Asia Pacific Thermoplastic Elastomers Market Size & Outlook
Asia Pacific thermoplastic elastomers market, 2018-2030 (US$M)
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Asia Pacific thermoplastic elastomers market highlights
- The Asia Pacific thermoplastic elastomers market generated a revenue of USD 8,153.3 million in 2023.
- The market is expected to grow at a CAGR of 8.9% from 2024 to 2030.
- In terms of segment, automotive was the largest revenue generating application in 2023.
- Medical is the most lucrative application segment registering the fastest growth during the forecast period.
- Country-wise, India is expected to register the highest CAGR from 2024 to 2030.
Asia Pacific data book summary
| Market revenue in 2023 | USD 8,153.3 million |
| Market revenue in 2030 | USD 14,813.0 million |
| Growth rate | 8.9% (CAGR from 2023 to 2030) |
| Largest segment | Automotive |
| Fastest growing segment | Medical |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Automotive, Electrical & Electronics, Industrial, Medical, Consumer Goods |
| Key market players worldwide | Basf SE, Arkema SA, DuPont de Nemours Inc, Covestro AG, China Petrochemical Development, Dynasol Group, Ems-Chemie Holding AG, Evonik Industries AG, LG Chem, LCY Chemical, The Lubrizol Corp, LyondellBasell Industries NV Class A, Tosoh Corp, Avient Corp, Teknor Apex, Dow Chemical, TSRC,Inc/dba Frank Parsons Co |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 32.4% of the global thermoplastic elastomers market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 14,813.0 million by 2030.
Automotive was the largest segment with a revenue share of 45.42% in 2023. Horizon Databook has segmented the Asia Pacific thermoplastic elastomers market based on automotive, electrical & electronics, industrial, medical, consumer goods covering the revenue growth of each sub-segment from 2018 to 2030.
The thermoplastic elastomer market in Asia Pacific is experiencing significant growth, driven by rapid industrialization, urbanization, and the increasing demand for lightweight, durable, and recyclable materials in various industries.
The automotive, construction, and consumer goods sectors in the region are the major end users of TPEs, contributing to this upward trend. The shift toward electric vehicles (EVs) and fuel-efficient vehicles is further accelerating the demand for TPEs, especially in automotive applications such as interior trims, seals, and hoses, due to their versatility, flexibility, and environmental benefits.
Additionally, the Asia Pacific market is witnessing increased adoption of TPEs in the medical and healthcare sectors, driven by the rising demand for medical devices and equipment. Asia Pacific's competitive landscape is characterized by a mix of local manufacturers and global players.
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Thermoplastic Elastomers Market Scope
Thermoplastic Elastomers Market Companies
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Asia Pacific thermoplastic elastomers market size, by country, 2018-2030 (US$M)
Asia Pacific Thermoplastic Elastomers Market Outlook Share, 2023 & 2030 (US$M)
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