Thermoplastic Elastomers Market to Grow at 6.37% During 2023-2030

Triton Market Research presents the Global Thermoplastic Elastomers Market report segmented by Material Type (Polyurethane, Polystyrene, Polyolefin, Elastomeric Alloy, Polyamide, Other Material Types), Industry Vertical (Building & Construction, Medical, Consumer Goods, Electrical & Electronics, Industrial, Automotive, Other Industry Verticals), and Regional Outlook (North America, Asia-Pacific, Latin America, Middle East and Africa, Europe).

The report further comprises the Market Summary, Industry Outlook, Parent Market Analysis, Impact Analysis, Porter’s Five Forces Analysis, Market Maturity Analysis, Industry Components, Regulatory Framework, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2023-2030).

Triton’s estimates suggest that the global thermoplastic elastomers market is set to witness revenue and volume growth at a CAGR of 6.37% and 2.61%, respectively, during the forecast period 2023-2030.

TPE, a rubber-like material, resembles plastic but doesn’t need vulcanization. Various plastic processing methods, including blow molding, extrusion, and injection molding, are used to process TPE. It’s also applicable for welding, bonding, over-molding, and two-shot molding.

The market’s growth is driven by factors like TPE replacing Thermoset elastomers, automotive sector demand, and the adoption of 3D printing. In recent years, 3D printing has transformed manufacturing with rapid prototyping, flexible design, and precision compared to traditional methods like injection molding and subtractive manufacturing. TPEs are gaining popularity as filaments in additive manufacturing processes like SLS and FDM due to their flexibility, ease of use, durability, etc.

On the contrary, reduced volume consumption due to lightweight and miniaturization trends and fluctuating raw material costs hamper the thermoplastic elastomers market’s growth.

Globally, Asia-Pacific is estimated to emerge as the fastest-growing region over the forecast years. The region’s rapid urbanization is driving expansion in the construction sector, resulting in increased demand for TPE in the coming years. Moreover, the region is experiencing growing demand for styrene butadiene due to the booming packaging sector driven by e-commerce and rising disposable incomes, as well as increased demand for premium sports footwear.

The major companies listed in the thermoplastic elastomers market are BASF SE, Arkema SA, Covestro AG, Kraton Corporation, Evonik Industries AG, LG Chem Ltd, Lubrizol Corporation, Dynasol Group, Asahi Kasei Corporation, and The Dow Chemical Company.

The threat of new entrants in the mature thermoplastic elastomer market is limited due to high initial R&D costs, capital requirements, and the presence of established vendors with a wide consumer base. The high sunk costs and the need for specialized machinery for thermoplastic materials deter potential investors. Consequently, the threat of new entrants is expected to be moderately low.