The thermoplastic elopolymers are polymeric materials that can be repeatedly softened and reshaped by heating and can provide elasticity similar to conventional rubbers. These thermoplastic elastomers are commonly used in applications that require flexibility, toughness and durability such as automotive hoses, cables and seals. They offer advantages over conventional thermoset elastomers such as recyclability and wider processing window.

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.

The global Thermoplastic Elastomers market is primarily driven by the growing automotive industry. Thermoplastic elastomers find major application in automotive as hoses, belts, gaskets seals due to their flexibility and recyclability. According to International Organization of Motor Vehicle Manufacturers, over 90 million vehicles were produced in 2019 worldwide indicating a significant demand for elastomers from automotive sector. Moreover, emergence of electric vehicles is another factor augmenting market growth as thermoplastic elastomers are increasingly used in manufacturing of batteries and wires in electric vehicles.

Market key trends:
Bio-based thermoplastic elastomers is one of the major trend gaining traction in the market. Conventional petroleum-based thermoplastic elastomers produce hazardous emissions on incineration at end-of-life whereas bio-based thermoplastic elastomers can reduce carbon footprint. Major players such as Eastman Chemical Company, BASF and Dow Chemicals are investing in development of bio-based thermoplastic elastomers using plant-oil routes such as soybean and castor oils which is expected to witness high growth over the forecast period.

Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as high capital investment is required for R&D, manufacturing facilities and distribution networks.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players in the market offering substitutable products.

Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials used for manufacturing thermoplastic elastomers are easily available from different suppliers globally.

Threat of new substitutes: The threat of new substitutes is low as thermoplastic elastomers offer unique blend of properties that are difficult to substitute.

Competitive rivalry: Competition in the market is high with many global players competing on the basis of technology, quality and pricing.

Key Takeaways

The Global Thermoplastic Elastomers Market Growth 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.

North America region dominates the market currently due to presence of developed healthcare infrastructure and growth of medical device industry in the region. Asia Pacific region is expected to witness fastest growth in the forecast period owing to improved healthcare infrastructure, rising disposable income, increasing penetration of health insurance and growing prevalence of chronic diseases in the region.

Key players: Key players operating in the thermoplastic elastomers market are Abbott Laboratories, Medtronic, Inc, Biosensors Inc, Terumo Corporation, Boston Scientific Inc.Abbott Laboratories is one of the leading player offering wide range of medical devices including stents, catheters and guide wires using thermoplastic elastomers.

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