Thermoplastic Elastomer Market to Reach Valuation of USD 34.5 Billion by 2028 – Development in the Technology to Drives the Market

In terms of revenue, the Global Thermoplastic Elastomer Market is expected to reach USD 34.5 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 5.90% from 2022 to 2028.

The global market for Thermoplastic Elastomer is driven by increased demand for Thermoplastic Elastomers. The market for Thermoplastic Elastomers is expanding due to the exponential growth of the automobile industry, led by fast urbanization and the rise in consumer disposable income. The manufacturers of airbags, window trims, cowl panels, seals, and air duct components heavily rely on thermoplastic polymers. Thermoplastic Elastomers are frequently used in construction because of their exceptional characteristics. In addition, it has numerous decorative uses, including pipes, doors, windows, and insulating panels. In the healthcare industry, Thermoplastic Elastomers are also used in different medical devices, including catheters, grips for surgical instruments, medication delivery tubes, and other implants, which considerably contributes to their explosive demand.

Key Highlights from Report

· Among Types, the Styrenic block copolymers sector dominated the market due to growing consumer demand from different industries, including automotive, electrical & electronics, medical, construction, footwear, and others.

· In terms of the End Use Industry, the Automotive segment accounted for the highest revenue in the coming years. This growth is attributed to the surge in the need for lightweight cars from the world's increasing population base.

· Geographically, Asia Pacific held the largest market share in 2021 and is likely to be the most profitable market in the forecast period. This surge results from increased demand for Thermoplastic Elastomer across many sectors in this area, including packaging, automotive, medical, and other industries.

Market Dynamics

Due to their favorable effects on the environment, bio-based Thermoplastic Elastomers are becoming more and more popular in numerous industries. In addition to offering innumerable advantages, including chemical resistance, UV rays, oxidation, and others, these materials can be reformed &reshaped, which is a helpful element for minimizing waste and produces a high demand from end-users. In the manufacturing of household appliances and medical equipment, among other uses, bio-based TPEs are used in the medical and consumer goods sectors. The use of Thermoplastic Elastomers will increase due to the increased demand for appliances worldwide, particularly consumer goods such as wires & cables, small kitchen appliances, and tubes. As a result, the market for Thermoplastic Elastomers will be driven by the growing bio-based TPE industry over the forecast period.

Furthermore, owing to various crucial characteristics, including thermal stability, smoothness, and resistance to wear and abrasion, the use of Thermoplastic Elastomers is expanding across numerous sectors. The expansion of the global market has been impacted recently by increased usage in several industries, including construction, consumer goods, electronics, and footwear. Since Thermoplastic Elastomers became a competitive alternative to glass, PVC, natural or synthetic rubber, or other commonly produced material, their market has risen. As a result, the need for Thermoplastic Elastomers is growing due to the significant growth of the end-use industries.

Asia Pacific Thermoplastic Elastomer market is likely to observe significant market growth with the highest CAGR (Compound Annual Growth Rate) during the forecast period. The growing manufacturing sector will be the primary driver of the need for Thermoplastic Elastomer compounds in the automotive, electrical and electronics, packaging, and industrial machinery industries. The market in this area has the most consumers and is expanding at the highest rate during the projection period. China and India are the fastest-evolving economies in this area and are already two of the world's largest producers.

The Global Thermoplastic Elastomer Market is Segmented as follows

• Types
  • Styrenic Block Copolymers
  • Thermoplastic Polyurethanies
  • Thermoplastics Polyyotefins
  • Thermoplastics Vulcanizates
  • Copyolyester Flim Elastomers
• End Use Industries
  • Automotive
  • Building & Construction
  • Footwear
  • Engineering
  • Wire & Cables
  • Medical
  • Other Industries
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Thermoplastic Elastomer Market is

Arkema S.A (France), Asahi Kasei Corporation (Japan), BASF SE (Germany), Covestro AG (Germany), Huntsman Corporation (US)

The Global Thermoplastic Elastomer Market Scope can be Tabulated as below