Thermoplastic Elastomers Market Size Analysis, Competitive Insights, Leading Players and Growth Opportunities by 2028

The Thermoplastic Elastomers market is set for robust growth, driven by rising demand in automotive, medical, and consumer goods sectors. With their recyclability, flexibility, and durability, TPEs are shaping the future of sustainable and high-performance materials.
The global TPE market size was USD 26.9 billion in 2023 and is projected to reach USD 35.4 billion by 2028, at a CAGR of 5.6% between 2023 and 2028. This report provides a comprehensive analysis of industry, including market size, share, TPE market growth [https://www.marketsandmarkets.com/Market-Reports/thermoplastic-elastomers-market-1012.html?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=thermoplasticelastomers], trends, drivers and constraints, competitive aspects, and prospects for future growth. Automotive is the major application segment for TPE. The automotive industry grapples with increasing pressure to adopt eco-friendly practices and materials, TPEs align well with sustainability objectives. They are recyclable and have a reduced environmental impact compared to some alternatives, contributing to the industry's drive for greener, more sustainable transportation solutions.

Automotive is the largest application in the TPE market. TPEs are widely employed in various automotive applications, including seals, gaskets, weather stripping, interior components, under-the-hood parts, and even in tire manufacturing. This extensive use is due to TPEs' ability to provide a balance of characteristics such as flexibility, durability, and resistance to temperature extremes, making them crucial in improving vehicle performance, reducing weight, and enhancing overall comfort and safety in the automotive sector.

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APAC is estimated to be the fastest-growing market for TPE.

APAC accounted for the largest share in terms of volume and value of the TPE market in 2022. TPEs are favored in the region for their cost-effective manufacturing processes. Methods like injection molding and extrusion are efficient and economical, aligning with the cost-conscious approach of many businesses in the APAC region. Moreover, Ongoing infrastructure development, including construction, urbanization, and transportation projects, necessitates materials that offer durability, weather resistance, and ease of installation. TPEs are well-suited for applications like roofing materials, gaskets, and seals in the construction and infrastructure sectors.

Thermoplastic Elastomers Companies

The companies profiled in this market research report include 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), Evonik Industries AG (Germany), Dynasol Elastomers (Spain).

New product development accounted for the largest share of all the strategic developments that took place in the thermoplastic elastomers market. Key players such as Arkema SA, Asahi Kasei Corporation, BASF SE, Huntsman Corporation, DOW Chemical Company, Exxon Mobil Corporation, Mitsubishi Chemical Group Corporation have adopted these strategies to strengthen their business portfolios and presence in the thermoplastic elastomers industry.

Arkema SA

Arkema SA is involved in the manufacturing and sales of various chemical products that find applications in consumer goods, paints & coatings, building & construction, automotive & transportation, electronics, energy, and other industries. The company operates its business through four segments, namely, Adhesive Solutions, Advanced Materials, Coating Solutions, and Intermediates. It offers thermoplastic elastomers under the Advanced Materials division. Arkema has 148 production facilities and presence across 55 countries. The company has a geographical presence in Europe, Asia Pacific, North America, South America, and Middle East & Africa.

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ASAHI KASEI CORPORATION

Asahi Kasei Corporation is a group of companies offering products under three categories, namely, Materials, Homes, and Healthcare. The Materials category is further divided into basic material, performance product, specialty solutions, and electronics. The company offers thermoplastic elastomers through the performance product segment. It has more than 211 subsidiaries across 20 countries. The company offers different grades of thermoplastic elastomers under its brands, Asaflex, Tufpren and Asapren T, S.O.E, and Tuftec. The company has a geographical presence in Europe, Asia Pacific, North America, South America, and Middle East & Africa.

BASF SE

BASF SE engages in the provision of chemical products. It operates through the following segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition and Care, and Agricultural Solutions, and others. The Chemicals segment supplies petrochemicals and intermediates. The Materials segment includes isocyanates and polyamides as well as inorganic basic products and specialties for the plastics and plastics processing industries. The Industrial Solutions segment develops and markets ingredients and additives for industrial applications such as polymer dispersions, pigments, resins, electronic materials, antioxidants, and additives. The Surface Technologies segment bundles chemical solutions for surfaces with the catalysts and coating divisions. The Nutrition and Care segment consists of ingredients and solutions for consumer applications in the areas of nutrition, home, and personal care. The Agricultural Solutions segment refers to fungicides, herbicides, insecticides, and biological crop protection products, as well as seeds and seed treatment products. It produces thermoplastic elastomers under the performance materials division in the Materials segment. The company has a geographical presence in Europe, Asia Pacific, North America, South America, and Middle East & Africa.

Huntsman Corporation

Huntsman Corporation offers a wide range of products that serve various industries such as transportation, home life, construction, energy and fuel, clothing, and footwear. The company has three segments, namely, Polyurethanes, Advanced Materials, and Performance Products. The company operates 60 manufacturing, research and development, and operations facilities in 30 countries across Europe, Asia Pacific, Middle East & Africa, North America, and South America. It offers thermoplastic elastomers through the Polyurethanes segment for various end-use industries such as automotive, building & construction, and footwear. IROGRAN, AVALON, KRYSTALGRAN and IROSTIC are the four main TPU brands produced by the polyurethanes division of Huntsman.

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