“The Thermoplastic Elastomers market size is estimated to be USD 24.7 Billion in 2022 and is projected to reach USD 33.9 Billion by 2031, at a CAGR of 6.5%.
Thermoplastic elastomers provide the characteristics of both plastics and elastomers. There are several type of thermoplastic elastomers are available in the market such as styrenic block copolymer (SBC), thermoplastic polyurethane (TPU), thermoplastic vulcanizates (TPV), thermoplastic polyolefin (TPO), polyester ether elastomer (COPE), and polyether block amide elastomer (PEBA), which are differentiated on the basis of price and performance. The properties such as easy moldability, heat stability, smoothness, wear resistance, and scratch resistance are widely used to provide the several properties in end use industries.
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Owing to the recovery of several end use industries such as automotive and construction, from COVID-19 pandemic, and the increasing penetration of electric vehicles (EVs) worldwide is projected to increase the demand for thermoplastic elastomers in forecast period. The eco-friendly property of thermoplastic elastomers, increasing demand from automotive industry, and the advance development in the thermoplastic elastomer processing industry to boost the demand of thermoplastic elastomers in forecast period.
By Type, Polyether Block Amide segment accounted for the highest CAGR during the forecast period
Polyether Block Amide (PEBA ) elastomer is estimated to be the fastest growing market during the forecast period. The Polyether Block Amide elastomer is used to provide good resistance to heat, chemicals, and solvents in several industries included automotive, footwear, wires & cables. There are several ways to processed Polyether Block Amide elastomers, such as injection molding, extrusion, and thermoforming. Properties such as easy processing, high performance, and cost-effectiveness will drive the demand of Polyether Block Amide in several application in the forecast period.
By End Use Industry, Footwear industry accounted for the highest CAGR during the forecast period
Footwear industry is estimated to be the fastest growing market for thermoplastic elastomers market owing to the increase in the usage of thermoplastic elastomers in shoe soles, footwear foams, midsoles, inserts, heel cups, logos, plates & studs, shank toe caps, and heels. The changing consumer pattern and the worldwide rising demand for lightweight and flexible shoes are the key factors increasing the demand for thermoplastic elastomers in footwear industry.
Asia Pacific is projected to account for the highest CAGR in the thermoplastic elastomer market during the forecast period
Asia Pacific is estimated to be the fastest growing thermoplastic elastomers market in the forecast period. Thermoplastic elastomers market is projected to grow in China, Japan, and India due to its rising demand from end use industries such as automotive, building & construction, footwear, and others in the region. The rising trend of electric vehicles and economic growth of in countries such as China and India are the key factors driving the growth of the thermoplastic elastomers market in Asia Pacific region.
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The thermoplastic elastomers market comprises major manufacturers such as Ahlstrom-Munksjo Holdings (Finland), Berry Global Group, Inc. (US), Freudenberg Group (Germany), Alkegen (US), and Sandler AG (US) are the key players operating in the thermoplastic elastomers market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the thermoplastic elastomers market.
By Company Type: Tier 1: 40%, Tier 2: 20%, and Tier 40%
By Designation: C-level Executives: 20%, Directors: 20%, and Others: 60%
By Region: North America: 40%, Europe: 40%, Asia Pacific: 15%, and Rest of the World: 5%
The market study covers the thermoplastic elastomers market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on Material, application, type, and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position thermoplastic elastomers market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall thermoplastic elastomers market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities. “
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