The global market for thermoplastic elastomers, which was estimate to be worth USD 19.90 billion in 2021, is anticipate to grow to USD 32.20 billion by 2029, recording a CAGR of 6.2% over the forecast period of 2022–2029.Over the past few years, the growth of the global industry has largely been attributed to rising consumption across a variety of applications, including those in the automotive, electrical and electronics, industrial, medical, and consumer goods sectors. Over the project period, the manufacture of automotive components is anticipate to see rising demand, which will have a significant impact on the worldwide industry. Major automobile OEMs have been compelled to use plastics as a replacement for metals and alloys in vehicle components as a result of regulatory intervention by environmental authorities aiming at reducing carbon emissions through an improvement in fuel economy.
Global Thermoplastic Elastomers Market Analysis and Size
The demand for thermoplastic elastomers from the automotive sector for lightweight vehicle components is anticipate to drive the market. The market is also anticipate to expand as a consequence of the product’s widespread acceptance by various industries due to its eco-friendliness and simplicity in recycling. The industry is gaining traction due to the rising utilization of thermoplastic elastomers among end users.
Global Thermoplastic Elastomers Market Definition
Thermoplastic elastomers Market, sometimes referred to as plastic wrap, food wrap, saran wrap, and stretch film, are thin transparent plastic films that adhere to each other and to surfaces, and are commonly used to wrap food in containers. High-quality food wrap films made of thermoplastic elastomers keep food fresh, shield it from bugs and microbial contamination, and lengthen its shelf life to lower the risk of food waste.
Combining thermoplastic and elastomeric polymers results in thermoplastic elastomers. Many different industries, including the automotive, medical, construction, and packaging sectors, use thermoplastic elastomers. It may be stretch two or three times its original size because of its elastomeric qualities, which make it flexible and soft. In consumer products, thermoplastic elastomers are most frequently utilize as a tiny, transparent flexible material in headphones. Thermoplastic elastomers can also be use to create sealing rings and bottle cap liners.
Thermoplastic Elastomer Market Trends
TPE helps improve fuel economy in automotive applications by reducing vehicle weight and density by swapping out traditional parts inside and outside the automobile. Regulating bodies in many different countries have enacted a number of strict laws in an effort to lessen the negative effects of carbon emissions and greenhouse gases (GHG) on the environment and human health.
Automobile markets that are expanding quickly are also anticipate to increase demand for TPE in external, interior, sealing, and engine-related components. Demand for affordable, lightweight, and safe MUV/SUV models with a focus on comfort and aesthetics is driving the growth of applications in the automotive sector.
One of the most attractive new technologies that provides prospects for increased connectedness, increased productivity, and improved lives is wearable electronics. These gadgets are, in many respects, an addition to the human body, enhancing our capacities and allowing us to communicate and connect with both our surroundings and other people.
In recent years, the creation of novel wearable and miniature electronics has also aided in market expansion. In order to give wearable electronics with a non-tacky, soft-touch feel of modern materials in high-end consumer devices, many electronic producers have understood the advantages of integrating lightweight and sustainable materials such as TPE into these products.
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COVID-19 Impact on Thermoplastic Elastomers Market
The market for thermoplastic elastomers was significantly impact by the current coronavirus epidemic. The market for thermoplastic elastomers was severely impacte. Governments all across the world adopted different limitations and lockdown measures. As a result the demand for automotives plummeted substantially around the world, which further contributed to declining utilisation of thermoplastic elastomers in the automotive sector. The use of thermoplastic elastomers in the construction industry also decreased as a result of the government-ordered statewide lockdowns that effectively put an end to all major construction projects worldwide. These elements had a negative effect on the market’s demand for thermoplastic elastomers and created significant financial difficulties for the industry.
On the plus side, the pandemic led to an increase in the usage of thermoplastic elastomers in the production of medical equipment. This has increased the need in the healthcare sector for certain materials.
- Veloxis Pharmaceuticals Inc. was acquire by Asahi Kasei Corporation in March 2020. Through this purchase, the company’s footprint in the pharmaceutical sector will be strengthen. Asahi Kasei is concentrating on quickening the process of becoming a supplier of international healthcare. Together with the significantly increased management and staff of Veloxis, Asahi Kasei will maximise the value of both the existing and acquired pharmaceutical enterprises.
- The worldwide, non-European PA6.6 business of Solvay, which include a 50% stake in Butachimie’s adipodinitrile (ADN) manufacturing, was bought by BASF in January 2020. The acquisition cost $1.53 billion in US currency. By integrating cutting-edge and well-known products like Technyl, the acquisition will bolster BASF’s polyamide capabilities.
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