According to a recent market study published by Growth Market Reports titled, “Asia Pacific Thermoplastic Elastomer (TPE) Market by Product Types, End-use Industries, and by Countries: Regional Industry Analysis, Size, Share, Growth, Trends and Forecast” the market was valued at USD 9,095.28 Mn in 2020 and is projected to reach a market value of USD 16.273.16 Mn by 2028 expanding at a CAGR of 7.8%.

In terms of volume, the Asia Pacific Thermoplastic Elastomer (TPE) Market was 3,493.9 K Tonne in 2020 and is projected to reach a market volume of 5,947.2 K Tonne by 2028. A thermoplastic elastomer (TPE) refers to a chemical compound which behaves like a thermoset rubber; however, if it is heated, it is stretched to almost twice its original length (or becomes free-flowing) and regains its original stability and structure when cooled. These materials have strong resistance against corrosion, are UV-resistant, and have several other positive attributes that contribute to their demand.

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The Asia Pacific Thermoplastic Elastomer (TPE) Market has been segmented by product types, end-use industries and by countries. In terms of product types, the Asia Pacific Thermoplastic Elastomer (TPE) Market has been segmented into thermoplastic polyurethanes elastomers (TPU), thermoplastic elastomer polyolefins (TPO), thermoplastic polyether block amides (COPA), thermoplastic styrenic block copolymers (TPE-S), thermoplastic copolyester elastomers (COPE), thermoplastic vulcanizates (TPV), bio-based thermoplastic elastomers, and others.

The thermoplastic styrenic block copolymers (TPE-S) segment is further divided into Styrene Ethylene Butylene Styrene (SEBS), Styrene Isoprene Styrene (SIS), Styrene Ethylene Propylene Styrene (SEPS), and Styrene Isobutylene Styrene (SIBS). Based on end-use industries, the market is segregated into automotive, building & construction, medical, footwear, wire & cable, and others. On the basis of countries, the market is segmented into South Korea, China, India, Australia, Japan, and Rest of Asia Pacific.

Thermoplastic Elastomers have a wide variety of uses across numerous industries and their demand is increasing due to their excellent attributes and benefits. Governments across Asia Pacific are implementing polices that are compelling automakers to produce vehicles that are fuel efficient. Automakers are producing vehicles that are light in weight for which TPEs provide great utility.

Regulations and standards regarding the safety of medical devices are promoting the growth of the TPE market in Asia Pacific, as thermoplastic elastomers can be designed in compliance with regulations, leading to a smooth regulatory approval process.

As per Growth Market Reports industry analyst Rajas Shirwalkar, “The Asia Pacific Thermoplastic Elastomer (TPE) Market is anticipated to witness significant growth during the forecast period 2021-2030. The thermoplastic styrenic block copolymers (TPE-S) segment held a considerable share of the market during the historic years and is expected to account for a substantial share of the market during the forecast period as they are relatively inexpensive in comparison to the other types of TPEs.

The medical industry segment accounted for a sizeable share of the market during the forecast period and is projected to expand at a rapid CAGR during the forecast period owing to the ‘Make in India’ initiative which is promoting the domestic production of medical devices, the rising prevalence of non-communicable diseases in Thailand, and demand for respirators that soared and boosted the market, due to the COVID-19 pandemic.”

Key Takeaways from the Study

  • The thermoplastic vulcanizates (TPV) segment accounted for a substantial share of the market in 2020 and is expected to grow at a considerable CAGR during the forecast period, as it is lightweight and has excellent heat resistance.
  • The automotive segment held a significant share of the market during the forecast period and is expected to hold a substantial share of the market during the forecast period. Growing population, rising disposable income, and increasing demand for electric cars are contributing to the growth of this segment.
  • The market in China held a substantial share of the market in 2020 and is anticipated to grow substantially during the forecast period owing to growing demand for thermoplastic elastomers, due to growing regulatory emphasis on fuel efficient vehicles in the country.

Report Scope

Report Metric

Details

Market Value in 2020

USD 9,095.28 million

Market Growth Rate (from 2021 to 2030)

7.8%

Historic Data

2015-2019

Base Year

2020

Forecast Period

2021 - 2030

Units Considered

Value (USD Million), Volume (K Tonne)

Market Segments

Product Types and End-use Industries

Country Scope

China, Japan, South Korea, India, Australia, and Rest of Asia Pacific.

Key Companies Profiled

BASF SE, The Lubrizol Corporation, Mitsubishi Chemical Corporation, Tosoh Corporation, KRATON CORPORATION, and Asahi Kasei Corporation.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements

Target Audience

  • Demand Side: Industrial End-users, Universities, etc.
  • Regulatory Side: Concerned government authorities and other regulatory bodies.
  • Associations and Industry Bodies – REACH (Registration, Evaluation, Authorization and Restriction of Chemicals).