Middle East & Africa Thermoplastic Elastomers Market Size & Outlook
Middle East & Africa thermoplastic elastomers market, 2018-2030 (US$M)
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MEA thermoplastic elastomers market highlights
- The MEA thermoplastic elastomers market generated a revenue of USD 1,075.7 million in 2023.
- The market is expected to grow at a CAGR of 8% 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, Saudi Arabia is expected to register the highest CAGR from 2024 to 2030.
MEA data book summary
| Market revenue in 2023 | USD 1,075.7 million |
| Market revenue in 2030 | USD 1,847.6 million |
| Growth rate | 8% (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, MEA region accounted for 4.3% 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 34.45% in 2023. Horizon Databook has segmented the Middle East & Africa thermoplastic elastomers market based on automotive, electrical & electronics, industrial, medical, consumer goods covering the revenue growth of each sub-segment from 2018 to 2030.
Rapid industrialization, along with improving infrastructure in the Middle East, is expected to drive the demand for TPEs. The growth of the construction sector, particularly in the UAE and Qatar, fueled by economic recovery, advanced real estate regulations, and numerous infrastructure projects, is set to boost the use of TPEs in various applications, including building materials and construction components.
The Middle East & Africa is expected to become an emerging market for medical devices in the coming years. The expanding healthcare sector in Saudi Arabia, Qatar, and other GCC nations is likely to increase the usage of TPEs in medical applications, including tubing, catheters, and medical device components.
Additionally, the rising prevalence of epidemics and the need for sanitation, along with a shortage of medically approved devices in countries like South Africa, present significant growth opportunities for TPEs in the manufacturing of medical equipment, due to their biocompatibility, flexibility, and ease of sterilization.
Key Regions: U.S. , UK , Japan , Brazil , Saudi Arabia
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Thermoplastic Elastomers Market Scope
Thermoplastic Elastomers Market Companies
| Name | Profile | # Employees | HQ | Website |
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MEA thermoplastic elastomers market size, by country, 2018-2030 (US$M)
Middle East & Africa Thermoplastic Elastomers Market Outlook Share, 2023 & 2030 (US$M)
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