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Thermoplastic Elastomer (TPE) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Thermoplastic Elastomer (TPE) Market is segmented by Product Type (Styrenic Block Copolymer, Thermoplastic Olefin, Elastomeric Alloy, Thermoplastic Polyurethane, Thermoplastic Copolyester, and Thermoplastic Polyamide), Application (Automotive & Transportation, Building & Construction, Footwear, Electrical & Electronics, Medical, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for TPE in volume (kilo tons) for all the above segments.

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Market Snapshot

thermoplastic elastomers tpe market
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >5 %

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Market Overview

The thermoplastic elastomer market is estimated to witness healthy growth, at an estimated CAGR of greater than 5%, over the forecast period (2022-2027).

Due to the COVID-19 outbreak, nationwide lockdown around the globe, disruption in manufacturing activities and supply chains, and production halts negatively impacted the market in 2020. However, the conditions started recovering in 2021, restoring the market's growth trajectory during the forecast period.

· The major factors driving the market's growth are extensive demand from the automotive industry and growing application in the HVAC industry.

· Volatility in raw material prices is expected to hinder future market demand.

· The growing demand for bio-based thermoplastic elastomers is likely to create opportunities for the market in the coming years.

· The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Scope of the Report

The thermoplastic elastomer market is segmented by product type, applications, and geography. The market is segmented by product type: styrene block copolymer, thermoplastic olefin, elastomeric alloy, thermoplastic polyurethane, thermoplastic copolyester, and thermoplastic polyamide. By application, the market is segmented into automotive & transportation, building & construction, footwear, electrical & electronics, medical and other applications. The report also covers the market size and forecasts for the TPE market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo tons).

Product Type
Styrenic Block Copolymer (TPE-S)
Thermoplastic Olefin (TPE-O)
Elastomeric Alloy (TPE-V or TPV)
Thermoplastic Polyurethane (TPU)
Thermoplastic Copolyester
Thermoplastic Polyamide
Application
Automotive & Transportation
Building & Construction
Footwear
Electricals & Electronics
Healthcare
Other Applications(Household Goods, ahdesives & sealants)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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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 serves the automotive industry in myriad applications, including manufacturing 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, which is, in turn, catering to the demand for TPE.

· TPEs are special types of plastic that are cheaper than metals and help make automobiles more energy-efficient by reducing the weight, 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.

· High-performance thermoplastic elastomers offer manufacturers advantages of design and the comparable strength of steel, which help reduce the weight and control greenhouse gas emissions.

· The automotive industry is recovering at a great pace after the downfall due to covid-19. According to the International Organization of Motor Vehicle Manufacturers (OICA), automotive production witnessed a 10% increase to 57.26 million units in the first nine months of 2021 compared to 52.15 million units in the same period last year.

· According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037, owing to the growth in air cargo. Also, the US mainliner carrier fleet is expected to grow at a rate of 54 aircraft per year due to the existing fleet getting older.

· All the aforementioned factors, in turn, are expected to drive the demand for thermoplastic elastomer during the forecast period.

thermoplastic elastomer market

Asia-Pacific Region to Dominate the Market

· The Asia-Pacific region is expected to dominate the market. In the region, China and India are the fastest emerging economies and have become one of the biggest production houses in the world today.

· The region is the largest automotive manufacturing hub, registering almost 60% share of the world. According to OICA, in the first nine months of 2021, the total production of vehicles stood at 32.67 million units, an increase of 11% compared to the same period last year.

· Furthermore, China is in experiencing massive growth in its construction sector. According to the National Bureau of Statistics of China, in 2021, the construction output in China is valued at approximately CNY 29.31 trillion.

· The electronics industry is one of the largest consumers of thermoplastic elastomers. Electronic products such as smartphones, OLED TVs, and tablets have the highest growth in the market in the consumer electronics segment. According to ZVEI Dia Elektroindustrie, China's electronics industry is about USD 2,430 million in 2020 and is forecasted to grow at 11% and 8% Y-o-Y in 2021 and 2022.

