The Global Thermoplastic Elastomer Market size is expected to reach $40.6 billion by 2030, rising at a market growth of 6.9% CAGR during the forecast period. In the year 2022, the market attained a volume of 6,869.9 Kilo Tonnes, experiencing a growth of 5.4% (2019-2022).
Using TPEs in automotive components improves fuel economy, a critical factor in meeting stringent emission standards. Thus, the automotive segment acquired $9,595.0 million revenue in 2022. Lightweight materials, including TPEs, play a role in enhancing the overall energy efficiency of vehicles. TPEs provide design flexibility, allowing for the creation of complex shapes and intricate designs. This versatility is particularly advantageous in the automotive industry, where components often have specific design requirements for functionality and aesthetics. These factors will help in the expansion of the segment. Some of the factors impacting the market are versatility and range of applications, lightweighting trends in the automotive industry, and chemical resistance variation of thermoplastic elastomer.
One distinguishing characteristic of TPEs is their remarkable adaptability to various applications, which positions them favorably among manufacturers in various sectors, including automotive, consumer goods, medical devices, construction, and others. The consumer goods industry benefits from the versatility of TPEs in producing a wide range of products. TPEs are commonly used to manufacture household items, electronics, toys, and other consumer goods. Their adaptability allows for the creation of soft-touch surfaces, ergonomic designs, and aesthetically pleasing products. Whether it's the grip on a tool, the handle of a kitchen appliance, or the casing of an electronic device, TPEs provide the desired combination of tactile feel and functionality. Additionally, the automotive sector's emphasis on lightweighting is primarily driven by the need to enhance fuel efficiency and reduce emissions. Lighter vehicles require less energy, improving fuel economy and lowering greenhouse gas emissions. As governments worldwide implement stringent emission standards, automakers need to explore lightweight materials to meet regulatory requirements. Manufacturers can create complex shapes and incorporate intricate design elements without compromising material performance. This flexibility supports innovative and appealing automotive designs. Owing to these aspects, there will be increased growth in the market.
However, the variability in chemical resistance among different TPE formulations requires careful consideration during material selection. If a TPE formulation does not provide the required resistance to the chemicals present in a given application, alternative materials may be chosen, limiting the market share of TPEs in such environments. This can increase maintenance costs and potential safety issues in critical applications. Established materials, such as certain rubber or engineering plastics, may be preferred over TPEs in applications where chemical resistance is a primary consideration. These aspects will lead to reduced demand in the market.
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The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Arkema S.A., BASF SE, China Petrochemical Corporation (Sinopec Group), Evonik Industries AG (RAG-Stiftung), Huntsman Corporation, The Dow Chemical Company, Covestro AG, Mitsubishi Chemical Holdings Corporation, DuPont de Nemours, Inc., and Asahi Kasei Corporation
By Material (Volume, Kilo Tonnes, USD billion, 2019-2030)
Using TPEs in automotive components improves fuel economy, a critical factor in meeting stringent emission standards. Thus, the automotive segment acquired $9,595.0 million revenue in 2022. Lightweight materials, including TPEs, play a role in enhancing the overall energy efficiency of vehicles. TPEs provide design flexibility, allowing for the creation of complex shapes and intricate designs. This versatility is particularly advantageous in the automotive industry, where components often have specific design requirements for functionality and aesthetics. These factors will help in the expansion of the segment. Some of the factors impacting the market are versatility and range of applications, lightweighting trends in the automotive industry, and chemical resistance variation of thermoplastic elastomer.
One distinguishing characteristic of TPEs is their remarkable adaptability to various applications, which positions them favorably among manufacturers in various sectors, including automotive, consumer goods, medical devices, construction, and others. The consumer goods industry benefits from the versatility of TPEs in producing a wide range of products. TPEs are commonly used to manufacture household items, electronics, toys, and other consumer goods. Their adaptability allows for the creation of soft-touch surfaces, ergonomic designs, and aesthetically pleasing products. Whether it's the grip on a tool, the handle of a kitchen appliance, or the casing of an electronic device, TPEs provide the desired combination of tactile feel and functionality. Additionally, the automotive sector's emphasis on lightweighting is primarily driven by the need to enhance fuel efficiency and reduce emissions. Lighter vehicles require less energy, improving fuel economy and lowering greenhouse gas emissions. As governments worldwide implement stringent emission standards, automakers need to explore lightweight materials to meet regulatory requirements. Manufacturers can create complex shapes and incorporate intricate design elements without compromising material performance. This flexibility supports innovative and appealing automotive designs. Owing to these aspects, there will be increased growth in the market.
However, the variability in chemical resistance among different TPE formulations requires careful consideration during material selection. If a TPE formulation does not provide the required resistance to the chemicals present in a given application, alternative materials may be chosen, limiting the market share of TPEs in such environments. This can increase maintenance costs and potential safety issues in critical applications. Established materials, such as certain rubber or engineering plastics, may be preferred over TPEs in applications where chemical resistance is a primary consideration. These aspects will lead to reduced demand in the market.
