Asia Pacific Thermoplastic Elastomers Market Key Developments and Industry Growth Forecast
The Asia Pacific thermoplastic elastomers market size is expected to reach USD 15.92 billion in 2030 and is projected to grow at a CAGR of 9.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. Regulatory initiatives limiting carbon emission and increasing focus on enhancing fuel efficiency in vehicles are expected to have a positive impact on growth. Numerous automotive OEMs have been replacing metal and alloys with plastics from manufacturing of vehicle components to make vehicles light weight, thus propelling demand for TPE.
Plastic innovation in the automotive industry is a major driving factor owing to growing consumer preference towards light weight vehicles and high performance This has resulted in increasing TPE consumption and requirement for manufacturing innovative and fuel efficient vehicles. The product requires low fabrication costs, shorter processing time and design flexibility as compared to thermosets, thereby achieving widespread recognition. Rising consumption in consumer goods, electrical & electronics, construction and the automotive industry is expected to develop new opportunities for the market over the forecast period.
Styrenic block copolymers (SBC) dominated the market and accounted for 53.2% of overall volume in 2014. SBC is used in the production of advanced material, sealants, adhesives, and footwear applications. Growing construction expenses in India, Indonesia, Thailand and China is anticipated to drive growth over the next seven years.
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Asia Pacific Thermoplastic Elastomers Market Report Highlights
- Poly styrenes dominated the market and accounted for a share of 38.0% in 2023 owing to polystyrene-based TPE which provides a cost-effective balance of elasticity, strength, and processability, making it suitable for various applications.
- The automotive segment dominated the market in 2023 based on the demand for advanced materials and well-developed processes for vehicle production.
- Asia Pacific thermoplastic elastomers market is anticipated to witness significant growth over the forecast period due to the rapid industrialization and urbanization, which are driving demand for TPEs in automotive, construction, and consumer goods.
- The China thermoplastic elastomers market dominated the Asia Pacific market with a share of 28.9% in 2023.
Key Asia Pacific Thermoplastic Elastomers Company Insights
Some key companies in the Asia Pacific thermoplastic elastomers market include BASF SE, Bayer MaterialScience LLC, China Petroleum & Chemical Corporation, Huntsman Corporation, and others. Vendors in the market are focusing on increasing their customer base to gain a competitive edge in the industry. Therefore, key players are undertaking several strategic initiatives, such as mergers and acquisitions and partnerships with other major companies.
- Arkema S.A. is a French multinational company that produces chemicals and advanced materials. It offers a wide range of products in its three main segments including high-performance materials, industrial specialties, and coating solutions. These include polymers, adhesives, and chemical specialties used in various industries such as consumer goods, electronics, and automotive.
- Avient Corporation is a global provider of specialty polymer products, pigments, and additive solutions. The company’s diverse portfolio includes high-performance materials, sustainable solutions, and custom formulations for different industries, such as healthcare, packaging, consumer goods, and automotive.
List of Key Players of Asia Pacific Thermoplastic Elastomers Market
- Arkema S.A.
- BASF SE
- Bayer MaterialScience LLC
- China Petroleum & Chemical Corporation
- Huntsman Corporation
- Kraton Polymers LLC
- LG Chem
- LyondellBasell Industries N.V.
- Teknor Apex
- Avient Corporation
- Nippon Polyurethane Industry Co. Ltd
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