· According to IBEF, India is among the top 20 markets for medical devices worldwide. The market was valued at INR 75,611 crore (USD 10.36 billion) in 2020, and further initiatives by the government will aid the industry. For reference, in September 2021, the government approved a medical devices park in Oragadam (Tamil Nadu) that is expected to attract an estimated investment of INR 3,500 crore (USD 472.05 million).

· Owing to the aforementioned factors, the market for thermoplastic elastomers in the region is expected to witness huge demand in the coming years.

global thermoplastic elastomers market

Competitive Landscape

The thermoplastic elastomer market is consolidated in nature. The market's key players (not in any particular order) include DuPont, BASF SE, Covestro AG, LCY GROUP, and KRATON CORPORATION, among others.

Apar Industries Ltd, Arkema Group, Asahi Kasei Corporation, Avient Corporation, BASF SE, Celanese Corporation, Covestro AG, DSM, DuPont, Evonik Industries AG

Recent Developments

· In January 2022, Arkema announced a 25% increase in its global Pebax elastomer production capacity by investing in Serquigny in France. This investment will notably enable increased production of the bio-circular Pebax, Rnew, and traditional Pebax ranges.

· In December 2021, Celanese Corporation announced that it has completed the acquisition of the Santoprene TPV elastomers business of Exxon Mobil Corporation for a total purchase price of USD 1.15 billion, which include two world-scale production facilities in Pensacola, Florida, US, and Newport, Wales, UK with over 190 kt of total annual production capacity.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Extensive Demand from the Automotive and Transportation Industry

      2. 4.1.2 Growing Application in the HVAC Industry

    2. 4.2 Restraints

      1. 4.2.1 Challenges of 3D Printing with Soft Thermoplastic Elastomers

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Styrenic Block Copolymer (TPE-S)

      2. 5.1.2 Thermoplastic Olefin (TPE-O)

      3. 5.1.3 Elastomeric Alloy (TPE-V or TPV)

      4. 5.1.4 Thermoplastic Polyurethane (TPU)

      5. 5.1.5 Thermoplastic Copolyester

      6. 5.1.6 Thermoplastic Polyamide

    2. 5.2 Application

      1. 5.2.1 Automotive & Transportation

      2. 5.2.2 Building & Construction

      3. 5.2.3 Footwear

      4. 5.2.4 Electricals & Electronics

      5. 5.2.5 Healthcare

      6. 5.2.6 Other Applications(Household Goods, ahdesives & sealants)

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)*/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Apar Industries Ltd

      2. 6.4.2 Arkema Group

      3. 6.4.3 Asahi Kasei Corporation

      4. 6.4.4 Avient Corporation

      5. 6.4.5 BASF SE

      6. 6.4.6 Celanese Corporation

      7. 6.4.7 Covestro AG

      8. 6.4.8 DSM

      9. 6.4.9 DuPont

      10. 6.4.10 Evonik Industries AG

      11. 6.4.11 Exxon Mobil Corporation

      12. 6.4.12 Grupo Dynasol

      13. 6.4.13 Huntsman International LLC

      14. 6.4.14 KRATON CORPORATION

      15. 6.4.15 LANXESS

      16. 6.4.16 LCY GROUP

      17. 6.4.17 LG Chem

      18. 6.4.18 LyondellBasell Industries Holdings B.V.

      19. 6.4.19 Mitsubishi Chemical Corporation

      20. 6.4.20 SABIC

      21. 6.4.21 Sumitomo Chemicals Co. Ltd

      22. 6.4.22 The Lubrizol Corporation

      5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Growing Demand for Bio-based Thermoplastic Elastomers

    2. 7.2 Increasing Applications in the Medical Industry

**Subject to Availability

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Frequently Asked Questions

The Thermoplastic Elastomer (TPE) Market market is studied from 2017 - 2027.

The Thermoplastic Elastomer (TPE) Market is growing at a CAGR of >5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

DuPont, BASF SE, Covestro AG, KRATON CORPORATION, LCY GROUP are the major companies operating in Thermoplastic Elastomer (TPE) Market.

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