Thermoplastic Elastomer Market is Estimated to Reach USD 37.47 Billion by 2028: Cognitive Market Research

Global Thermoplastic Elastomer Market Overview:
Thermoplastic elastomers (TPEs) are a class of polymeric materials that exhibit both elastomeric and thermoplastic properties. It can stretch and compress like rubber, but it can also melt and flow like a thermoplastic material. TPEs are widely used in a variety of applications that require the flexibility, softness, and durability of rubber while requiring ease of processing. It can be manufactured in a variety of hardnesses, from soft and flexible materials to harder materials. There are various applications for TPEs including gaskets and seals, medical devices, automotive parts, consumer goods such as cell phone cases and toys, and sporting goods.

Summary:
• As per the study of CMR, the Global Thermoplastic Elastomer Market Size Was Valued at USD 22.98 Billion In 2022 And will reach USD 37.47 Billion by 2028 with a CAGR of 6.3 % During the Forecast Period.
• Growing demand for soft tech materials along with the rise in focus on sustainability and eco-friendliness is the major driving factor for the growth of the Thermoplastic Elastomer market.
• Asia Pacific dominates the thermoplastic elastomer market during the forecast period.
• The Styrenic block copolymers (SBC) segment is a major revenue contributor in terms of type, as styrene block copolymers (SBCs) are a class of synthetic elastomers that are widely used in various applications due to their combination of properties, including good mechanical strength, thermal stability, and chemical resistance.

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What are the driving factors for the thermoplastic elastomer market?
Growing demand for soft tech materials along with the rise in focus on sustainability and eco-friendliness is the main driving factor contributing to the growth of the thermoplastic elastomer market during the forecast period. Thermoplastic elastomers are soft and flexible making them ideal for use in applications where a soft-touch material such as in consumer goods like toys and phone cases. Additionally, the growing demand for medical devices has driven market growth over the forecast period. However, fluctuations in raw material prices and fierce competition from other materials may obstruct the growth of the market in near future. Further, rising oil prices and increasing global sustainability initiatives are forcing thermoplastic elastomer manufacturers to develop bio-based TPE products with great hardness capacity is expected to create great opportunities for the market during the forecast period.

Market Segmentation:
Global thermoplastic elastomer market type segmentation:
• Styrenic Block Copolymers (SBCs)
• Thermoplastic Polyurethanes (TPUs)
• Thermoplastic Polyolefins (TPOs)
• Thermoplastic Vulcanizates (TPVs)
• Copolyester Ether Elastomers
The Styrenic block copolymers (SBC) segment is a major revenue contributor in terms of type, as styrene block copolymers (SBCs) are a class of synthetic elastomers that are widely used in various applications due to their combination of properties, including good mechanical strength, thermal stability, and chemical resistance. SBCs are used as thermoplastic elastomers (TPEs) in combination with other polymers to form blends or alloys that exhibit great performance features.

Global thermoplastic elastomer market end-user industry segmentation:
• Automotive
• Building & Construction
• Footwear
• Wires & Cables
• Medical
• Engineering
• Others
Based on the end-user industry, the automotive segment held a significant share in 2022 owing to thermoplastic elastomers (TPEs) being widely used in the automotive industry due to their excellent performance characteristics and cost-effectiveness. TPEs provide a unique combination of elastomeric properties, such as flexibility and resilience, with the processability and versatility of thermoplastics.

Competitive Analysis of Thermoplastic Elastomer Market: Arkema SA, BASF SE, The DOW Chemical Company, Covestro AG, Huntsman Corporation, Evonik Industries AG, Sinopec Group, Teknor APEX Company, Lubrizol Corporation, Tosoh Corporation

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Asia Pacific dominates the thermoplastic elastomer market during the forecast period.
As per CMR analysis, Asia Pacific is expected to dominate the thermoplastic elastomer market during the forecast period. The growth of market is significantly growing in the region due to the increasing demand for lightweight and durable materials, the growing automotive industry, and rapid industrialization. In Asia Pacific, China is the largest producer and consumer of thermoplastic elastomers. The automotive industry is a major end-use industry for TPEs in the Asia Pacific region, as thermoplastic elastomers are used in a variety of applications such as interior and exterior components, sealing systems, and under-the-hood applications. The growing demand for lightweight and fuel-efficient vehicles is expected to drive the demand for TPEs in the automotive industry in the region.

Browse Here For Full TOC:
Table of Content (Revenue USD Edition), (Enquire about Volume/Consumption Edition Data)
Chapter 1 Industrial Insight and Market Scope
• 1.1 Global Thermoplastic Elastomer Industry Introduction
• 1.2 Objectives of the Study
• 1.3 USP of the Report
• 1.4 Who is this report for?
• 1.5 Designing of Market Scope
1.5.1 Thermoplastic Elastomer Market Segmentation
1.5.1 Thermoplastic Elastomer Market Regional Fragmentation
1.5.1 Thermoplastic Elastomer Market Players
• 1.6 Report Duration
• 1.7 List of Stakeholders
Chapter 2 Research MethodologyReview Complete Research Methodology
Chapter 3 Executive Summary of Thermoplastic Elastomer Market
• 3.1 Global Thermoplastic Elastomer Market Size 2018 - 2030, (USD Million)
• 3.2 Global Thermoplastic Elastomer Value, Absolute & Opportunity Analysis
• 3.3 Global Thermoplastic Elastomer Market Y-o-Y Growth Rate Projection by Region (2023 - 2030)
• 3.4 Global Thermoplastic Elastomer Market Statistics 2022: Snapshot
Chapter 4 Global Thermoplastic Elastomer Market Overview
Chapter 5 Competitive Analysis (Subject to Availability)
Chapter 6 Environmental, Social, and Governance (ESG) Analysis
Chapter 7 Qualitative Analysis
Chapter 8 Company Profiling (Subject to Availability)
Chapter 9 Global Thermoplastic Elastomer Market by Type Segmentation Analysis (2018-2030)
Chapter 10 Global Thermoplastic Elastomer Market by End-user Segmentation Analysis (2018-2030)
Chapter 11 Global Thermoplastic Elastomer Market Regional Analysis
Chapter 12 North America Thermoplastic Elastomer Market Outlook (2018 - 2030)
Chapter 13 Europe Thermoplastic Elastomer Market Outlook (2018 - 2030)
Chapter 14 Asia Pacific Thermoplastic Elastomer Market Outlook (2018 - 2030)
Chapter 15 Latin America Thermoplastic Elastomer Market Outlook (2018 - 2030)
Chapter 16 Middle East and Africa Thermoplastic Elastomer Market Outlook (2018 - 2030)
Chapter 17 Research Findings
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