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Global Thermoplastic Elastomer Market Key Insights Prototype Plastic Molding
During the forecast period of 2023-2033, the global thermoplastic elastomer market is expected to reach an estimated value of ~USD 34 billion by 2033, by expanding at a CAGR of ~6%. The market further generated a revenue of ~USD 25 billion in the year 2022. Major key factors propelling the growth of thermoplastic elastomer market worldwide are the Government policies aimed at promoting electric vehicles (EVs) and higher adoption of bio-based TPE.
Market Definition of Thermoplastic Elastomer
Thermoplastic elastomers, or TPEs, are rubber-like and flexible materials that can be processed like plastic. Thermoplastics, such as TPE, do not require vulcanization or curing in order to perform their functions. Various plastic manufacturing machines are used to process thermoplastic elastomers, including plastic injection molding machines, extrusion machines, and blow molding machines. It can also undergo secondary operations such as welding and bonding to various materials. TPE can be used in advanced processing such as overmolding and two-shot molding. As a result of their flexibility of design and ease of bonding, thermoplastic elastomers are ideal for parts with complicated shapes.
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Global Thermoplastic Elastomer Market: Growth Drivers
The growth of the global thermoplastic elastomer market can majorly be attributed to the increased Preference for Lightweight Vehicles. The reduced fuel consumption of lightweight vehicles is a factor that contributes to their popularity. In addition to reducing the weight of the vehicle, thermoplastic elastomers increase engine efficiency. It is estimated that reducing the weight of vehicles by 10% would increase fuel economy by 6-8 percent. Furthermore, the rapid expansion of product portfolio by major key manufacturers is anticipated to drive market growth over the forecast period. For instance, based on the availability of alternative resources, Covestro AG decided to expand its portfolio of circular TPU materials.
The global thermoplastic elastomer market is also estimated to grow majorly on account of the following:
Global Thermoplastic Elastomer Market: Restraining Factor
The high cost of thermoplastic elastomers (TPEs) compared with conventional plastics, rubbers, and thermosets would limit their use as fillers for products requiring large volumes of materials at a low cost. Hence this factor is expected to be the major hindrance for the growth of the global thermoplastic elastomer market during the forecast period.
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Global Thermoplastic Elastomer Market Segmentation
The TPV segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. The growth of the segment can be attributed to the Increased adoption of eco-friendly and recyclable products. Approximately 60% of consumers are inclined to make eco-friendly and sustainable purchases, compared to 25% of those who don’t. The use of TPV in automotive applications facilitates improving fuel efficiency by reducing vehicle weight and density through the use of conventional components in and around an automobile. A number of stringent regulations have been imposed across various countries to reduce carbon emissions and greenhouse gases (GHGs). Hence, this factor is anticipated to augment segment growth over the forecast period.
The Asia Pacific thermoplastic elastomer market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions on account of a rise in the use of thermoplastic elastomers to replace thermoset rubber. A decrease in rubber production has been observed since COVID-19, with each year’s output falling by 25 million metric tons. Moreover, high demand for automotive products, electrical and electronic products, packaging, and construction materials in the region is expected to drive segment growth over the forecast period. A variety of industries use TPE and other polymers owing to their versatility, ease of molding, and ability to form desired shapes. Plastic components are preferred by many automobile manufacturers, since they reduce production costs and enhance profitability.
The market research report on global thermoplastic elastomer also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
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Key Market Players Featured in the Global Thermoplastic Elastomer Market
Some of the key players of the global thermoplastic elastomer market are Arkema, Huntsman International LLC, Covestro AG, KRAIBURG TPE GmbH & Co. KG, Kent Elastomer Products, ALTANA AG, Tosoh America, Inc., The Lubrizol Corporation, Teknor Apex Company, Inc., JSR Corporation, and others.
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