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.
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.
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 Thermoplastic Elastomer 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
By Application (Volume, Kilo Tonnes, USD billion, 2019-2030)
- Automotive
- Industrial
- Electrical & Electronics
- Medical
- Consumer Goods
- Others
By Geography (Volume, Kilo Tonnes, USD billion, 2019-2030)
- 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
Companies Profiled
- 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
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 Global Thermoplastic Elastomer Market, by Material
- 1.4.2 Global Thermoplastic Elastomer Market, by Application
- 1.4.3 Global Thermoplastic Elastomer Market, by Geography
- 1.5 Methodology for the research
Chapter 2. Market at a Glance
Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.3 Porter Five Forces Analysis
Chapter 4. Strategies Deployed in Thermoplastic Elastomer Market
Chapter 5. Global Thermoplastic Elastomer Market by Material
- 5.1 Global Polystyrenes Market by Region
- 5.2 Global Polyolefins Market by Region
- 5.3 Global Polyurethanes Market by Region
- 5.4 Global Polyetherimides Market by Region
- 5.5 Global Polyesters Market by Region
- 5.6 Global Polyamides Market by Region
Chapter 6. Global Thermoplastic Elastomer Market by Application
- 6.1 Global Automotive Market by Region
- 6.2 Global Industrial Market by Region
- 6.3 Global Electrical & Electronics Market by Region
- 6.4 Global Medical Market by Region
- 6.5 Global Consumer Goods Market by Region
- 6.6 Global Others Market by Region
Chapter 7. Global Thermoplastic Elastomer Market by Region
- 7.1 North America Thermoplastic Elastomer Market
- 7.1.1 North America Thermoplastic Elastomer Market by Material
- 7.1.1.1 North America Polystyrenes Market by Country
- 7.1.1.2 North America Polyolefins Market by Country
- 7.1.1.3 North America Polyurethanes Market by Country
- 7.1.1.4 North America Polyetherimides Market by Country
- 7.1.1.5 North America Polyesters Market by Country
- 7.1.1.6 North America Polyamides Market by Country
- 7.1.2 North America Thermoplastic Elastomer Market by Application
- 7.1.2.1 North America Automotive Market by Country
- 7.1.2.2 North America Industrial Market by Country
- 7.1.2.3 North America Electrical & Electronics Market by Country
- 7.1.2.4 North America Medical Market by Country
- 7.1.2.5 North America Consumer Goods Market by Country
- 7.1.2.6 North America Others Market by Country
- 7.1.3 North America Thermoplastic Elastomer Market by Country
- 7.1.3.1 US Thermoplastic Elastomer Market
- 7.1.3.1.1 US Thermoplastic Elastomer Market by Material
- 7.1.3.1.2 US Thermoplastic Elastomer Market by Application
- 7.1.3.2 Canada Thermoplastic Elastomer Market
- 7.1.3.2.1 Canada Thermoplastic Elastomer Market by Material
- 7.1.3.2.2 Canada Thermoplastic Elastomer Market by Application
- 7.1.3.3 Mexico Thermoplastic Elastomer Market
- 7.1.3.3.1 Mexico Thermoplastic Elastomer Market by Material
- 7.1.3.3.2 Mexico Thermoplastic Elastomer Market by Application
- 7.1.3.4 Rest of North America Thermoplastic Elastomer Market
- 7.1.3.4.1 Rest of North America Thermoplastic Elastomer Market by Material
- 7.1.3.4.2 Rest of North America Thermoplastic Elastomer Market by Application
- 7.2 Europe Thermoplastic Elastomer Market
- 7.2.1 Europe Thermoplastic Elastomer Market by Material
- 7.2.1.1 Europe Polystyrenes Market by Country
- 7.2.1.2 Europe Polyolefins Market by Country
- 7.2.1.3 Europe Polyurethanes Market by Country
- 7.2.1.4 Europe Polyetherimides Market by Country
- 7.2.1.5 Europe Polyesters Market by Country
- 7.2.1.6 Europe Polyamides Market by Country
- 7.2.2 Europe Thermoplastic Elastomer Market by Application
- 7.2.2.1 Europe Automotive Market by Country
- 7.2.2.2 Europe Industrial Market by Country
- 7.2.2.3 Europe Electrical & Electronics Market by Country
- 7.2.2.4 Europe Medical Market by Country
