Increasing Demand from Automotive Industry

Posted 2023-12-13 09:32:59

The thermoplastic elastomers market is estimated to be valued at US$ 36.7 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis:

Strength: Thermoplastic elastomers have high durability and flexibility making them suitable for use across various end-use industries. Their melt processability allows for easier manufacturing. They can be recycled and remolded multiple times reducing material waste.
Weakness: High production costs make thermoplastic elastomers more expensive than other conventional rubbers. Processing of these polymers requires specialized equipment driving up capital costs.
Opportunity: Growing demand from the automotive industry for lightweight and durable materials offer major growth opportunities. Increasing preference for bio-based and sustainable materials presents a window to develop greener thermoplastic elastomers.
Threats: Volatility in raw material prices poses major threat. Fluctuations in crude oil prices directly impacts prices of petroleum-based thermoplastic elastomers

Key Takeaways:

The Global Thermoplastic Elastomers Market Growth is expected to witness high, exhibiting CAGR of 5.3% over the forecast period, due to increasing demand from automotive industry. Growing need for lightweight and fuel efficient vehicles is a major driver. Thermoplastic elastomers help automakers reduce vehicle weight by replacing conventional rubbers while maintaining performance.

Regional analysis:

The Asia Pacific region dominates the global thermoplastic elastomers market and is expected to maintain its leading position during the forecast period. Presence of major automotive hubs and continuous expansion of automotive sector in countries such as China, India, and Japan drives the regional market. Growing construction industry of Asia Pacific economies also contributes to thermoplastic elastomers consumption.

Key players:

Key players operating in the thermoplastic elastomers market are DowDuPont Inc., Arkema Group, Asahi Kasei Corporation, PolyOne Corporation, Elastron Kimya SA, Kraton Corporation, Evonik Industries, Covestro AG., Lubrizol Corporation, Huntsman Corporation, Tosh Corporation, and Teknor Apex Company. Major players focus on expanding their production capacities and developing new bio-based thermoplastic elastomer product varieties to cater to growing market demand.

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