Thermoplastic Elastomers Market: Forecasts for Growth, 2023-2030

According to Triton's analysis, the global thermoplastic elastomers market was valued at $5826.46 million in 2022 and is expected to grow at a CAGR of 15.13% during the forecast period.

A recent study by Triton Market Research titled Global Thermoplastic Elastomers Market includes segmentation by Industry Vertical (Electrical & Electronics, Medical, Automotive, Consumer Goods, Building & Construction, Industrial, Other Industry Verticals), Material Type (Polyolefin, Elastomeric Alloy, Polyamide, Polyurethane, Polystyrene, Other Material Types), and Regional Outlook (Europe, Latin America, Middle East and Africa, North America, Asia-Pacific).

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Thermoplastic elastomers are a rubber-like material similar to plastic but do not require vulcanization. It can be processed using various plastic methods like blow molding, extrusion, and injection molding.

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As per Triton's research report, the global thermoplastic elastomers market is estimated to garner revenue worth $41696.47 million by 2030, growing at a CAGR of 6.37% during the forecast period 2023-2030.

The market for thermoplastic elastomers is made possible by elements like the growing usage of TPE in initiatives to promote recyclability and lightweight materials that facilitate product weight reduction. It is projected that new materials or better construction will lead to the replacement of standard vehicle elastomers with lighter alternatives. By making tires lighter, these lightweight materials can lower rolling resistance, lower carbon emissions, and improve fuel efficiency.

However, reduced volume consumption due to lightweight trends and the volatile cost of raw materials is estimated to limit the thermoplastic elastomers market's growth.

The market for thermoplastic elastomers is divided into two segments: material type and industry vertical. It is divided into electrical and electronics, consumer products, automotive, building and construction, industrial, and other industry verticals based on industry vertical. Polyolefin, elastomeric alloys, polyamide, polyurethane, polystyrene, and other material types are included in the material type division.

Asia-Pacific dominates in the thermoplastic elastomers market and is expected to continue its position in the coming years. This growth can be attributed to rapid urbanization fueling the construction sector, leading to higher demand for TPE. Additionally, there is increasing demand for styrene butadiene in the region, driven by the growing packaging sector due to e-commerce, rising disposable incomes, and increased demand for premium sports footwear.

The well-known companies in the thermoplastic elastomers market are The Dow Chemical Company, Asahi Kasei Corporation, Covestro AG, Arkema SA, Evonik Industries AG, Lubrizol Corporation, BASF SE, Dynasol Group, Kraton Corporation, and LG Chem Ltd.

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Question & Answer: Global Thermoplastic Elastomers Market

Question 1: What factors open avenues for the thermoplastic elastomers market?
Answer: Factors such as lightweight materials supporting product weight reduction and the rising use of TPE in recyclability improvement projects open avenues for the thermoplastic elastomers market. Lighter automotive elastomers are anticipated to replace standard ones, achieved through new materials or improved construction. These lightweight materials can lead to lighter tires, reducing rolling resistance, carbon emissions, and enhancing fuel efficiency.

Question 2: What factors limit the thermoplastic elastomers market's growth?
Answer: Reduced volume consumption due to lightweight trends and the volatile cost of raw materials is estimated to limit the thermoplastic elastomers market's growth.

Question 3: Which region dominates in the thermoplastic elastomers market?
Answer: Asia-Pacific dominates in the thermoplastic elastomers market and is expected to continue its position in the coming years. This growth can be attributed to rapid urbanization fueling the construction sector, leading to higher demand for TPE. Additionally, there is increasing demand for styrene butadiene in the region, driven by the growing packaging sector due to e-commerce, rising disposable incomes, and increased demand for premium sports footwear.

Question 4: Which are the well-known companies in the biopesticides market?
Answer: The well-known companies in the thermoplastic elastomers market are The Dow Chemical Company, Asahi Kasei Corporation, Covestro AG, Arkema SA, Evonik Industries AG, Lubrizol Corporation, BASF SE, Dynasol Group, Kraton Corporation, and LG Chem Ltd.

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