June 20, 2024
South Korea Thermoplastic Elastomer Market

South Korea Thermoplastic Elastomer Market Trends Towards Sustainable Plastics

The South Korea thermoplastic elastomer market comprises products made from the combination of thermoplastic and elastomers. Thermoplastic elastomers exhibit elastomeric properties and also have the ability to be processed like thermoplastics. They possess rubber-like properties including softness, elasticity and flexibility. These elastomers offer high tensile strength, resistance to abrasion and ease in processing. They are used in applications that require elasticity and durability such as in automotive, medical devices and footwear among others.

The Global South Korea Thermoplastic Elastomer Market Size is estimated to be valued at US$ 743 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024-2031.

Key Takeaways

Key players operating in the South Korea thermoplastic elastomer market are BASF SE, Huntsman International LLC, DowDuPont Inc., Arkema Group, Asahi Kasei Corporation and Among Others. The thermoplastic elastomer market is driven by their increasing demand from automotive, medical and footwear industries due to advantages like flexibility, durability and cost-effectiveness over rubber. They find wide usage in automotive applications including hoses & belts, gaskets, wipers, seals etc. due to their resilience to temperature variations.

With growing awareness about environmental protection, the demand for recyclable and sustainable plastics is increasing rapidly. Thermoplastic elastomers can be recycled like ordinary plastics which is fuelling their adoption in packaging industry. Additionally, their production process is more eco-friendly with lower carbon footprint as compared to other plastics.

The Asia Pacific region is dominating the global thermoplastic elastomer with China and Japan being the major consumers. However, South Korea is emerging as a key hub for the industry with domestic companies investing heavily in product innovation. Moreover, South Koreaexports a large chunk of its thermoplastic elastomer production to other Asian and European countries.

Market Key Trends

One of the key trends gaining traction in the South Korea thermoplastic elastomer market is the increasing demand for bio-based and sustainable products. Concerns around plastic waste and environmental pollution are prompting industry players to develop elastomers from plant-based raw materials like starch, cellulose and lignin. These bio-based thermoplastic elastomers have comparable properties to conventional petroleum-based ones but are more eco-friendly and biodegradable. Their growing adoption would aid in reducing dependency on crude oil and drive the green growth of the South Korea thermoplastic elastomer sector.

Porter’s Analysis

Threat Of New Entrants: Barrier for new players is relatively high due to high capital requirement and dominance of existing players.

Bargaining Power Of Buyers: Buyers have moderate bargaining power due to presence of substitute products.

Bargaining Power Of Suppliers: A few number of raw material suppliers exerts pressure on buyers through price rise.

Threat Of New Substitutes: Many substitutes available increases the threat for thermoplastic elastomers.

Competitive Rivalry: Intense competition exists between major players to gain larger market share through product differentiation and customer acquisition.

Geographical Regions

The South Korean thermoplastic elastomer market is concentrated in Seoul, Busan and Daegu regions which account for over 60% of the country’s total market value. These industrial hubs house manufacturing plants of major end-use industries like automotive, construction and footwear.

The fastest growing region for South Korea thermoplastic elastomer market is Ulsan. With large automotive and chemical manufacturing capacity built in Ulsan metropolitan city, demand for thermoplastic elastomers from this region is projected to rise at a CAGR of over 8% during the forecast period. New investments planned in industrial infrastructure will further support the market growth.

What Are The Key Data Covered In This South Korea Thermoplastic Elastomer Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the South Korea Thermoplastic Elastomer’s growth between 2024 and 2031.

:- Accurate calculation of the size of the South Korea Thermoplastic Elastomer and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- South Korea Thermoplastic Elastomer Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of South Korea Thermoplastic Elastomer vendors

FAQ’s

Q.1 What are the main factors influencing the South Korea Thermoplastic Elastomer?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top South Korea Thermoplastic Elastomer companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the South Korea Thermoplastic Elastomer’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it