- 7.2.2.5 Europe Consumer Goods Market by Country
- 7.2.2.6 Europe Others Market by Country
- 7.2.3 Europe Thermoplastic Elastomer Market by Country
- 7.2.3.1 Germany Thermoplastic Elastomer Market
- 7.2.3.1.1 Germany Thermoplastic Elastomer Market by Material
- 7.2.3.1.2 Germany Thermoplastic Elastomer Market by Application
- 7.2.3.2 UK Thermoplastic Elastomer Market
- 7.2.3.2.1 UK Thermoplastic Elastomer Market by Material
- 7.2.3.2.2 UK Thermoplastic Elastomer Market by Application
- 7.2.3.3 France Thermoplastic Elastomer Market
- 7.2.3.3.1 France Thermoplastic Elastomer Market by Material
- 7.2.3.3.2 France Thermoplastic Elastomer Market by Application
- 7.2.3.4 Russia Thermoplastic Elastomer Market
- 7.2.3.4.1 Russia Thermoplastic Elastomer Market by Material
- 7.2.3.4.2 Russia Thermoplastic Elastomer Market by Application
- 7.2.3.5 Spain Thermoplastic Elastomer Market
- 7.2.3.5.1 Spain Thermoplastic Elastomer Market by Material
- 7.2.3.5.2 Spain Thermoplastic Elastomer Market by Application
- 7.2.3.6 Italy Thermoplastic Elastomer Market
- 7.2.3.6.1 Italy Thermoplastic Elastomer Market by Material
- 7.2.3.6.2 Italy Thermoplastic Elastomer Market by Application
- 7.2.3.7 Rest of Europe Thermoplastic Elastomer Market
- 7.2.3.7.1 Rest of Europe Thermoplastic Elastomer Market by Material
- 7.2.3.7.2 Rest of Europe Thermoplastic Elastomer Market by Application
- 7.3 Asia Pacific Thermoplastic Elastomer Market
- 7.3.1 Asia Pacific Thermoplastic Elastomer Market by Material
- 7.3.1.1 Asia Pacific Polystyrenes Market by Country
- 7.3.1.2 Asia Pacific Polyolefins Market by Country
- 7.3.1.3 Asia Pacific Polyurethanes Market by Country
- 7.3.1.4 Asia Pacific Polyetherimides Market by Country
- 7.3.1.5 Asia Pacific Polyesters Market by Country
- 7.3.1.6 Asia Pacific Polyamides Market by Country
- 7.3.2 Asia Pacific Thermoplastic Elastomer Market by Application
- 7.3.2.1 Asia Pacific Automotive Market by Country
- 7.3.2.2 Asia Pacific Industrial Market by Country
- 7.3.2.3 Asia Pacific Electrical & Electronics Market by Country
- 7.3.2.4 Asia Pacific Medical Market by Country
- 7.3.2.5 Asia Pacific Consumer Goods Market by Country
- 7.3.2.6 Asia Pacific Others Market by Country
- 7.3.3 Asia Pacific Thermoplastic Elastomer Market by Country
- 7.3.3.1 China Thermoplastic Elastomer Market
- 7.3.3.1.1 China Thermoplastic Elastomer Market by Material
- 7.3.3.1.2 China Thermoplastic Elastomer Market by Application
- 7.3.3.2 Japan Thermoplastic Elastomer Market
- 7.3.3.2.1 Japan Thermoplastic Elastomer Market by Material
- 7.3.3.2.2 Japan Thermoplastic Elastomer Market by Application
- 7.3.3.3 India Thermoplastic Elastomer Market
- 7.3.3.3.1 India Thermoplastic Elastomer Market by Material
- 7.3.3.3.2 India Thermoplastic Elastomer Market by Application
- 7.3.3.4 South Korea Thermoplastic Elastomer Market
- 7.3.3.4.1 South Korea Thermoplastic Elastomer Market by Material
- 7.3.3.4.2 South Korea Thermoplastic Elastomer Market by Application
- 7.3.3.5 Singapore Thermoplastic Elastomer Market
- 7.3.3.5.1 Singapore Thermoplastic Elastomer Market by Material
- 7.3.3.5.2 Singapore Thermoplastic Elastomer Market by Application
- 7.3.3.6 Malaysia Thermoplastic Elastomer Market
- 7.3.3.6.1 Malaysia Thermoplastic Elastomer Market by Material
- 7.3.3.6.2 Malaysia Thermoplastic Elastomer Market by Application
- 7.3.3.7 Rest of Asia Pacific Thermoplastic Elastomer Market
- 7.3.3.7.1 Rest of Asia Pacific Thermoplastic Elastomer Market by Material
- 7.3.3.7.2 Rest of Asia Pacific Thermoplastic Elastomer Market by Application
- 7.4 LAMEA Thermoplastic Elastomer Market
- 7.4.1 LAMEA Thermoplastic Elastomer Market by Material
- 7.4.1.1 LAMEA Polystyrenes Market by Country
- 7.4.1.2 LAMEA Polyolefins Market by Country
- 7.4.1.3 LAMEA Polyurethanes Market by Country
- 7.4.1.4 LAMEA Polyetherimides Market by Country
- 7.4.1.5 LAMEA Polyesters Market by Country
- 7.4.1.6 LAMEA Polyamides Market by Country
- 7.4.2 LAMEA Thermoplastic Elastomer Market by Application
- 7.4.2.1 LAMEA Automotive Market by Country
