Thermoplastic Elastomers Market to Grow by USD 10.13 Billion (2024-2028), New Manufacturing Plants Drive Revenue, AI-Powered Report Highlights Market Evolution – Technavio

NEW YORK, Nov. 14, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global thermoplastic elastomers market  size is estimated to grow by USD 10.13 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 6.9%  during the forecast period. Opening of new manufacturing plants is driving market growth, with a trend towards increasing demand for lightweight materials. However, regulations associated with tpes  poses a challenge.Key market players include Apar Industries Ltd., Arkema SA, Asahi Kasei Corp., Aurora Material Solutions, Avient Corp., BASF, Covestro AG, Dow Inc., DuPont de Nemours Inc., Eastman Chemical Co., Evonik Industries AG, Exxon Mobil Corp., Huntsman Corp., LyondellBasell Industries N.V., Mitsubishi Chemical Group Corp., Mitsui and Co. Ltd., Ocean Thermoplastic Elastomer P Ltd, Saudi Basic Industries Corp., Teknor Apex Co. Inc., and The Lubrizol Corp..

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF

Key Market Trends Fueling Growth

The Thermoplastic Elastomers (TPEs) market is experiencing significant growth, particularly in the automotive industry. TPEs, also known as thermoplastic rubbers, offer lightweight properties, making them ideal for automotive components such as bumpers, seals, and interior parts. This trend is especially important for electric vehicles (EVs) and hybrid vehicles, where weight reduction leads to increased energy efficiency and reduced emissions. TPEs are also popular in consumer electronics, including mobile phone cases, cables, and connectors, due to their aesthetic appeal and mechanical performance. In the medical sector, TPEs are used for medical tubing, catheters, and syringe components, providing excellent thermal performance and biocompatibility. Bio-based TPEs derived from renewable resources such as corn starch, wheat starch, castor oil, palm oil, and biopolymers like PEBA, PHB, and PLA are gaining popularity due to their eco-friendly attributes. Companies like Lubrizol are at the forefront of developing innovative TPE solutions for various industries. The construction industry is also embracing TPEs for gaskets, wire insulation, and interior applications, contributing to the market’s growth. The TPE market includes various types such as thermoplastic polyurethane (TPU), thermoplastic polyolefin (TPO), and thermoplastic vulcanizate (TPV). The market is expected to continue growing, driven by the demand for lightweight materials, energy efficiency, and reduced carbon emissions. 

The thermoplastic elastomers market is experiencing notable growth due to the rising demand for lightweight materials, primarily in the automotive sector. KRAIBURG TPE Americas, a leading TPE compound specialist, is spearheading this trend. At the TPO Global Automotive Conference 2024, the company presented its latest advancements in TPE technology for lighter materials. These innovations aim to enhance vehicle efficiency, decrease emissions, and boost overall performance. KRAIBURG TPE showcased a newly updated technology for lightweight materials at the conference, further solidifying their position as a key player in the industry. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

• The Thermoplastic Elastomers (TPEs) market is experiencing significant growth due to the increasing demand for lightweight materials in various industries. TPEs, also known as thermoplastic rubber, offer the benefits of both plastics and rubbers, making them ideal for automotive components such as bumpers, seals, and interior parts. In the automotive sector, TPEs are gaining popularity in electric vehicles (EVs) and hybrid vehicles due to their energy efficiency and reduced emissions. Beyond automotive applications, TPEs are used in consumer electronics, including mobile phone cases, cables, and connectors, for their aesthetic appeal and mechanical performance. Bio-based TPEs derived from renewable resources like corn starch, wheat starch, castor oil, palm oil, and biopolymers like PEBA, PHB, and PLA are increasingly being used in medical devices, medical tubing, catheters, and syringe components. Construction and engineering industries also benefit from TPEs due to their thermal performance and recyclable properties. TPEs are also used in footwear, wire and cable insulation, and interior applications. As the world moves towards lightweight vehicles to reduce carbon emissions and greenhouse gases (GHG), TPEs are expected to play a crucial role in the MUV/SUV models and the healthcare sector for surgical tools and drug delivery tubes. Companies like Lubrizol, Biopolymers, and others are investing in research and development to expand the TPE market and offer innovative solutions.
• The thermoplastic elastomers (TPE) market encounters notable challenges due to regulatory requirements in key industries. In the automotive, medical, and consumer product sectors, TPEs must adhere to stringent regulations. For instance, in medical and food contact applications, U.S. Food and Drug Administration (FDA) regulations, such as those outlined in 21 CFR, mandate rigorous testing and certification. Compliance with FDA standards is essential for market access in the U.S., necessitating substantial investments in testing and documentation. These regulations ensure safety, environmental protection, and industry compliance but impose significant burdens on manufacturers.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This thermoplastic elastomers market report extensively covers market segmentation by

