Thermoplastic Elastomers Industry A US $43.44 Bn Market Revolutionizing Lightweight Components In Automotive Industry

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Thermoplastic Elastomer market Analysis

High Focus on Sustainability is Pushing Thermoplastic Elastomer Market Growth

ROCKVILLE PIKE, MD, UNITED STATES, June 17, 2024 /EINPresswire / -- Ever-increasing requirements for lightweight vehicles are leading to several innovations in the automotive sector, which is complementing demand growth for thermoplastic elastomers to reduce their weight.

The global thermoplastic elastomer market is estimated at a value of US$ 23.58 billion in 2024, as revealed in the recently updated industry analysis by Fact, a market research and competitive intelligence provider. Worldwide sales of thermoplastic elastomers (TPEs) are analyzed to reach US$ 43.44 billion by the end of 2034.

TPEs are also eco-friendly and unique thermoplastics, which are expected to increase their demand in various industries, including medical, construction, etc. These materials are capable of being reformed and bent, thereby helping minimize waste generation. UV protection, oxidation, chemical resistance, etc., are some of the benefits of using thermoplastic elastomers, which are driving their demand. Moreover, growing demand for appliances, such as consumer goods, including small kitchen appliances, tubes, etc., is set to lead to the rising consumption of thermoplastic elastomers.

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Key Takeaway from Market Study

Sales of thermoplastic elastomers are forecasted to rise at a CAGR of 6.3% from 2024 to 2034. East Asia is evaluated to capture 24.6% of the global market revenue share by the end of 2034.

Demand for thermoplastic elastomers in South Korea is calculated to increase at a CAGR of 9.1% from 2024 to 2034. Thermoplastic vulcanizates (TPVs) are projected to account for 26.8% share of the global market by the end of 2034. The building & construction sector is approximated to hold 19.5% share of global market revenue by 2034-end.

“Implementation of stringent regulatory norms aimed at minimizing carbon emissions with increased fuel efficiency are stimulating automotive OEMs to use thermoplastic elastomers as one of the effective substitutes to alloys and metals,” says a Fact analyst.

Competitive Landscape

Leading players in the polyamide industry are adopting a range of organic and inorganic strategies to bolster their market presence globally. The polyamide industry, while partially fragmented, offers ample opportunities for both new entrants and established players to thrive. Prominent polyamide manufacturers are focusing on expansion initiatives to meet the growing demand from various industry sectors.

In 2022, BASF expanded its Ultramid® polyamide production facility in Gujarat, demonstrating a commitment to increasing capacity to meet market needs. Similarly, in 2022, Solvay, a leading supplier of specialty polymers, introduced 'Omnix® ReCycle HPPA,' a recycled-based high-performance polyamide designed for consumer appliances, reflecting a strategic move towards sustainability.

Worldwide demand for thermoplastic vulcanizates is forecasted to accelerate at a CAGR of 6.4% and reach a market value of US$ 11.64 billion by the end of 2034. Expanding automotive industry is will increase requirements for TPVs for interior designing owing to their multiple benefits such as reusability, recyclability, and color retention ability. Furthermore, thermoplastic vulcanizates find application as PVC substitutes in the medical sector for blood bags, catheters, etc., since they offer optical clarity and are of tough nature.

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Key Market Players

Some of the prominent companies manufacturing thermoplastic elastomers LG Chemicals, Arkema S.A., Dynasol Elastomers LLC, BASF SE, Avient Corporation, TSRC Corporation, EMS Group, The Dow Chemical Company, Kraton Polymers LLC, Huntsman Corporation, Bayer Material Science LLC, LCY Chemical Corporation, and Evonik Industries.

Explore More Related Studies Published by Fact Research:

Cast Elastomers Market : A recent industry report by Fact estimates that the global market will reach a valuation of US$ 1.53 billion in 2024, with projections indicating a steady growth at a compound annual growth rate (CAGR) of 5%, culminating in a market size of US$ 2.49 billion by 2034. Cast elastomers are known for their exceptional tensile strength, durability, and high load-bearing capacity, making them ideal for applications in manufacturing, automotive, and mining industries. These materials excel in performance for sealing, gasketing, and wheels, offering flexibility and resilience that ensure long-lasting wear resistance and superior operational efficiency in demanding environments.

Polyamide Market : The global industry is projected to reach a valuation of US$ 31.8 billion in 2024, with expectations to grow at a compound annual growth rate (CAGR) of 3.6%, culminating in a market size of US$ 45.2 billion by 2034. The increasing trend towards sustainability across various industries is poised to enhance the consumption of bio-based polyamides. Significant investments in research and development are expected to drive demand for specialty polyamides over the next decade. Polyamide plastics and resins are anticipated to expand their applications across diverse industrial sectors, including automotive, electronics, and textiles.


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