February 28, 2024
Thermoplastic Elastomers Market

Thermoplastic Elastomers Market is Projected to driven by the growing automotive industry

Thermoplastic elastomers are specialty polymers that exhibit both thermoplastic and elastomeric properties. These find extensive usage in applications such as footwear production, industrial goods manufacturing, automotive parts fabrication and more. Thermoplastic elastomers offer benefits such as easy recyclability, flexibility at room temperature and strength at higher temperatures. They have superior mechanical and physical properties as compared to conventional rubber and plastics. Increasing usage of thermoplastic elastomers in automotive applications is a major driver, as they help reduce weight and improve fuel efficiency of vehicles. Other uses include hoses, cables, seals, gaskets and parts in household items and medical devices.

Global Thermoplastic Elastomers Market Size is estimated to be valued at US$ 28.8 Bn in 2023 and is expected to exhibit a CAGR of 7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the thermoplastic elastomers market is the shift towards bio-based and sustainable materials. Conventional thermoplastic elastomers are derived from petroleum sources which are finite and contribute to environmental pollution. Leading market players are investing in R&D to develop elastomers from renewable biomass sources like vegetable oils, starch and cellulose. These have the potential to replace traditional oil-based products. Another trend is the increasing demand from the medical industry. Thermoplastic elastomers are widely replacing PVC, latex and silicones in medical devices and equipment due to their advantages of flexibility, durability and biocompatibility. Growth in elder population and chronic diseases is propelling opportunities in the healthcare sector.

Porter’s Analysis

Threat of new entrants: High capital requirements in the manufacturing sector and strong brand recognition among the existing players pose a barrier for new entrants.

Bargaining power of buyers: Large buyer groups in industries such as automotive and construction have significant influence over suppliers.

Bargaining power of suppliers: Suppliers of raw materials such as polymers have some market dominance due to the limited options for suppliers.

Threat of new substitutes: There exists substitute products for certain applications, however, overall thermoplastic elastomers have established themselves as preferred materials over alternatives.

Competitive rivalry: Major players compete based on product quality, product innovation, and price which keeps competitive rivalry high.

Key Takeaways

The Global Thermoplastic Elastomers Market Size is expected to witness high growth. 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 7% over the forecast period 2023 to 2030.

Asia Pacific is expected to dominate the global market during the forecast period. Growing automotive and construction industries in China and India will drive the demand for thermoplastic elastomers in the region. Expanding manufacturing sector along with rising investments in infrastructure development are fueling the consumption of thermoplastic elastomers.

Key players operating in the thermoplastic elastomers market are Graebel Companies, SIRVA, Relocation Management Company (RMC), Crown Worldwide, Santa Fe Group, FIDI Global Alliance, MSI Global Talent Solutions, Cartus, Atlas Van Lines, Allied Van Lines, NorthAmerican Van Lines, Arpin Van Lines, Wheaton World Wide Moving, United Van Lines, Mayflower Transit, Bekins, Beltmann Relocation Group, Corrigan Moving Systems, Clark & Reid, Eclipse Relocation. Major players are focusing on new product launches to strengthen their market position. For instance, in 2023 RMC launched REACH technology platform to enhance relocation experience for clients.

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