Global Thermoplastic Elastomers Market Size & Growth Trends Analysis Report

Owing to the thermoplastic elastomer’s strength and flexibility, the demand for lightweight, resilient materials in the building and automotive industries is rising. The use of bio-based thermoplastic elastomers has increased, especially in consumer goods and packaging, as a result of consumer’s growing inclination for environmentally friendly and sustainable products. The growing need for safe, flexible, and sterilizable materials brought on by the expansion of the medical and healthcare industry is also driving the market growth for thermoplastic elastomers. Ultimately, the development and personalization of thermoplastic elastomer items are being made easier by developments in material science and production technologies such as 3D printing and injection molding.

To ensure safety and adherence to environmental standards, regulatory bodies such as the European Chemicals Agency (ECHA), the Food and Drug Administration (FDA) of the U.S., and other national environmental agencies establish guidelines for the use of thermoplastic elastomers, especially in food contact and medical applications. In the thermoplastic elastomers industry, several businesses are rising to prominence by emphasizing creative and environmentally friendly solutions. The businesses that specialize in biodegradable thermoplastics, including Danimer Scientific, and Polymateria Ltd., which develops cutting-edge materials for plastic breakdown, are doing well in the thermoplastic elastomers market.

However, the manufacturers face hurdles due to variable raw material prices and high production expenses. Furthermore, the thermoplastic elastomer’s limited recycling infrastructure makes it difficult for them to be widely used in regions with less advanced waste management systems. The thermoplastics industry offers a plethora of opportunities, particularly in light of the growing investments made in research and development to create recyclable and high-performance thermoplastics. The new uses for thermoplastic elastomers are also being made possible by the growth of e-mobility and rising demand in emerging economies, especially in the regions of sustainable consumer goods and electric car components.

Impact of COVID-19

Due to problems with the supply chain and rising raw material costs, the COVID-19 pandemic caused significant disruptions to the thermoplastic elastomers market, especially hurting the construction and automotive sectors. However, the consumption of thermoplastic elastomers increased as PPE, medical gadgets, and packaging saw a sharp increase in demand in the healthcare industry. The necessity for sanitation and an increase in e-commerce drove growth in the packaging sector. In the long term, the pandemic highlighted the sustainability and resilience of supply chains, increasing demand for eco-friendly thermoplastic elastomers and creating prospects for electric cars and other green technology.

Segmentation

The global thermoplastic elastomers market is segmented into type and application. By type, the market is segmented into styrene block copolymers (SBC), thermoplastic polyolefins (TPO), thermoplastic polyurethanes (TPU), thermoplastic vulcanizates (TPV), and others. Mainly utilized in the automotive and packaging sectors, the strong players in styrene block polymers (SBC) are Kraton Corporation and LCY Chemical. Similarly, found frequently in dashboards and bumpers for automobiles, the two significant players in the thermoplastic polyolefins segment are LyondellBasell and ExxonMobil. Thermoplastic polyurethanes (TPU) are well-known for their application in electronics, footwear, and medical equipment. Similarly, thermoplastic vulcanizates (TPV) are extensively utilized in hoses, gaskets, and seals, especially in the automobile industry. The key players in this segment are Zeon Corporation and SABIC.

By application, the market is further bifurcated into automotive, building & construction, medical, consumer goods, and others. Apart from the automotive industry, thermoplastic elastomers are utilized in flooring, window seals, and roofing membranes. Hexpol Group and Teknor Apex are formidable in this segment. Similarly, thermoplastic elastomers are flexible and sterilizable, and they are utilized in syringes, catheters, and medical tubing. The two important businesses in the medical sector are DSM and DuPont. In the consumer goods segment, appliances, footwear, and sporting goods all include thermoplastic elastomers. The two leading suppliers to this segment are Covestro and BASF.

Regional Analysis

The automotive industry is driving substantial growth in the thermoplastic elastomers market in North America as lightweight and durable materials are critical. Owing to the developments in bio-based thermoplastic elastomers and improvements in automotive and medical applications, the U.S. leads this industry. The prominent players in the region include ExxonMobil, Dow Chemical, and Teknor Apex, which gain from substantial R&D investments and well-established supply chains.

