Japan Thermoplastic Elastomers Market Size & Outlook
Japan thermoplastic elastomers market, 2018-2030 (US$M)
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Japan thermoplastic elastomers market highlights
- The Japan thermoplastic elastomers market generated a revenue of USD 1,418.1 million in 2023 and is expected to reach USD 2,121.0 million by 2030.
- The Japan market is expected to grow at a CAGR of 5.9% 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.
Thermoplastic elastomers market data book summary
| Market revenue in 2023 | USD 1,418.1 million |
| Market revenue in 2030 | USD 2,121.0 million |
| Growth rate | 5.9% (CAGR from 2023 to 2030) |
| Largest segment | Automotive |
| Fastest growing segment | Medical |
| 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, Japan accounted for 5.6% 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 44.04% in 2023. Horizon Databook has segmented the Japan thermoplastic elastomers market based on automotive, electrical & electronics, industrial, medical, consumer goods covering the revenue growth of each sub-segment from 2018 to 2030.
Japan's thermoplastic elastomer market is driven by the country's well-established automotive, electronics, and healthcare sectors. The demand for TPEs in Japan is particularly strong in automotive applications, where they are used in seals, hoses, and interior components, contributing to vehicle weight reduction and fuel efficiency.
Additionally, Japan's aging population is fueling the demand for TPEs in medical devices and healthcare applications due to their flexibility, biocompatibility, and ease of processing. Japanese manufacturers are also investing in the development of high-performance, eco-friendly TPE materials to meet stringent environmental regulations.
In January 2024, Asahi Kasei acquired the ISCC PLUS certification for several of its products, including thermoplastic elastomers, to ensure the appropriate management of biomass, recycled materials, and renewable energy in its supply chain.
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Thermoplastic Elastomers Market Scope
Thermoplastic Elastomers Market Companies
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Japan thermoplastic elastomers market size, by application, 2018-2030 (US$M)
Japan Thermoplastic Elastomers Market Outlook Share, 2023 & 2030 (US$M)
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