March 1, 2024

Thermoplastic Elastomers Market Is Expected To Be Flourished By Increasing Demand From Automotive Industry

Thermoplastic elastomers are materials that process like plastics but have physical properties similar to rubber. They have good elasticity, flexibility and resilience at room temperature. Thermoplastic elastomers find wide applications in automotive, consumer goods, medical, electrical & electronics and industrial goods. In the automotive industry, thermoplastic elastomers are used in applications such as bumpers, protective cladding and window and door seals. They provide design flexibility, reduced weight and better vibration damping. The global automotive industry has been growing steadily driven by rising vehicle production and sales. Increasing vehicle production is expected to drive demand for thermoplastic elastomers from the automotive industry.

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 Dynamics:
As highlighted in the heading, increasing demand from the automotive industry is a key driver for the thermoplastic elastomers market. The automotive industry has been adopting lighter weight materials to meet stringent fuel efficiency and emission norms. Thermoplastic elastomers provide design flexibility, reduced weight and better vibration damping properties which make them a preferable material choice for automakers. Another major driver is increasing penetration of thermoplastic elastomers in the medical industry. Thermoplastic elastomers are increasingly being used in medical devices and equipment due to their biocompatibility and flexibility. Properties such as elasticity and flexibility make thermoplastic elastomers suitable for applications involving breathing circuits, stopcocks and seals in medical devices.

Segment Analysis

The Thermoplastic Elastomers Market Size is segmented on the basis of type into styrenic block copolymers (TPE-S), thermoplastic polyolefins (TPE-O), thermoplastic polyurethanes (TPE-U) and others. Among these, the styrenic block copolymers segment dominates the market with a share of over 30%. This is because SBCs offer superior properties like high tear strength, high impact strength and resistance to oils & chemicals at an economical cost.

PEST Analysis

Political: Export and import policies impact availability of raw materials for TPEs. Trade agreements influence competitive landscape.

Economic: Rising disposable incomes boost demand from automotive and construction industries in developing nations. High growth in medical devices due to increasing healthcare expenditure.

Social: Growing elderly population increases need for medical devices with TPE components due to advantages like flexibility and bio-compatibility. Increasing health awareness drives demand for non-invasive diagnostic procedures.

Technological: Advances in polymer synthesis methods help expand applications and develop specialty TPEs with enhanced properties. Nano-technology integration improves performance characteristics of TPE based products.

Key Takeaways

The global thermoplastic elastomers market is expected to witness high growth over the forecast period owing to increasing demand from various end-use industries like automotive, medical devices, construction and others. 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.

Regionally, the Asia Pacific market is projected to register fastest growth due to rapid industrialization and rising consumption in China, India and other developing nations.

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, SLTL Medical, Endocare, Cardiac Care Products, Invent Bio-med Private Limited, Nano therapeutics pvt ltd. Abbott Laboratories is the global market leader with wide product portfolio for cardiovascular devices and accessories.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it