South Korea Thermoplastic Elastomer Market Poised to Witness High Growth Owing to Rising Demand from Automotive and Construction Industries

South Korea Thermoplastic Elastomer Market Poised to Witness High Growth Owing to Rising Demand from Automotive and Construction Industries

The South Korea thermoplastic elastomer market is majorly driven by the automotive and construction industries where these elastomers are increasingly being used as an alternative to thermoset rubber owing to their recyclability. Thermoplastic elastomers help provide flexibility, resilience and durability to various components in automobiles and buildings. These include parts like hoses, seals, mounts, weather stripping etc. The expansion of the automotive industry in South Korea along with growth in infrastructure projects are fueling the demand for thermoplastic elastomers.

The Global South Korea Thermoplastic Elastomer Market Size is estimated to be valued at US$ 743 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024-2031. Thermoplastic elastomers offer improved physical and mechanical properties compared to traditional rubbers due to which they are gaining preference across different end-use industries in South Korea.

Key Takeaways

Key players operating in the South Korea thermoplastic elastomer market are BASF SE, Huntsman International LLC, DowDuPont Inc., Arkema Group, Asahi Kasei Corporation and Among Others. These players are focusing on capacity expansion, new product launches, and mergers & acquisitions to strengthen their market position and cater to the growing demand for thermoplastic elastomers in South Korea.

The key opportunities in the South Korea thermoplastic elastomer market include potential applications in new industries like healthcare, aviation, consumer goods etc. Growing demand for medical devices, aircraft components, sport goods, footwear etc. will drive the market growth over the forecast period. The increasing globalization of key South Korean industries like automotive, construction and electronics is fueling the expansion of domestic thermoplastic elastomer companies overseas. Leading players are focusing on strategic partnerships and acquisitions to boost their international footprint.

Market Drivers 

The rising automotive production in South Korea is a major driver for thermoplastic elastomer (TPE) demand. South Korea is a prominent automotive manufacturer with key players like Hyundai and Kia operating in the country. TPEs are widely used in various automotive components replacing thermoset rubbers due to advantages like recyclability.

Market Restrain

Fluctuating raw material prices act as a key restraint for the South Korea thermoplastic elastomer market. The prices of crucial TPE raw materials like ethylene, propylene and diene monomers are dependent on crude oil prices and tend to witness volatility. This translates to uncertainty in TPE production costs for manufacturers.

Segment Analysis 

The South Korea thermoplastic elastomer market is dominated by styrenic block copolymer sub-segment which holds around 45% of the total market share. Styrenic block coplomer or SBC has thermoplastic properties along with rubber-like elasticity. It provides high flexibility, resilience and softness. These properties make SBC ideal for use in automotive, shoes, cables and other applications requiring flexibility and elasticity.

The automotive segment is the largest end-use industry for thermoplastic elastomers in South Korea. Thermoplastic elastomers are used to manufacture exterior and interior automotive components including bumpers, grille guards, door panels, instrument panels among others. The enhanced durability and design flexibility offered by thermoplastic elastomers is driving their increasing adoption in the automotive industry.

Global Analysis

The Asia Pacific region, especially South Korea, is expected to be the fastest growing as well as largest regional market for thermoplastic elastomers during the forecast period. This is attributed to the growth of automotive and footwear industries in the region. South Korea has a robust automotive industry which is projected to spur the demand for thermoplastic elastomers over the next few years. Additionally, the presence of leading thermoplastic elastomer producers such as Asahi Kasei and BASF in South Korea makes it an attractive market.

What Are The Key Data Covered In This South Korea Thermoplastic Elastomer Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the South Korea Thermoplastic Elastomer Market's growth between 2024 and 2031.

:- Accurate calculation of the size of the South Korea Thermoplastic Elastomer Market and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- South Korea Thermoplastic Elastomer Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market's competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of South Korea Thermoplastic Elastomer Market vendors

FAQ’S

Q.1 What are the main factors influencing the South Korea Thermoplastic Elastomer market?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top South Korea Thermoplastic Elastomer Market companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the South Korea Thermoplastic Elastomer market’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

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