Thermoplastic elastomers are synthetic polymers that have both thermoplastic and elastomeric properties. They are often used as substitutes for rubbers in many applications due to their superior properties such as greater flexibility, transparency, enhanced toughness and resilience along with recyclability. They are typically used in automobile interiors, exteriors, wires and cables jacketing and medical devices due to their unique ability to withstand high and low-temperature variations while providing design flexibility.
The global Thermoplastic Elastomers Market is estimated to be valued at US$ 28.8 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Demand for lightweight and durable materials have been rising in the automotive industry to improve fuel efficiency and lower emission standards. Thermoplastic elastomers are gaining popularity as they can be molded into complex shapes and offer shock absorption as well as customization according to the automotive design. Their UV resistance and recyclability also improve sustainability. The growing automotive production and focus on reducing vehicle weight is expected to drive the consumption of thermoplastic elastomers at a significant pace during the forecast period.
Segment Analysis
The global thermoplastic elastomers market is dominated by the styrenic block copolymers sub segment. Styrenic block copolymers accounted for over 30% of the global market share in 2023 owing to their ability to mimic the properties of conventional rubbers while providing the processing advantages of plastic. They can be processed using existing plastic fabrication methods such as injection molding, blow molding and extrusion.
Key Takeaways
The global Thermoplastic Elastomers Market Scope is expected to witness high over the forecast period of 2023 to 2030 on account of their increasing adoption across various end use industries like automotive, medical, footwear and construction. The global Thermoplastic Elastomers Market is estimated to be valued at US$ 28.8 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
Regional analysis:
Asia Pacific accounted for the largest share of the global thermoplastic elastomers market in 2023 and is expected to maintain its dominance over the forecast period. China accounted for a significant chunk of the demand in the region. This can be attributed to the rapid industrialization and economic growth along with increasing automobile production in China.
Key players:
Key players operating in the thermoplastic elastomers market are Abbott Laboratories, Medtronic, Inc, Biosensors Inc, Terumo Corporation, Boston Scientific Inc., Dickinson and Company, Cook medicals, B Braun Melsungen AG. These players are focusing on new product launches and expansion of their production facilities to cater to the growing demand.
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