Thermoplastic Elastomer Market Analysis 2023-2027: Expected Market Size, Key Drivers And Fast Growing Segments As Per The Business Research Company's Thermoplastic Elastomer Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Nov. 02, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company, the global thermoplastic elastomers (TPE) market is primed for expansion, reflecting a promising outlook. It is anticipated that the thermoplastic elastomer market size will increase from $25.83 billion in 2022 to $27.04 billion in 2023, showcasing a robust compound annual growth rate (CAGR) of 6.37%. This growth momentum is set to continue, propelling the thermoplastic elastomer market to an estimated $35.12 billion by 2027, driven by a CAGR of 6.76%. The thermoplastic elastomer market's evolution will be shaped by various factors, particularly the increasing demand from automotive components manufacturing, rising healthcare sector requirements, surging infrastructure investments, and the ongoing wave of urbanization.
Driving Forces of the Thermoplastic Elastomers Market
The market's trajectory towards growth is propelled by a dynamic combination of key drivers.
1. Increasing Demand for Automotive Components Manufacturing
The automotive industry plays a pivotal role in the thermoplastic elastomers market's growth story. The relentless demand for high-quality automotive components and parts is expected to be a major driver.
2. Rising Demand from the Medical Sector
The medical sector is another key growth area for thermoplastic elastomers. These versatile materials find applications in various medical devices, including catheters, syringe plungers, and medical tubing.
3. Infrastructure Investments on the Horizon
Global infrastructure development is gaining momentum, with governments and private sectors investing significantly in construction projects. Thermoplastic elastomers are essential in various construction applications, including sealants, gaskets, and roofing materials.
4. Rapid Urbanization: A Catalyst for Market Expansion
The pace of urbanization is accelerating worldwide, leading to an increased demand for construction and infrastructure development. Rapid urbanization creates a domino effect, spurring growth in sectors such as automotive manufacturing, healthcare, and construction.
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Embracing Sustainability and Eco-Friendly Solutions
In the midst of these driving forces, sustainability remains a critical focus for market players. With growing environmental awareness, there is a rising demand within the thermoplastic elastomers market for eco-friendly products. Manufacturers are actively engaged in the development of TPE formulations that minimize their carbon footprint, reduce dependence on fossil fuels, and enhance recyclability. Bio-based TPEs derived from renewable sources, as well as recyclable and biodegradable TPEs, are gaining prominence.
For example, in January 2023, Teknor Apex, in collaboration with UBQ Materials, introduced a new eco-friendly Monprene thermoplastic elastomer featuring 35% sustainable material sourced from sustainable plastic generated from unsorted household garbage and post-consumer recycled material.
Thermoplastic Elastomer Market Segmentation
The global thermoplastic elastomer market is multifaceted, with several key segments:
- Type: Thermoplastic Polyurethane (TPU), Styrenic Block Copolymer (TPE-S), Thermoplastic Vulcanizates, Elastomeric Alloys, Thermoplastic Copolyester, and Other Types.
- Material: Poly Styrenes, Poly Olefins, Poly Ether Imides, Poly Urethanes, Poly Esters, and Poly Amides.
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Application: Automotive, Building and Construction, Footwear, Wire and Cables, Medical, Engineering, and Other Applications.
The segment with the highest growth potential by type is the styrenic block copolymer segment, which is projected to gain $3,129.6 million in global annual sales by 2027.
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In conclusion, the thermoplastic elastomers market presents a compelling landscape of growth and sustainability. Stakeholders who understand and leverage the market's driving forces, while embracing eco-friendly solutions, will be well-equipped to make the most of the opportunities presented by this dynamic thermoplastic elastomer market.
Thermoplastic Elastomer Global Market Report 2023 by The Business Research Company provides insights on the thermoplastic elastomer market size, thermoplastic elastomer market segments, thermoplastic elastomer market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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