastomeric polymers. Thermoplastic elastomers are employed in a wide range of industries, including automotive, medical, construction, and packaging. Because it has elastomeric properties, it is flexible and soft, allowing it to be stretched two or three times its original size. The most typical application of thermoplastic elastomers in consumer goods is in headphones, where they are used as a small, translucent flexible material. Bottle cap liners and sealing rings can also be made from thermoplastic elastomers.

Leading Key Players Operating in the Thermoplastic Elastomers Market Includes:

Arkema (France), Asahi Kasei Corporation (Japan), BASF SE (Germany), Dow (U.S), Covestro AG (Germany), Huntsman International LLC. (U.S.), Teknor Apex (U.S.), The Lubrizol Corporation (U.S.), Tosh Corporation (Japan), Kraton Corporation (U.S.), China Petroleum Corporation (China), Mitsubishi Chemical Company (Japan), DuPont (U.S.), SIBUR (Russia), Corporate. Evonik (Germany), Dynasol Group (Spain)

COVID-19 Impact on Thermoplastic Elastomers Market

The recent outbreak of coronavirus had a significant influence on the thermoplastic elastomers market. The thermoplastic elastomers market was critically affected. The government across the globe imposed various restrictions and lockdown measures. As a result the demand for automotives fell dramatically across the world, which further led to declined usage of thermoplastic elastomers in the automotive industry. Furthermore, the use of thermoplastic elastomers in the construction industry decreased since practically all major construction projects around the world came to a halt owing to government-imposed statewide lockdowns. These factors has adverse impact on market demand for thermoplastic elastomer and led to huge financial challenges for the market.

On the brighter side, the use of thermoplastic elastomers in the manufacture of medical equipment, on the other hand, rose during the pandemic. This has boosted demand for certain materials in the healthcare industry.

Recent Development

In March 2020, Veloxis Pharmaceuticals Inc. was bought by Asahi Kasei Corporation. The company's presence in the pharmaceutical industry will be enhanced as a result of this acquisition. Asahi Kasei is focused on accelerating its transformation into a global health-care provider. Asahi Kasei will maximise the value of both the current and acquired pharmaceutical companies in collaboration with Veloxis' newly expanded management team and workers.

In January 2020, Solvay's global, non-European PA6.6 business was acquired by BASF, including a 50% share in Butachimie's adipodinitrile (ADN) production. The purchase price was $1.53 billion US dollars. The purchase will strengthen BASF's polyamide capabilities by adding innovative and well-known products like Technyl.

Key Market Segments:

The thermoplastic elastomers market is segmented on the basis of product type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

Styrene Block Copolymers (TPE-S)
Thermoplastic Polyolefin
Thermoplastic Olefins (TPE-O)
Elastomeric Alloys (TPE-V or TPV)
Thermoplastic Polyurethanes (TPU)
Thermoplastic Co-polyester
Thermoplastic Polyamides

On the basis of product type, the thermoplastic elastomers market has been segmented into styrene block copolymers (TPE-S), thermoplastic polyolefin, thermoplastic olefins (TPE-O), elastomeric alloys (TPE-V or TPV), thermoplastic polyurethanes (TPU), thermoplastic co-polyester and thermoplastic polyamides.

Application

Automotive
Building and Construction
Electrical and Electronics
Household Appliances
Medical
Adhesives
Sealants and Coatings
Footwear
HVAC

On the basis of application, the thermoplastic elastomers market is segmented into automotive, building and construction, electrical and electronics, household appliances, medical, adhesives, sealants and coatings, footwear, HVAC and others. The automotive accounts for the largest market share as it is highly utilized across used in exterior filler for panels, wipers, rocker panels, body seals, automotive gaskets, door and window handles, other under-the-hood applications.

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Thermoplastic Elastomers Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Increased Demand Across Verticals

The increasing adoption of thermoplastic elastomers by the end-user verticals such as the automotive, building and construction, electrical and electronics, household appliances, medical, adhesives, sealants and coatings, footwear, HVAC and others across the globe is estimated to carve a way for the growth of the market. The thermoplastic elastomers is highly utilized in the healthcare industry to make medical equipment like catheters, medication delivery tubes, surgical tool grips, and various implants, among other things.

Growing Awareness Regarding Their Benefits

Furthermore, the growing awareness regarding the advantageous properties of thermoplastic elastomers such as their superior performance qualities such as cleanliness, shock absorption, flexibility, weather, chemical, and thermal resistance, easy sterilization, and dimensional stability will further expand the future growth of the market. Also, due to their eco-friendliness, cheap energy costs in production, and ease of molding, processing, and recycling, thermoplastic elastomers are becoming more popular, which will bolster the market growth.

The rising construction activities and infrastructural development operations will further propelled the growth rate of thermoplastic elastomers market. These surging usage of thermoplastic elastomers in electric vehicles will drive market value growth. Rapid urbanization around the world, combined with rising consumer disposable income, has resulted in exponential growth of the vehicle industry, which in turn has fueled the growth of the thermoplastic elastomers market.

Opportunities

Development of Sustainable Products

Furthermore, the growing focus of market players toward developing sustainable and environment-friendly products extend profitable opportunities to the market players in the forecast period of 2022 to 2029.

Surging Demand For Bio Based Thermoplastic Elastomers

Additionally, the continuous innovation and commercialization of bio-based thermoplastic elastomers and surging demand for bio-based thermoplastic elastomers will also offer growth opportunities for the market.

Restraints/Challenges Global Thermoplastic Elastomers Market

Fluctuation of Raw Material Prices

The volatility or fluctuations in the prices of raw materials will create hindrances for the growth of the thermoplastic elastomers market.

Limitations within the Market

Technical constraints will result from a scarcity of skilled people, which will have a detrimental impact on the thermoplastic elastomers business. Furthermore, the lack of advanced technology in low and middle-income economies will result in insignificant research and development outcomes. Therefore, these factors will challenge the thermoplastic elastomers market growth rate.

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Research Methodology : Global Thermoplastic Elastomers Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis.

Table of Contents

Report Overview: It is split into six chapters: research scope, included manufacturers, and market segments by type, Thermoplastic Elastomers market segments by application, study aims, and years considered.

Global Growth Trends: This section is divided into three chapters: industry trends, growth rates of major producers, and production assessments.

Thermoplastic Elastomers Market Share by Manufacturer: Other chapters include the company's expansion strategies and merger and acquisition, products provided by significant manufacturers, locations covered, and headquarters distribution, as well as production, revenue, and price analyses.

Market Size by Type: The price, production value market share, and production market share by kind are all investigated.

Market Size by Application: This section includes a market consumption study of Thermoplastic Elastomers by application.

Profiles of Players: The leading players in the global Thermoplastic Elastomers market are analysed based on sales area, key products, gross margin, revenue, price, and production.

Thermoplastic Elastomers Market Value Chain and Sales Channel Analysis: It examines the client, the distributor, the Thermoplastic Elastomers market value chain, and the sales channel.

Market Forecast - Production Side: The writers focused on production and production value forecasts, important producers forecasts, and production and production value forecasts by type in this section of the study.

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