China Thermoplastic Elastomers Market Size & Outlook
China thermoplastic elastomers market, 2018-2030 (US$M)
Related Markets
China thermoplastic elastomers market highlights
- The China thermoplastic elastomers market generated a revenue of USD 3,939.5 million in 2023 and is expected to reach USD 7,410.9 million by 2030.
- The China market is expected to grow at a CAGR of 9.4% from 2024 to 2030.
- In terms of segment, automotive was the largest revenue generating application in 2023.
- Industrial is the most lucrative application segment registering the fastest growth during the forecast period.
Thermoplastic elastomers market data book summary
| Market revenue in 2023 | USD 3,939.5 million |
| Market revenue in 2030 | USD 7,410.9 million |
| Growth rate | 9.4% (CAGR from 2023 to 2030) |
| Largest segment | Automotive |
| Fastest growing segment | Industrial |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, China accounted for 15.7% of the global thermoplastic elastomers market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China thermoplastic elastomers market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 2,372.2 million by 2030.
Automotive was the largest segment with a revenue share of 48.89% in 2023. Horizon Databook has segmented the China thermoplastic elastomers market based on automotive, electrical & electronics, industrial, medical, consumer goods covering the revenue growth of each sub-segment from 2018 to 2030.
China is the largest market for thermoplastic elastomers in Asia Pacific, driven by its dominant position in the global manufacturing sector and robust demand from key end-use industries such as automotive, construction, electronics, and consumer goods.
The country's focus on reducing vehicle emissions and promoting the use of lighter materials in automotive manufacturing has significantly boosted the adoption of TPEs. Additionally, China's growing middle-class population and increasing disposable incomes have led to higher demand for consumer products, further propelling TPE consumption.
The Chinese government’s emphasis on sustainable development and stricter environmental regulations also encourage the use of recyclable and eco-friendly materials such as TPEs.
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Thermoplastic Elastomers Market Scope
Thermoplastic Elastomers Market Companies
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China thermoplastic elastomers market size, by application, 2018-2030 (US$M)
China Thermoplastic Elastomers Market Outlook Share, 2023 & 2030 (US$M)
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