- 7.4.2.2 LAMEA Industrial Market by Country
- 7.4.2.3 LAMEA Electrical & Electronics Market by Country
- 7.4.2.4 LAMEA Medical Market by Country
- 7.4.2.5 LAMEA Consumer Goods Market by Country
- 7.4.2.6 LAMEA Others Market by Country
- 7.4.3 LAMEA Thermoplastic Elastomer Market by Country
- 7.4.3.1 Brazil Thermoplastic Elastomer Market
- 7.4.3.1.1 Brazil Thermoplastic Elastomer Market by Material
- 7.4.3.1.2 Brazil Thermoplastic Elastomer Market by Application
- 7.4.3.2 Argentina Thermoplastic Elastomer Market
- 7.4.3.2.1 Argentina Thermoplastic Elastomer Market by Material
- 7.4.3.2.2 Argentina Thermoplastic Elastomer Market by Application
- 7.4.3.3 UAE Thermoplastic Elastomer Market
- 7.4.3.3.1 UAE Thermoplastic Elastomer Market by Material
- 7.4.3.3.2 UAE Thermoplastic Elastomer Market by Application
- 7.4.3.4 Saudi Arabia Thermoplastic Elastomer Market
- 7.4.3.4.1 Saudi Arabia Thermoplastic Elastomer Market by Material
- 7.4.3.4.2 Saudi Arabia Thermoplastic Elastomer Market by Application
- 7.4.3.5 South Africa Thermoplastic Elastomer Market
- 7.4.3.5.1 South Africa Thermoplastic Elastomer Market by Material
- 7.4.3.5.2 South Africa Thermoplastic Elastomer Market by Application
- 7.4.3.6 Nigeria Thermoplastic Elastomer Market
- 7.4.3.6.1 Nigeria Thermoplastic Elastomer Market by Material
- 7.4.3.6.2 Nigeria Thermoplastic Elastomer Market by Application
- 7.4.3.7 Rest of LAMEA Thermoplastic Elastomer Market
- 7.4.3.7.1 Rest of LAMEA Thermoplastic Elastomer Market by Material
- 7.4.3.7.2 Rest of LAMEA Thermoplastic Elastomer Market by Application
Chapter 8. Company Profiles
- 8.1 Arkema S.A.
- 8.1.1 Company Overview
- 8.1.2 Recent strategies and developments:
- 8.1.2.1 Product Launches and Product Expansions:
- 8.1.3 SWOT Analysis
- 8.2 BASF SE
- 8.2.1 Company Overview
- 8.2.2 Financial Analysis
- 8.2.3 Segmental and Regional Analysis
- 8.2.4 Research & Development Expense
- 8.2.5 Recent strategies and developments:
- 8.2.5.1 Partnerships, Collaborations, and Agreements:
- 8.2.5.2 Acquisition and Mergers:
- 8.2.6 SWOT Analysis
- 8.3 China Petrochemical Corporation (Sinopec Group)
- 8.3.1 Company Overview
- 8.3.2 Financial Analysis
- 8.3.3 Research & Development Expenses
- 8.3.4 SWOT Analysis
- 8.4 Evonik Industries AG (RAG-Stiftung)
- 8.4.1 Company Overview
- 8.4.2 Financial Analysis
- 8.4.3 Segmental and Regional Analysis
- 8.4.4 Research & Development Expenses
- 8.4.5 Recent strategies and developments:
- 8.4.5.1 Partnerships, Collaborations, and Agreements:
- 8.4.5.2 Product Launches and Product Expansions:
- 8.4.6 SWOT Analysis
- 8.5 Huntsman Corporation
- 8.5.1 Company Overview
- 8.5.2 Financial Analysis
- 8.5.3 Segment and Regional Analysis
- 8.5.4 Research & Development Expense
- 8.5.5 Recent strategies and developments:
- 8.5.5.1 Product Launches and Product Expansions:
- 8.5.6 SWOT Analysis
- 8.6 The Dow Chemical Company
- 8.6.1 Company Overview
- 8.6.2 Financial Analysis
- 8.6.3 Segmental and Regional Analysis
- 8.6.4 Research & Development Expenses
- 8.6.5 SWOT Analysis
- 8.7 Covestro AG
- 8.7.1 Company Overview
- 8.7.2 Financial Analysis
- 8.7.3 Segmental and Regional Analysis
- 8.7.4 Research & Development Expenses
- 8.7.5 Recent strategies and developments:
- 8.7.5.1 Geographical Expansions:
- 8.7.6 SWOT Analysis
- 8.8 Mitsubishi Chemical Holdings Corporation
- 8.8.1 Company Overview
- 8.8.2 Financial Analysis
- 8.8.3 Segmental Analysis
- 8.8.4 Research & Development Expense
- 8.8.5 Recent strategies and developments:
- 8.8.5.1 Acquisition and Mergers:
- 8.8.6 SWOT Analysis
- 8.9 DuPont de Nemours, Inc.
- 8.9.1 Company Overview
- 8.9.2 Financial Analysis
- 8.9.3 Segmental and Regional Analysis
- 8.9.4 Research & Development Expense
- 8.9.5 SWOT Analysis
- 8.10. Asahi Kasei Corporation
- 8.10.1 Company Overview
- 8.10.2 Financial Analysis
- 8.10.3 Segmental and Regional Analysis
- 8.10.4 Research & Development Expenses
- 8.10.5 SWOT Analysis
Chapter 9. Winning imperatives of Thermoplastic Elastomer Market