New York, United States, Sept. 26, 2023 (GLOBE NEWSWIRE) -- Thermoplastic elastomers are used in electrical equipment, cars, and other high-temperature things. It is tear-, flex-, creep-, and abrasion-resistant. Chemical properties benefit automotive and electronic sectors. Chemically, elastomers resist hydrocarbons and other lubricants.
“The Global Thermoplastic Polyester Elastomer Market size was valued at 1229.14 million tons in 2021 and is predicted to reach at 2240.78 million tons by 2030, increasing at a CAGR of 6.9% from 2022 to 2030. Manufacturers of thermoplastic polyester elastomers have produced many unique solutions, such as substituting thermosets, wood, and metals for polyester. This should boost the thermoplastic polyester elastomer market,” said by Seema, Research Manager at Straits Research P. Ltd.
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Rising Trends
Automotive Boom
Although the automotive elastomers market is predicted to be stable throughout the projection period, it remains one of the most promising globally. Automotive elastomer demand has surged, leading to rapid industry growth. Both passenger and commercial automobiles are in higher demand. As the best material for lightweight vehicle components, rubber's demand in the automotive sector has grown.
Rising Healthcare Costs
Rising healthcare expenses are expected to encourage investments in medical equipment such plastic syringes, instruments, surgical gloves, and other plastic consumer and industrial goods. As a result, these and other medical gadgets and products require lighter plastics like TPE. These materials are also used to package medicines and other drugs since they save weight during transit and protect the inside components hygienically.
Growth Opportunities
Biobased TPE Is Growing
Biobased TPE uses plant oils and fatty acids. This breakthrough technology benefits the electronics, sportswear, and footwear industries. Biobased TPE uses fewer nonrenewable resources while improving biodegradability. Biobased TPE is being commercialized, creating new revenue streams. Some synthetic TPE manufacturers are producing eco-friendly products.
Regional Overview
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa make up the global thermoplastic polyester elastomer market. North American automakers are likely to continue employing plastic vehicle parts, which lowers costs and boosts profitability. This polymer dominated North America's TPE market. Plastic is used in North America's automotive, electrical, packaging, and construction industries.
China, India, and Southeast Asia are the region's three major economies. Rising production will increase demand for TPE compounds in the automotive, industrial machinery, packaging, and electrical & electronic industries.
Europe will remain a major market, estimates say. Despite the financial crisis, rising unemployment, and stalled industrial output, an optimistic outlook for manufacturing and consumption in Eastern Europe is predicted to underpin the region's economy.
Key Highlights
- The Global Thermoplastic Polyester Elastomer Market size is predicted to reach at 2240.78 million tons by 2030, increasing at a CAGR of 6.9% from 2022 to 2030.
- By End-Use, the Global Thermoplastic Polyester Elastomer Market is segmented into Automotive, Electrical & Electronics, Industrial, Medical, Consumer Goods, and Others. Here, the Automotive sector dominates the market.
- By Region, the Global Thermoplastic Polyester Elastomer Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is the dominating region.
Recent Developments
- April 2022 - SK Chemicals and Oncobix develop pharmaceuticals. Under the agreement, Oncobix will develop new drug candidates and conduct synthesis research using TOPFOMICS. SK Chemicals will also verify, develop, and licence the derived candidate chemicals for commercialization.
- February 2022 - DuPont has agreed to sell Celanese Corporation a majority of its Mobility & Materials segment, including the Engineering Polymers business line and certain Performance Resins and Advanced Solutions product lines, for $11.0 billion in cash, subject to customary transaction adjustments.
Top Key Players of Thermoplastic Polyester Elastomer Market
- Ashland Inc.
- BASF SE
- Schulman
- DuPont
- LG Chemicals
- Celanese Corporation
- Covestro
- SK Chemicals
- Sunshine Plastics
- Mitsubishi Engineering Plastics Corp.
- RadiciGroup
- SABIC
- Taiwan Changchun
- TOYOBO
- Teijin Plastics
Thermoplastic Polyester Elastomer Market Segmentations
By End-Use
- Automotive
- Electrical & Electronics
- Industrial
- Medical
- Consumer Goods
- Others
By Regions
- North America
- Europe
- APAC
- Middle East and Africa
- LATAM
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