Global Thermoplastic Elastomers (TPE) Market - Overview
Thermoplastic elastomers (TPEs) are polymeric materials which are processed in the same manner as plastic but possess rubber-like properties. They possess properties of flexibility, thermal resistance, shock absorption, and dimensional stability. The global Thermoplastic Elastomer Market size was USD 26,856.9 million in 2020 and is projected to reach USD 39,424.9 million by 2030, exhibiting a CAGR of 5.9% during the forecast period (2021-2030).
The global thermoplastic elastomers market is poised to touch a skyrocketing valuation by 2030 due to easy production methods of TPEs and its recyclable nature. The increasing demand for TPEs in the automotive industry can drive its market demand exponentially. TPEs are used in mudguard components, side bumpers, fuel line coverings, door handles, door weather strips, and vents. They are used to reduce the weight of vehicles to lower carbon emissions. Environmental regulations on carbon emissions can also influence the global market demand. The electrical and electronics industry is expected to prosper due to the flexible properties of TPE. For instance, KRAIBURG has launched a series of TPE compounds for white goods with different adhesion properties. It has rubber-like elasticity without the limitations of rubber.
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Global Thermoplastic Elastomers (TPE) Market – Prominent Players
The Dow Chemical Company (US),RTP Company (US),Elastron Kimya SAN. TİC. AŞ (Turkey),Timco Rubber (US),Arkema (France),Huntsman International LLC (US),Covestro AG (Germany),Kraiburg TPE GmbH Co. KG (Germany),Kent Elastomer Products (US),Altana AG (Germany),Tosoh Corporation (Japan),The Lubrizol Corporation (US),Teknor Apex (US),JSR Corporation (Japan).
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Thermoplastic Elastomers (TPE) Market - Segments:
The global thermoplastic elastomers market has been segmented by product and end-use industry.
By product, the global thermoplastic elastomers market has been segmented into polyamide, vulcanizate, polyurethane, styrenic block copolymer, olefin, and others. Styrenic block copolymer are the lowest priced polymers used in India and China due to their ability to blend with various polymers with the assistance of oils and fillers. Polyurethane TPEs are transparent and adheres easily to metals and other substrates. It has properties of energy absorption, tear resistance, and abrasion resistance.
By end-use industry, the global thermoplastic elastomers market has been segregated into home appliances, automotive, footwear, building and construction, healthcare, and others. The automotive industry is expected to drive the global market demand due to the use of TPE in the manufacture of components such as fuel line coverings, side bumpers, and other components. Rapid industrialization and urbanization which calls for the need for passenger and commercial cars can drive the global thermoplastic elastomers market demand in the coming years.
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Thermoplastic Elastomers (TPE) Market - Regional Analysis:
North America, Asia Pacific (APAC), Europe, Latin America, and the Middle East Africa (MEA) are regions the center of interest in the global thermoplastic elastomers market.
APAC accounted for the largest market share in 2017 due to the high demand for the product in footwear and automotive industries. The large population and rapid industrialization are factors expected to drive the regional market demand. The burgeoning construction industry which requires plastic components for interiors in homes and complexes can drive the global thermoplastic elastomers market demand.
North America can also command a heavy share of the global TPE market. The U.S. is expected to contribute heavily to the market due to advances in the healthcare sector, use of recyclable products, and large number of automotive production plants.
Latin America and MEA regions can exhibit positive growth rates for the global TPE market owing to investments in industries which require thermoplastic elastomers.
Latest Industry News
Kraiburg TPE has developed a technology for producing thermoplastic elastomers with low density. It has created 3 production lines dedicated to companies in power tools, construction, and other end-use industries.
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