The strict environmental rules in Europe, especially in the automotive and industrial sectors, are driving the thermoplastic elastomers market in that region. The market is led by nations such as Germany, France, and the UK due to their solid foundation in automobile production and dedication to cutting carbon emissions. The growing consumer demand for bio-based and recyclable thermoplastic elastomers is helping businesses such as Covestro AG, BASF SE, and Kraton Corporation. The companies in Europe are also emphasizing environmentally friendly production methods, which has contributed to the region's rise to prominence as a global center for thermoplastic elastomer solutions.

Asia-Pacific is the fastest-growing region for thermoplastic elastomers, driven by increasing automotive and construction industries, particularly China, India, Japan, and South Korea. The thermoplastic elastomers market has grown as a result of China's extensive manufacturing industry and government measures to increase domestic output. Furthermore, the region's growing disposable income has raised demand for electronics, footwear, and consumer goods, all of which use thermoplastic elastomers. Important businesses that are doing well in the region are LG Chem, Sinopec, and Sumitomo Chemical. These businesses gain from the region's growing local markets and capacity for cost-effective production.

The thermoplastic elastomers market in Latin America is expanding gradually, with Brazil being the main contributor. The demand is being driven by the construction and automotive sectors as well as the expanding healthcare industry. The prominent firms in the region, such as Braskem and Dynasol Group, concentrate on diversifying their product lines to satisfy regional market needs. However, the region faces problems like changing economic conditions and political instability, which can hinder growth rates.

Although the TPE market in the Middle East and Africa is still in its infancy, the region has potential owing to the expanding construction sector and the advancement of infrastructure in nations such as Saudi Arabia, the United Arab Emirates, and South Africa. The need for resilient and adaptable materials like thermoplastic elastomers is anticipated to grow as urbanization rises. In order to take advantage of the region's rising market potential, SABIC and Polyone Corporation are establishing a presence in the region.

Competitive Analysis

The key players in the global thermoplastic elastomers market are BASF SE, Arkema, Dynasol Elastomers, EMS-CHEMIE HOLDING AG, DuPont, Evonik Industries, LG Chem, LCY Chemical Corporation, Lubrizol Corporation, LyondellBasell Industries, Tosoh Corporation, Covestro AG, China Petrochemical Corporation, Avient Corporation, Teknor APEX Company, The Dow Chemical Company, and TSRC Corporation, among others.

Arkema SA and Engie SA inked an agreement in March 2023 for 300 GWh/year of renewable biomethane in France to offset the carbon impact of Arkema's high-performance, bio-based Rilsan polyamide 11 and Pebax elastomers, which are mainly utilized as building blocks for 3D printing.

Through an investment at its Serquigny factory in France, Arkema SA increased the worldwide manufacturing capacity of its Pebax Elastomer by 25% in January 2022. Similarly, in July of 2022, Asahi Kasei Corporation opened Asahi Kasei Plastics North America (APNA) and debuted a new line of engineered resins called Soform, which is a member of the Thermylene family of glass fiber reinforced polypropylenes with specific chemical coupling.

For the Table of Contents (TOC) of the entire report, Contact Us. We will provide you with the full TOC for the same.

The global thermoplastic elastomers market is segmented as follows:

By Type (Revenue: USD Billion, 2019 – 2031)
●    Styrene Block Copolymers (SBC)
●    Thermoplastic Polyolefins (TPO)
●    Thermoplastic Polyurethanes (TPU)
●    Thermoplastic Vulcanizates (TPV)
●    Others

By Application (Revenue: USD Billion, 2019 – 2031)
●    Automotive
●    Building & Construction
●    Medical
●    Consumer Goods
●    Others

By Region (Revenue: USD Billion, 2019 – 2031)

● North America
o U.S.
o Canada
o Mexico

● Europe
o U.K.
o France
o Germany
o Italy
o Spain
o Rest of Europe

● Asia Pacific
o China
o Japan
o India
o South Korea
o South East Asia
o Rest of Asia Pacific

● Latin America
o Brazil
o Argentina
o Rest of Latin America

● Middle East & Africa
o GCC Countries
o South Africa
o Rest of Middle East & Africa