Thermoplastic Elastomers Market Projected to Exhibit Substantial Growth Owing to Increasing Demand from Automotive Industry
Thermoplastic elastomers have superior properties such as easy processing, low cost of production, ability to be recycled and reused, and high resistance to chemicals, heat, water, and other environmental factors. They are widely used in automotive, medical, construction, wires & cables and other industries. In the automotive industry, thermoplastic elastomers are used in applications such as bumpers, interior parts such as control panels, dashboards, airbag covers, door panels, seating and air ducts owing to their impact resistance, flexibility and easy processability.
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 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand from the automotive industry is one of the major drivers for the growth of the thermoplastic elastomers market. According to OICA, global passenger car production reached over 77.6 million units in 2021 showing a 4.6% increase from 2020. The automotive industry accounts for over 40% of the global thermoplastic elastomers consumption. Thermoplastic elastomers have superior properties such as flexibility and impact resistance which makes them an ideal choice for various automotive applications such as exterior panels, interior parts, fascia systems etc.
The other driver for the market is ease of processing and recyclability of thermoplastic elastomers. Compared to conventional rubbers, thermoplastic elastomers can be easily processed using standard thermoplastic processing techniques such as injection molding, extrusion and blow molding. They do not require vulcanization step and can be recycled and reused without significant loss of properties which makes them economically and environmentally beneficial.
SWOT Analysis
Strength: Thermoplastic elastomers have resistance to ozone cracking and weathering compared to other materials. This material can be recycled and reused easily. It provides flexibility and elasticity similar to rubbers.
Weakness: Processing thermoplastic elastomers requires expensive proprietary equipment. Certain thermoplastic elastomers have lower UV resistance compared to rubbers. Changes in raw material prices can impact the production cost.
Opportunity: Growing demand for thermoplastic elastomers from automotive, medical, consumer goods industries due to their flexibility and durability. Development of bio-based thermoplastic elastomers provides an opportunity to reduce dependency on petroleum-derived polymers.
Threats: Volatility in crude oil prices increases the price of raw materials. Slowdown in key end-use industries such as automotive and construction can reduce the demand for thermoplastic elastomers.
Key Takeaways
Global Thermoplastic Elastomers Market Size is expected to witness high growth. 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 7.0% over the forecast period 2023 to 2030.
The North America region dominates the thermoplastic elastomers market currently due to high demand from automotive and consumer goods industries. The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to increasing production of automotive and growth of medical industry in China and India.
Key players operating in the thermoplastic elastomers market are Graebel Companies, SIRVA, Relocation Management Company (RMC), Crown Worldwide, Santa Fe Group, FIDI Global Alliance, MSI Global Talent Solutions, Cartus, Atlas Van Lines, Allied Van Lines, NorthAmerican Van Lines, Arpin Van Lines, Wheaton World Wide Moving, United Van Lines, Mayflower Transit, Bekins, Beltmann Relocation Group, Corrigan Moving Systems, Clark & Reid, Eclipse Relocation. Thermoplastic elastomer manufacturers are focusing on developing bio-based and recyclable materials to gain a competitive advantage in the market.
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