Thermoplastic Elastomer Market is Estimated to Grow at a CAGR of 6.2% from 2022 to 2028
As stated in our extensive report; the Global Thermoplastic Elastomer Market accounted for USD 24.1 Billion in the year 2021.
The demand for Thermoplastic Elastomers is rising due to their eco-friendliness, low production energy costs, simplicity in processing and recycling, and ease of molding. Numerous other industries, such as the healthcare industry, the building and construction business, and home appliances, also use Thermoplastic Elastomers. Furthermore, the market for Thermoplastic Elastomers is growing due to the rising use of these components in electric vehicles. These materials are in high demand because the thermoset rubbers used in electric vehicles are of higher grade and because Thermoplastic Elastomers offer high-performance characteristics not present in ordinary metals. In addition, the government’s support of EVs and the evolving regulatory environment drive demand for the Thermoplastic Elastomer. Also, the projected period is expected to increase demand for Thermoplastic Elastomers due to the global EV market’s expansion and the automotive industry’s recovery. As a result, there is a growing market for the Thermoplastic Elastomer.
Factors Influencing Global Thermoplastic Elastomer Market Growth
The growth of the Global Thermoplastic Elastomer Market can be attributable to the following:
- The rise of the Thermoplastic Elastomer Market is driven by the rising customer demand for lightweight automobiles, which is a spurring factor in the automotive sector. The explosive use of Thermoplastic Elastomers in electric vehicles will raise the market value.
- The expansion of the coronavirus can be linked to an increase in demand from the medical sector, which caused a rise in demand for medical equipment.
- The demand for consumer goods, including small kitchen appliances, wires and cables, and tubes, is rising, boosting the global consumption of thermoplastic-type elastomers.
- The market will expand as Thermoplastic Elastomers become more popular due to their environmental friendliness, low production energy costs, and ease of processing, recycling, and molding.
- The market for Thermoplastic Elastomers will keep overgrowing as more infrastructure and building projects are undertaken.
- Manufacturers of Thermoplastic Elastomers now have new opportunities due to the development and commercialization of biobased Thermoplastic Elastomers.
However, the high cost of Thermoplastic Elastomer materials compared to traditional rubbers, plastics, and thermoset materials would limit their use as fillers for goods where vast quantities of materials are needed at low costs, which would restrain the market’s expansion.
Asia Pacific Region to Take Over the Market
Geographically speaking, Asia Pacific currently has the most significant market share in the Thermoplastic Elastomer Market and is anticipated to keep doing so in the future. Important factors driving the regional market include the rising demand for Thermoplastic Elastomer from different industries, including packaging, automotive, medical, and others. China, Japan, and India account for significant revenue in the Asia Pacific Thermoplastic Elastomer Market. In addition, the region’s expanding middle-class population is expected to increase demand for construction activities and vehicles.
The entire Thermoplastic Elastomer Market has been positively impacted by the rising usage across numerous applications, including automotive, industrial, medical, electrical & electronics, and consumer goods.
The well-known players of the Global Thermoplastic Elastomer Market include Arkema S.A (France), Asahi Kasei Corporation (Japan), BASF SE (Germany), Covestro AG (Germany), Huntsman Corporation (US) and others.