Product Code: 56340
The global thermoplastic elastomer market is estimated to witness a healthy growth, at an estimated CAGR of over 5%, over the forecast period. The major factors driving the growth of the market studied are extensive demand from the automotive industry and growing application in the HVAC industry.
- Growing demand for bio-based thermoplastic elastomers are likely to create opportunities for the market in the coming years.
- Volatility in raw material prices are expected to hinder the market demand in the future.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Key Market Trends
Increasing Usage in the Automotive and Transportation Applications
- Thermoplastic elastomers (TPE) are high-performance materials, whose application in the automotive industry is rapidly increasing. TPE serve the automotive industry in a myriad of applications, some of which include the manufacturing of high-quality automotive instrument panels, wheel covers, dashboard components, pillar trims, door liners and handles, seat backs, and seat belt components, among others.
- The automotive industry places particularly high requirements on the materials used. Under extreme stresses, the materials must be dimensionally stable and must not warp, even when faced with great temperature variations.
- TPEs are special types of plastic, which are not only cheaper than metals but also help to make automobiles more energy-efficient by reducing the weight, in addition to providing durability, corrosion resistance, toughness, design flexibility, resiliency, and high performance at low cost. The light weight of TPE enables more fuel-efficient vehicles. Every 10% reduction in vehicle weight is estimated to result in a 5-7% reduction in fuel usage.
- Growing demand for lightweight and high-performance plastics in the automotive industry, to provide increased efficiency and design flexibility, is primarily responsible for the growth of the TPE market. High-performance thermoplastic elastomers offer manufacturers advantages of design and the comparable strength of steel, which help in reducing the weight and controlling greenhouse gas emissions.
- All the aforementioned factors, in turn, are expected to drive the demand for thermoplastic elastomer during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country's manufacturing sector is one of the major contributors to the country's economy.
- The Chinese automotive industry caters to the demand for vehicles, in both domestic and foreign markets. During the forecast period, the automotive production in the country is expected to be driven by the rising demand for SUVs, and lightweight and fuel-efficient vehicles, along with the increasing popularity of electric vehicles across the world.
- The electronics industry is one of the largest consumers of thermoplastic elastomers. Electronic products such as smartphones, OLED TVs, tablets and so on, have the highest growth in the market in the consumer electronics segment. With the increase in the disposable income of middle-class population, the demand for electronic products is projected to grow in the near future, thereby driving the thermoplastic elastomers market.
- Despite the volatile growth in real estate sector, the significant development of rail and road infrastructure by the Chinese government to withstand the growing industrial and service sectors, has resulted in a significant growth of the Chinese construction industry in the recent years. As the construction industry is dominated by state-owned enterprises, the increased government spending is boosting the industry in the country.
- Owing to the aforementioned factors, the market for thermoplastic elastomer in the region is expected to witness huge demand in the coming years.
The global thermoplastic elastomer market is consolidated in nature. The key players in the market include DuPont, BASF SE, Covestro AG, LCY GROUP, and KRATON CORPORATION, among others.
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Table of Contents
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Extensive Demand from the Automotive Industry
- 4.1.2 Growing Application in the HVAC Industry
- 4.2 Restraints
- 4.2.1 Volatility in Raw Material Prices
- 4.2.2 Market Saturation in Applications
- 4.3 Industry Value-Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5 MARKET SEGMENTATION
- 5.1 Product Type
- 5.1.1 Styrenic Block Copolymer (TPE-S)
- 5.1.2 Thermoplastic Olefin (TPE-O)
- 5.1.3 Elastomeric Alloy (TPE-V or TPV)
- 5.1.4 Thermoplastic Polyurethane (TPU)
- 5.1.5 Thermoplastic Copolyester
- 5.1.6 Thermoplastic Polyamide
- 5.2 Application
- 5.2.1 Automotive & Transportation
- 5.2.2 Building & Construction
- 5.2.3 Footwear
- 5.2.4 Electricals & Electronics
- 5.2.5 Medical
- 5.2.6 Household Appliances
- 5.2.7 HVAC
- 5.2.8 Adhesive, Sealant & Coating
- 5.2.9 Other Applications
- 5.3 Geography
- 5.3.1 Asia-Pacific
- 188.8.131.52 China
- 184.108.40.206 India
- 220.127.116.11 Japan
- 18.104.22.168 South Korea
- 22.214.171.124 ASEAN Countries
- 126.96.36.199 Rest of Asia-Pacific
- 5.3.2 North America
- 188.8.131.52 United States
- 184.108.40.206 Canada
- 220.127.116.11 Mexico
- 5.3.3 Europe
- 18.104.22.168 Germany
- 22.214.171.124 United Kingdom
- 126.96.36.199 Italy
- 188.8.131.52 France
- 184.108.40.206 Russia
- 220.127.116.11 Rest of Europe
- 5.3.4 South America
- 18.104.22.168 Brazil
- 22.214.171.124 Argentina
- 126.96.36.199 Rest of South America
- 5.3.5 Middle-East and Africa
- 188.8.131.52 Saudi Arabia
- 184.108.40.206 South Africa
- 220.127.116.11 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 A. Schulman, Inc.
- 6.4.2 Apar Industries Ltd
- 6.4.3 Arkema Group
- 6.4.4 Asahi Kasei Corporation
- 6.4.5 BASF SE
- 6.4.6 Covestro AG
- 6.4.7 DSM
- 6.4.8 DuPont
- 6.4.9 Evonik Industries AG
- 6.4.10 Exxon Mobil Corporation
- 6.4.11 Grupo Dynasol
- 6.4.12 Huntsman International LLC
- 6.4.13 KRATON CORPORATION
- 6.4.14 LANXESS
- 6.4.15 LCY GROUP
- 6.4.16 LG Chem
- 6.4.17 LyondellBasell Industries Holdings B.V.
- 6.4.18 Mitsubishi Chemical Corporation
- 6.4.19 SABIC
- 6.4.20 Sumitomo Chemicals Co. Ltd
- 6.4.21 The Lubrizol Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Growing Demand for Bio-based Thermoplastic Elastomers
- 7.2 Increasing Applications in the Medical Industry