1. Product 

• 1.1 Poly styrenes
• 1.2 Poly olefins
• 1.3 Poly urethanes
• 1.4 Poly esters
• 1.5 Others

End-user 

• 2.1 Automotive
• 2.2 Electrical and electronics
• 2.3 Construction
• 2.4 Others

Geography 

• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Poly styrenes-  The thermoplastic elastomers (TPE) market, particularly the polystyrenes segment, is experiencing notable progress and expansion. Polystyrenes, recognized for their versatility and adaptability, are increasingly utilized in various applications, including food contact packaging. This segment is thriving due to advancements in recycling technologies and the introduction of eco-friendly products. In July 2024, Versalis, an Italian energy conglomerate’s chemical division, launched a new line of recycled Polystyrene for food contact packaging within Italy. This development underscores the industry’s shift towards sustainability and the growing demand for environmentally friendly materials. Furthermore, in February 2023, Pactiv Evergreen and AmSty collaborated to launch circular Polystyrene food packaging products, emphasizing the industry’s commitment to circular economy principles. Pactiv Evergreen’s foam Polystyrene packaging, made with AmSty’s post-consumer recycled content, showcases the application of advanced recycling technologies in creating high-quality, sustainable packaging solutions. End-use industries, including food and beverage, healthcare, and consumer electronics, are significant consumers of polystyrene-based TPEs. The food and beverage industry, in particular, is driving demand due to the need for safe, durable, and recyclable packaging materials. The healthcare sector also presents substantial opportunities, with Polystyrenes being used in medical devices and packaging due to their biocompatibility and ease of sterilization. In conclusion, the polystyrene segment within the global thermoplastic elastomers market is set for substantial growth, fueled by innovations in recycling technologies and the introduction of sustainable products. As the industry continues to prioritize sustainability, the polystyrenes segment is expected to expand, offering numerous opportunities for growth and innovation.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

Thermoplastic Elastomers (TPEs), also known as Thermoplastic Rubbers, are a type of plastic material that combines the processability of plastics with the elastic properties of rubber. TPEs offer several advantages over conventional materials, including lightweight properties, energy efficiency, and reduced emissions. In the automotive industry, TPEs are widely used in components such as bumpers, seals, and interior parts due to their aesthetic appeal and ability to withstand extreme temperatures. The trend towards lightweight vehicles, including MUV/SUV models, is driving the demand for TPEs in the automotive sector. Additionally, TPEs find applications in consumer electronics, such as mobile phone cases, cables, and connectors, due to their excellent insulation properties. TPEs are also used in the healthcare sector for medical devices and in food packaging for high-quality films with extended shelf life. The shift towards electric vehicles (EVs) is expected to further boost the demand for TPEs as they offer energy efficiency and reduced carbon emissions and greenhouse gases (GHG) compared to conventional materials like Polyethylene and Thermoplastic Vulcanizates.

Market Research Overview

Thermoplastic Elastomers (TPEs), also known as thermoplastic rubber, are a type of plastic material that combines the properties of both thermoplastics and elastomers. They offer the processability and recyclability of thermoplastics with the elasticity and flexibility of rubbers. TPEs are gaining popularity in various industries due to their lightweight properties and excellent performance. In the automotive sector, TPEs are extensively used in manufacturing automotive components such as bumpers, seals, and interior parts. The increasing trend towards electric vehicles (EVs) and hybrid vehicles has further boosted the demand for TPEs due to their energy efficiency and reduced emissions. TPEs are also widely used in consumer electronics, particularly in mobile phone cases, cables, and connectors, where their aesthetic appeal and mechanical performance are crucial. In the construction industry, TPEs are used in gaskets, wire insulation, and interior applications. Bio-based TPEs derived from renewable resources such as corn starch, wheat starch, poly hydroxybutyrate (PHB), polylactide (PLA), castor oil, palm oil, and polyethylene furanoate (PEF) are gaining popularity due to their eco-friendliness and biodegradability. These materials offer a sustainable alternative to non-renewable resources such as polyethylene, PVC, and rubbers. TPEs are also used in various industries such as medical, engineering, footwear, and food packaging. Their lightweight properties make them ideal for use in lightweight vehicles, including MUV/SUV models. The healthcare sector also benefits from TPEs in the production of surgical tools, drug delivery tubes, and other medical devices. TPEs offer excellent thermal and mechanical performance, making them suitable for various applications. Some common types of TPEs include thermoplastic polyurethane (TPU), thermoplastic polyolefin (TPO), and thermoplastic vulcanizate (TPV). The TPE market is expected to grow significantly due to the increasing demand for lightweight, eco-friendly, and high-performance materials.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Product
• Poly Styrenes
• Poly Olefins
• Poly Urethanes
• Poly Esters
• Others
• End-user
• Automotive
• Electrical And Electronics
• Construction
• Others
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: [email protected]

Website: www.technavio.com/

SOURCE Technavio

Go to Source