Thermoplastic Elastomers Market Estimated To Witness High Growth Owing To Rising Demand From Automotive Industry
Thermoplastic elastomers are materials that have both the properties of thermoplastics and elastomers. They can be repeatedly softened on heating and re-hardened on cooling, without any change in mechanical properties. Key applications of thermoplastic elastomers include automotive, medical, consumer goods, and industrial goods. In the automotive industry, thermoplastic elastomers are widely used in bumpers, spoilers, interior trims, and seals & gaskets due to their excellent vibration absorption and weatherability properties.
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:
The rising demand from the automotive industry remains the key driver propelling the growth of the thermoplastic elastomers market. According to the International Organization of Motor Vehicle Manufacturers, global vehicle production reached over 95 million units in 2022. This upsurge in automotive manufacturing activities has positively impacted the consumption of thermoplastic elastomers which are extensively employed for enhancing design, improving endurance, boosting performance, and reducing vibration in vehicles. Further, thermoplastic elastomers demonstrate excellent UV resistance, thermal aging resistance, and toughness which has resulted in their increased preference over conventional rubbers in various exterior and interior automotive applications. The growth of the automotive market, coupled with the rising penetration of thermoplastic elastomers, is estimated to boost the market demand during the forecast period.
SWOT Analysis
Strength: Thermoplastic elastomers are highly beneficial as compared to other traditional elastomers such as rubber and thermosets due to their excellent properties like recyclability, mixability, and is easily processed. Properties like flexibility, toughness, and high durability make them suitable for various applications. Their processability on thermoplastics like extrusion, injection, blow molding, and rotational molding reduces the overall manufacturing cost.
Weakness: Thermoplastic elastomers face competition from other alternatives having improved properties. Compatibility issues may arise while mixing with other polymers. Higher production cost as compared to traditional rubbers limits their use in commodity applications.
Opportunity: Growing automotive, medical, and construction industries offer significant growth opportunities. Increasing R&D for developing bio-based thermoplastic elastomers provides new opportunities. Rising demand for customizable, flexible, and durable materials from footwear and consumer goods industry presents business opportunities.
Threats: Volatile raw material prices and economic slowdowns pose major threats. Stringent environmental regulations regarding material disposal can hamper market growth. Substitutes like silicone and natural rubber have broader end-use flexibility.
Key Takeaways
The Global Thermoplastic Elastomers Market Share is expected to witness high. 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 related content comprises The Asia Pacific dominates the global thermoplastic elastomers market and is expected to continue its dominance over the forecast period. This is attributed to substantial growth of construction, automotive, and medical industries in emerging economies like China and India. Increasing foreign investments and supportive government policies are favoring regional market growth.
Key players related content comprises Key players operating in the thermoplastic elastomers market are Abbott Laboratories, Medtronic, Inc, Biosensors Inc, Terumo Corporation, Boston Scientific Inc. Thermoplastic elastomers find wide applications in medical devices manufacturing. Abbott Laboratories offers a broad portfolio of medical devices incorporating thermoplastic elastomers.
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