CHICAGO, IL – According to the latest research, the global thermoplastic elastomers market size is expected to be $26.9 billion in 2023 and is expected to reach $35.3 billion by 2028, growing at a CAGR of 56% is provided by MarketSandMarkets. The recovery of the global automotive industry is driving the thermoplastic elastomer market during the period.
Thermoplastic elastomers are a class of polymers that have the properties of both thermoplastics and elastomers. They are obtained by joining a thermoplastic with an elastic rubber. Thermoplastic elastomers offer the advantages of plastic and rubber, so their combination produces new forms that are suitable for many applications. The high impact and tear strength of thermoplastic elastomers has increased the demand in the automotive and construction industries. Thermoplastic elastomers are safe, environmentally friendly, and safe for use in medical and food packaging applications.
The TPE market is segmented on the basis of application into Automotive, Construction, Footwear, Wire & Cable, Medical, Engineering, and Others. In the automotive sector, TPEs are used in panels, wipers, sill plates, body seals, automotive gaskets, door and window handles, and exterior padding for other under-the-hood applications. In the construction industry, TPEs are mainly used as roofing waterproofing membranes, asphalt modifications, roofing waterproofing membranes, weather stripping, waterproofing materials, carpets, wall coverings, windows, and weatherproof sealants.
Based on end-use industry type, in terms of volume, automotive applications will account for 34. of the overall TPE market by 20226% share. Automotive is TPE's largest end-use industry. In traditional internal combustion engine vehicles, automakers are increasingly focusing on weight reduction to improve fuel efficiency and reduce emissions. TPEs are lightweight materials that can replace heavier parts traditionally made of metal or other materials, helping to reduce weight. Additionally, TPEs are commonly used in weatherproof seals, gaskets, and other components that help ensure the integrity and performance of automobiles. With the increasing complexity of vehicle designs and the need for better sealing, TPEs play a vital role in improving the overall quality of vehicles.
TPEs widely used in the automotive industry are thermoplastic vulcanizates (TPV), thermoplastic polyolefins (TPO), thermoplastic polyurethanes (TPU) and SEBS. TPEs are now widely used in airbag doors, door seals, wires, cables, and air ducts. In India, the Ministry of Road Transport and Highways (Morth) has made dual airbags mandatory on all types of vehicles produced in the country since April 1, 2020. As a result, the demand for TPE in India is further boosted.
Based on product type, thermoplastic polyolefins are expected to grow at the highest CAGR during the ** period. TPOs are gaining considerable traction in the automotive industry due to their ability to replace traditional materials such as rubber, thermosets and metals. They are used in a variety of automotive parts, including bumper panels, upholstery, and weatherproof seals. With the increasing emphasis on lightweight materials to improve the fuel efficiency of vehicles, TPO has become an attractive option.
TPOs are widely used in both exterior and interior applications as an alternative to more traditional materials such as metals and engineering thermoplastics, such as acrylonitrile butadiene styrene (ABS) and polycarbonate (PC) ABS in the automotive industry. They are used in applications such as bumper panels, body side and front panels, interior door panels, roof inner pillar moldings, knee pads, and instrument panel components.
By region, Asia-Pacific is expected to lead the thermoplastic elastomers market in 2023, with India being the fastest-growing market in the region during the ** period, registering a CAGR of 66%。The rapid industrialization and urbanization of the region has led to an increasing demand for versatile materials for industrial and consumer applications. The adaptability of TPEs is particularly attractive because they are used in a variety of industries such as automotive, consumer electronics, construction, and healthcare. The growth of the automotive industry, the need for cost-effective manufacturing, the drive for innovation, and the focus on sustainability dovetail well with the characteristics of TPE.