Material Outlook
Based on material, the market is divided into polystyrenes, poly olefins, poly ether imides, poly urethanes, poly esters, and poly amides. In 2022, the poly olefins segment witnessed a substantial revenue share in the market. Polyolefin TPEs, including TPOs and TPVs, offer a versatile range of properties that make them suitable for diverse applications. They exhibit a balanced combination of flexibility, toughness, and chemical resistance. This versatility allows manufacturers to tailor polyolefin-based TPE formulations to meet specific performance requirements in various industries. These factors will pose lucrative growth prospects for the segment."thermoplastic-elastomer-market-share.jpg" title="Thermoplastic Elastomer Market Share and Industry Analysis Report 2022"/>
Application Outlook
Based on application, the market is segmented into automotive, electrical electronics, industrial, medical, consumer goods, and others. In 2022, the electrical and electronics segment garnered a significant revenue share in the market. TPEs exhibit excellent electrical insulating properties, making them suitable for electrical components and devices. They provide a reliable barrier against electrical currents, preventing short circuits and ensuring the safety and efficiency of electronic systems. TPEs' flexibility and flex-fatigue resistance are advantageous in applications with frequent bending or movement. This is particularly beneficial in manufacturing cables and connectors, contributing to the durability and reliability of electronic devices. Therefore, the segment will grow rapidly in the coming years.Regional Outlook
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific segment acquired the highest revenue share in the market. The rapid industrialization in APAC countries has led to increased demand for TPEs across diverse sectors. Industries such as automotive, construction, and consumer goods that extensively use TPEs have grown substantially in the region. The automotive industry is a major consumer of TPEs, and the growing automotive sector in Asia Pacific has significantly contributed to the increased demand for TPEs. TPEs find applications in interior components, exterior parts, and under-the-hood applications in vehicles. These factors will boost the demand in the segment.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Arkema S.A., BASF SE, China Petrochemical Corporation (Sinopec Group), Evonik Industries AG (RAG-Stiftung), Huntsman Corporation, The Dow Chemical Company, Covestro AG, Mitsubishi Chemical Holdings Corporation, DuPont de Nemours, Inc., and Asahi Kasei Corporation
Strategies deployed in the Market
- Oct-2023: Evonik Industries AG launched INFINAM TPA 4006 P, an optimized powder grade designed for compatibility with various open-source SLS 3D printing machines. INFINAM TPA 4006 P features a PA12 elastomer composition with polyamide 12 segments and softening segments, showcasing rubber-like properties and exceptional impact strength.
- Sep-2023: Huntsman Corporation launched Liquid Thermoplastic PU, a versatile material known for its adaptable and moldable properties. Liquid Thermoplastic Polyurethane (LTPU) facilitates the swift production of high-performance midsoles, aligning with brands' aspirations for circularity.
- Aug-2023: Covestro AG expanded its geographical presence by starting a new manufacturing plant in Shanghai. Through this expansion, Covestro would be able to expand its geographical footprint and have initiated operations at its newly established facility for polyurethane elastomer systems.
- Jun-2023: BASF SE came into collaboration with Avient, a provider of specialized polymer materials, services, and solutions for various industries, including packaging, healthcare, and transportation. Through this collaboration, the companies would join forces to introduce colored Ultrason® to the worldwide market of high-performance polymers.
- Apr-2023: Arkema S.A. introduced EASY3D, a platform that enables users to choose the optimal 3D printing material using a proprietary algorithmic selection tool and place orders for parts online from Arkema’s trusted suppliers.
- Oct-2020: Evonik Industries AG signed a collaboration with HP, a multinational technology company known for providing a wide range of hardware, software, and services, with a focus on personal computing, printing, and 3D printing solutions. Under this collaboration, both companies introduced a thermoplastic elastomer designed to be used with Jet Fusion 3D printing technology.
- Jan-2020: BASF SE has successfully finalized the purchase of Solvay SA's Polyamide (PA 6.6) business. Solvay SA is a chemical manufacturing company specializing in the production and distribution of specialty polymers. This acquisition is part of BASF's strategy to expand its polyamide expertise by incorporating innovative and widely recognized products like Technyl. It will also enhance BASF's ability to provide its customers with enhanced engineering plastics solutions.
- Nov-2019: Mitsubishi Chemical Holdings Corporation took over AdvanSource Biomaterials Corporation, a company specializing in the development and manufacturing of advanced polymer materials for medical devices and other applications. Through this acquisition, TPU's products would be added to the product portfolio of Mitsubishi Chemical.
- Mar-2019: Mitsubishi Chemical Holdings Corporation acquired Welset Plast Extrusions’ PVC Compound Business of Welset Plast Extrusions Private Limited, the largest manufacturer of masterbatches in India. Through this acquisition, Mitsubishi would build a new facility at MCPP India Private Limited for producing thermoplastic elastomers used in the manufacturing of automotive interior components and other related products.
Scope of the Study
Market Segments Covered in the Report:
By Material (Volume, Kilo Tonnes, USD billion, 2019-2030)
- Polystyrenes
- Polyolefins
- Polyurethanes
- Polyetherimides
- Polyesters
- Polyamides
- Automotive
- Industrial
- Electrical Electronics
- Medical
- Consumer Goods
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Arkema S.A.
- BASF SE
- China Petrochemical Corporation (Sinopec Group)
- Evonik Industries AG (RAG-Stiftung)
- Huntsman Corporation
- The Dow Chemical Company
- Covestro AG
- Mitsubishi Chemical Holdings Corporation
- DuPont de Nemours, Inc.
- Asahi Kasei Corporation
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. Global Thermoplastic Elastomer Market by Material
Chapter 6. Global Thermoplastic Elastomer Market by Application
Chapter 7. Global Thermoplastic Elastomer Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- Arkema S.A.
- BASF SE
- China Petrochemical Corporation (Sinopec Group)
- Evonik Industries AG (RAG-Stiftung)
- Huntsman Corporation
- The Dow Chemical Company
- Covestro AG
- Mitsubishi Chemical Holdings Corporation
- DuPont de Nemours, Inc.
- Asahi Kasei Corporation
Methodology
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