The Latin America, Middle East and Africa Thermoplastic Elastomer Market would witness market growth of 8.5% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 880.4 Kilo Tonnes, showcasing a growth of 8.7% (2023-2030).
The use of TPEs extends to manufacturing connectors in electronic devices. Connectors play a crucial role in establishing electrical connections between different components, and TPEs contribute to the reliability and durability of these connections. TPE-based connectors balance electrical performance and mechanical flexibility, making them suitable for diverse applications. In addition to their electrical properties, TPEs are valued for their ability to provide soft-touch surfaces, making them ideal for user interface components. Buttons, grips, and other tactile elements in electronic devices benefit from the soft and comfortable feel offered by TPEs. This enhances the user experience and contributes to the overall ergonomic design of electronic products.
The footwear industry has witnessed a paradigm shift by integrating TPEs into the design and manufacturing of footwear components. TPEs contribute to the comfort and performance of shoes by being used in outsoles, midsoles, and various other parts. The flexibility, cushioning properties, and design freedom offered by TPEs align with the evolving trends in footwear and sportswear. The packaging industry has also recognized the advantages of TPEs in providing enhanced scalability, flexibility, and impact resistance. TPE-based packaging solutions offer a balance between product protection and consumer convenience. From food packaging to pharmaceutical blister packs, TPEs play a pivotal role in shaping the future of packaging materials.
As per the data from the International Trade Administration, the automotive industry in Middle East and North Africa (MENA) region is currently experiencing a 36% growth rate, with Saudi Arabia emerging as the primary industry in the area. Saudi Arabia accounted for approximately 52% of the vehicles sold in the Gulf Cooperation Council and 35% of the vehicles sold in the MENA region in 2020. In 2019, 556 thousand vehicles were sold in Saudi Arabia; in 2020, 436 thousand vehicles were sold. The projected sales figure by 2025 is 543,000 units, of which electric vehicles (EVs) comprise a mere 32,000. Therefore, rising automotive sales in countries like Saudi Arabia and South Africa will increase the number of vehicles on the road in the LAMEA region. Thus, with the growing automotive sector in the LAMEA region, the demand for lightweight vehicle components will rise, which will help expand the regional market.
The Brazil market dominated the LAMEA Thermoplastic Elastomer Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,034.9 million by 2030. The Argentina market is registering a CAGR of 9.1% during (2023 - 2030). Additionally, The UAE market would showcase a CAGR of 8.2% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA
Free Valuable Insights: The Worldwide Thermoplastic Elastomer Market is Projected 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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