Asia Pacific Thermoplastic Elastomers Market To Reach $15.92 Billion By 2030

Asia Pacific Thermoplastic Elastomers Market Growth & Trends

The Asia Pacific thermoplastic elastomers market size is expected to reach USD 15.92 billion in 2030 and is projected to grow at a CAGR of 9.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. Regulatory initiatives limiting carbon emission and increasing focus on enhancing fuel efficiency in vehicles are expected to have a positive impact on growth. Numerous automotive OEMs have been replacing metal and alloys with plastics from manufacturing of vehicle components to make vehicles light weight, thus propelling demand for TPE.

Plastic innovation in the automotive industry is a major driving factor owing to growing consumer preference towards light weight vehicles and high performance This has resulted in increasing TPE consumption and requirement for manufacturing innovative and fuel efficient vehicles. The product requires low fabrication costs, shorter processing time and design flexibility as compared to thermosets, thereby achieving widespread recognition. Rising consumption in consumer goods, electrical & electronics, construction and the automotive industry is expected to develop new opportunities for the market over the forecast period.

Styrenic block copolymers (SBC) dominated the market and accounted for 53.2% of overall volume in 2014. SBC is used in the production of advanced material, sealants, adhesives, and footwear applications. Growing construction expenses in India, Indonesia, Thailand and China is anticipated to drive growth over the next seven years.

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Asia Pacific Thermoplastic Elastomers Market Report Highlights

• Poly styrenes dominated the market and accounted for a share of 38.0% in 2023 owing to polystyrene-based TPE which provides a cost-effective balance of elasticity, strength, and processability, making it suitable for various applications.

• The automotive segment dominated the market in 2023 based on the demand for advanced materials and well-developed processes for vehicle production.

• Asia Pacific thermoplastic elastomers market is anticipated to witness significant growth over the forecast period due to the rapid industrialization and urbanization, which are driving demand for TPEs in automotive, construction, and consumer goods.

• The China thermoplastic elastomers market dominated the Asia Pacific market with a share of 28.9% in 2023.

Asia Pacific Thermoplastic Elastomers Market Segmentation

Grand View Research has segmented the Asia Pacific thermoplastic elastomers market on the basis of material, application, and country:

Asia Pacific Thermoplastic Elastomers Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• Poly Styrenes

• Poly Olefins

• Poly Ether Imides

• Poly Urethanes

• Poly Esters

• Poly Amides

Asia Pacific Thermoplastic Elastomers Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• Automotive

• Electrical & Electronics

• Industrial

• Medical

• Consumer Goods

• Others

Asia Pacific Thermoplastic Elastomers Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

  • Thailand

  • Indonesia

List of Key Players of Asia Pacific Thermoplastic Elastomers Market

• Arkema S.A.

• BASF SE

• Bayer MaterialScience LLC

• China Petroleum & Chemical Corporation

• Huntsman Corporation

• Kraton Polymers LLC

• LG Chem

• LyondellBasell Industries N.V.

• Teknor Apex

• Avient Corporation

• Nippon Polyurethane Industry Co. Ltd