The Asia Pacific Thermoplastic Elastomer Market would witness market growth of 7.1% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 1,962.4 Kilo Tonnes, showcasing a growth of 5.6% (2019-2022).
The thermoplastic elastomer market has witnessed remarkable growth in recent years, fuelled by the ever-increasing demand for versatile, high-performance materials across various industries. Thermoplastic elastomer (TPEs) represents a class of polymers with elastomeric properties that can be moulded and shaped when heated, offering flexibility, resilience, and processability. This distinctive set of characteristics positions TPEs as a preferred choice for various applications, from automotive and consumer goods to medical devices and industrial components.
Additionally, the automotive industry has emerged as a key driver in the widespread adoption of thermoplastic elastomer (TPEs). The sector's relentless pursuit of lightweight materials to enhance fuel efficiency and reduce emissions aligns seamlessly with the properties of thermoplastic elastomers. Beyond automotive applications, TPEs have carved a significant niche in the consumer goods sector. Their adaptability to different processing techniques and the ability to achieve vibrant colours make them ideal for manufacturing household items, electronics, toys, and more. Likewise, TPEs have become instrumental in producing medical devices and equipment in the healthcare sector. Their biocompatibility, flexibility, and resistance to sterilization processes make them suitable for tubing, seals, and surgical instruments. The medical industry's stringent standards for safety and performance have been met by TPEs, positioning them as valuable materials in this critical domain.
As per the Invest India data for 2023, the electronics sector in India is valued at $155 Bn, with domestic production accounting for 65%. Technology advancements, including the proliferation of 5G networks and the Internet of Things, accelerate the adoption of electronic products. The demand for IoT in the electronics devices sector has increased due to initiatives like 'Smart City' and 'Digital India'; these projects will unquestionably mark the beginning of a new era for electronic products. Thus, the rising electronics sector in the Asia Pacific will boost the expansion of the regional market.
The China market dominated the Asia Pacific Thermoplastic Elastomer Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4,405.7 million by 2030. The Japan market is experiencing a CAGR of 6.4% during (2023 - 2030). Additionally, The India market would exhibit a CAGR of 7.7% during (2023 - 2030).
Based on Material, the market is segmented into Polystyrenes, Polyolefins, Polyurethanes, Polyetherimides, Polyesters and Polyamides. Based on Application, the market is segmented into Automotive, Industrial, Electrical Electronics, Medical, Consumer Goods and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Thermoplastic Elastomer Market is Predict to reach USD 40.6 Billion by 2030, at a CAGR of 6.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Arkema S.A., BASF SE, China Petrochemical Corporation (Sinopec Group), Evonik Industries AG (RAG-Stiftung), Huntsman Corporation, The Dow Chemical Company, Covestro AG, Mitsubishi Chemical Holdings Corporation, DuPont de Nemours, Inc., and Asahi Kasei Corporation
By Material (Volume, Kilo Tonnes, USD billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD billion, 2019-2030)
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