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Thermoplastic Elastomers Market to Reach US$ 38.3 Billion by 2022, Driven by Increasing Demand in Automotive Sector
Market Overview: The global thermoplastic elastomers market
is projected to reach a value of US$
38.3 billion in 2022, growing at a CAGR
of 6.9% during the forecast period of 2023-2030.
Thermoplastic elastomers are a versatile class of materials that combine the
functional properties of thermoplastics and elastomers, offering advantages
such as recyclability, ease of processing, and excellent durability. With the
growing demand for lightweight and high-performance materials in various
industries, such as automotive, construction, and consumer goods, the market
for thermoplastic elastomers is witnessing significant growth. The increasing
use of thermoplastic elastomers in automotive applications, specifically for
sealing systems, interior components, and weather-stripping, is fueling the
market growth.
Market Key Trends: One key trend in the thermoplastic elastomers market is the
rising demand for sustainable and eco-friendly materials. As environmental
concerns continue to grow, there is a shift towards the use of bio-based
thermoplastic elastomers derived from renewable resources. These materials
offer similar performance characteristics as traditional thermoplastic
elastomers but have a lower carbon footprint. Manufacturers are investing in
research and development activities to develop innovative bio-based thermoplastic
elastomers that meet the stringent regulations and requirements of end-use
industries. This trend is driven by the increasing consumer preference for
sustainable products and the implementation of stricter environmental
regulations globally. As a result, the demand for bio-based thermoplastic
elastomers is expected to witness significant growth in the coming years.
Segment Analysis:
The Thermoplastic
Elastomers Market can be segmented based on product type, end-use
industry, and region. In terms of product type, the market can be divided into
styrenic block copolymers, thermoplastic polyurethanes, thermoplastic
vulcanizates, copolyester elastomers, and others. Among these, the styrenic
block copolymers segment is dominating the market. This can be attributed to
the excellent mechanical properties, such as high elasticity and toughness,
exhibited by these materials. Styrenic block copolymers are widely used in
various industries, including automotive, consumer goods, and construction, due
to their versatility and cost-effectiveness.
Key Takeaways:
The global thermoplastic elastomers market is expected to witness high growth,
exhibiting a CAGR of 6.9% over the
forecast period (2023-2030). One of
the key drivers contributing to this growth is the increasing demand from the
automotive industry. Thermoplastic elastomers are extensively used in
automotive applications, such as sealing systems, exterior trims, and interior
components, due to their excellent weatherability, chemical resistance, and
vibration damping properties. Moreover, the growing demand for lightweight and
fuel-efficient vehicles is further fueling the market growth.
In terms of regional analysis, Asia Pacific is the fastest-growing and
dominating region in the thermoplastic elastomers market. This can be
attributed to the rapid industrialization and urbanization in countries like
China and India. The automotive, consumer goods, and construction sectors in
the region are witnessing significant growth, leading to an increased demand
for thermoplastic elastomers. Additionally, the favorable government
initiatives and investments in infrastructure development are further driving
the market growth in this region.
Key players operating in the thermoplastic elastomers market include DowDuPont
Inc., Arkema Group, Asahi Kasei Corporation, PolyOne Corporation, Elastron
Kimya SA, Kraton Corporation, Evonik Industries, Covestro AG., Lubrizol
Corporation, Huntsman Corporation, Tosh Corporation, and Teknor Apex Company.
These key players are focusing on strategies such as mergers and acquisitions,
product innovations, and collaborations to strengthen their market position and
expand their product portfolios.
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