Thermoplastic Elastomer Market
                     Thermoplastic Elastomer Market By Current Scenario with Growth Rate 2018–
2026 | CMI
Global Thermoplastic Elastomers Market – Insights
Thermoplastic elastomers are adaptable materials, which can be extended without distorting the
shape permanently. Thermoplastic elastomers are a physical blend of polymers, which is typically
plastic and elastic, and they are manufactured by injection, molding, and extrusion. It is utilized
in various applications in the automotive sector, such as airbags, anti-slip mats, window trims,
cowl panels,  spoilers,  and seals  & air duct components. Rising demand for automobiles and
automotive parts along with increasing consumer spending on automobiles are expected to drive
growth of the thermoplastic elastomers market.
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Superior  properties  of  thermoplastic  elastomers  include  its  glass  transition  temperature  and
outstanding material stability when exposed to a broad range of temperatures and non-polar
materials. Moreover, less energy is consumed in case of manufacturing TPEs and it can be colored
using ordinary dyes.
Furthermore, thermoplastics can be crushed and turned into 3D printing filament. TPE requires
little to no compounding, without the need for addition of reinforcing agents, stabilizers or cure
systems. Hence, TPE materials and end products manufactured using TPE are consistent in terms
of their properties.
Among product  type,  styrenic block co-polymers  segment dominated the global  thermoplastic
elastomers market in 2017, owing to its various applications in sealants, gasket materials, hot-
melt adhesives, rubber bands, toy products, shoe soles, and bitumen products for road paving,
and roofing applications. Increasing initiatives by major players to upscale its styrenic block co-
polymers business is expected to drive growth of this segment in the global TPE market. For
instance, in November 2017, Versalis, a petrochemical company in Europe, inaugurated ‘Lotte
Versalis Elastomers’ plant in Yeosu, South Korea which is a joint venture with Lotte Chemical.
This plant produces 200,000 metric tons/year of elastomers, including 100,000 metric tons/year of
ethylene-propylene-diene  monomer  (EPDM)  and  100,000  metric  tons/year  of  solution-styrene
butadiene rubber (SBR).
Among application, automotive parts segment accounted for the largest market share, followed by
housewares & appliances segment, owing to TPE’s heat resistance, shock absorption, vibration
damping,  and chemical  resistance to  various  appliances  such as  refrigerators,  ovens,  electric
kettles, and others. According to the India Brand Equity Foundation (IBEF), the electronics market
was valued at US$ 100 billion in 2017 and is expected to reach US$ 104 billion by 2020.
Moreover, in 2017, the consumer durables electrical market was valued at US$ 21.70 billion and
increased  13% in  Q1  of  2018  and  16% in  Q2  of  2018.  Therefore,  increasing  adoption  of
housewares and appliances is expected to propel demand for TPEs during the forecast period.
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However, high cost of TPE materials over conventional plastics, rubbers, and thermoset materials
will restrict the use of TPE in case of fillers for products where large volume of materials are
required at a low cost.
The global thermoplastic elastomers market was valued at US$ 22.57 billion in 2017 and is
expected to register a CAGR of 6.1% in terms of revenue, over the forecast period (2018 – 2026),
to reach US$ 37.03 billion by 2026.
Asia Pacific held dominant position in the thermoplastic elastomers market in 2017 and accounted
for  market  share  of  47.1%,  owing  to  increasing  demand  from  various  industries  such  as
automotive, packaging, medical, and others, with China, India, and Japan contributing the major
revenue share in Asia Pacific thermoplastic elastomer market.
Furthermore,  various  key  players  are  focused  towards  expanding  the  manufacturing  of
thermoplastic elastomers, which is a key factor driving growth of the thermoplastic elastomers
market. For instance, in November 2018, DuPont announced that it is investing over US$ 80
million to build a new manufacturing facility in Zhangjiagang, Jiangsu Province in East China.
This new facility will produce compounded high-end engineering plastics and adhesives to serve
customers in transportation, electronics, industrial and consumer products markets. This planned
site is expected to become operational in 2020 with expansion through 2023, thereby driving the
overall TPE market growth in the Asia Pacific region.
Players  operating in the global  thermoplastic  elastomers  market  are adopting various growth
strategies such as plant’s capacity expansion to cater to increasing demand for thermoplastic
elastomers. For instance, in June 2018, Arkema Group announced plans to launch a new project
by mid-2020, to increase the production capacity of ‘Polyamide 12’ by 25% in China. Also, in
May  2018,  Elastron  Kimya  SA  announced  plans  to  open  its  TPE  manufacturing  plant  in
Gainesville, U.S. The manufacturing of this plant would cost around US$ 10 million. It will
promote its TPE brand in the U.S. and will attract new clients from the region.
Major players operating in the global thermoplastic elastomers market include DowDuPont Inc.,
Arkema  Group,  Asahi  Kasei  Corporation,  PolyOne  Corporation,  Elastron  Kimya  SA,  Kraton
Corporation, Evonik Industries, and Covestro AG.
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