Thermoplastic Elastomers Market Expected to Hit $33.9 billion by 2027, at a CAGR of 6.5%| MarketsandMarkets™

July 06 18:32 2023
Thermoplastic Elastomers Market Expected to Hit $33.9 billion by 2027, at a CAGR of 6.5%| MarketsandMarkets™
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The thermoplastic elastomers market is witnessing growth globally, driven by the demand for flexible and processable materials in industries such as automotive, healthcare, and consumer goods across various regions.

The Thermoplastic Elastomers market size is estimated to be USD 24.7 billion in 2022 and is projected to reach USD 33.9 billion by 2027, at a CAGR of 6.5%. Thermoplastic elastomers are a class of polymers having properties of both thermoplastics and elastomers. They are obtained by linking thermoplastics with elastomeric rubbers. Thermoplastic elastomers provide advantages of both plastics and rubber, and hence the new form created by their combination is adaptable to many applications. 

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Thermoplastic elastomers are recyclable, environment-friendly, and safe to use in medical and food packaging applications. They are widely used because of their easy moldability at room temperatures due to heating, like plastics and elastomers. Owing to their properties, such as heat stability, smoothness, wear resistance, and scratch resistance, thermoplastic elastomers are used in various end-use industries.

The demand for Thermoplastic Elastomers is mainly catered to by global players manufacturing for various end-use industries. Some of the leading companies involved in the manufacturing of Thermoplastic Elastomers are Arkema S.A (France), Asahi Kasei Corporation (Japan), BASF SE(Germany), Covestro Ag (Germany) and Huntsman Corporation (US). These companies, along with other regional companies, cater to the demand for Thermoplastic Elastomers globally.

Arkema S.A (France) operates its business through four segments, namely, Adhesive Solutions, Advanced Materials, Coating Solutions, and Intermediates. Company is involved in the manufacturing and sales of various chemical products that find applications in consumer goods, paints & coatings, building & construction, automotive & transportation, electronics, energy, and other industries. Company has 144 production facilities and presence across 55 countries. The company has five research & development centers globally.

BASF SE(Germany) is a chemical conglomerate and has a strong presence across the globe. The company supplies its products through 11 divisions, which are grouped into seven segments, namely, Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, Agriculture Solutions, and others. The company has a broad portfolio comprising 75 strategic business units. It produces thermoplastic elastomers under the performance materials division in the Materials segment. The company 241 production sites across 90 countries.

Asahi Kasei Corporation (Japan) is a leading global provider of different grades of thermoplastic elastomers under its brands, Asaflex, TUFPRENE, ASAPRENE T, and Tuftec. It is a group of companies offering products under three categories, namely, Materials, Homes, and Healthcare. The Materials category is further divided into basic material, performance product, specialty solutions, and electronics. The company offers thermoplastic elastomers through the performance product segment. It has more than 211 subsidiaries across 20 countries.

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Other companies have initiated the following developments:

  • In January 2022 Arkema S.A. expands its global manufacturing capacity of Pebax Elastomer by 25% through an investment at its Serquigny plant in France.
  • In July 2022 Asahi Kasei Corporation launched Plastic North America (APNA) and introduced Soform, a new engineered resin series as a part of its diverse Thermylene family portfolio of specialty chemically-coupled glass fiber reinforced polypropylenes.
  • In March 2020 Asahi Kasei Corporation acquired Veloxis Pharmaceuticals Inc. (US). This acquisition is expected to strengthen the presence of the company in the pharmaceutical sector.
  • In November 2019  BASF SE opened a Verbund plant in Zhanjiang, China. The plant is expected to produce TPU to meet the rising demand across the South Chinese market and Asia.
  • In January 2020 BASF SE group acquired Solvay (Belgium) including its 50% share in the production of Butachimie’s adipodinitrile. The acquisition was worth USD 1.53 billion and is expected to broaden BASF’s polyamide capabilities with innovative and well-known products such as Technyl.

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