Thermoplastic Elastomer Market Regional Analysis:
APAC Market Insights
The market share of thermoplastic elastomer in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about 37% by the end of 2035. The growth of the market can be attributed majorly to the region's strong manufacturing base and increasing demand for thermoplastic elastomer from various end-use industries such as automotive, construction, and packaging. A number of advantages over thermoset rubber, such as superior physical and chemical properties, easy processing and manufacture, and cost-effectiveness, cause thermoplastic elastomers to be increasingly replaced by thermoset rubber in the region. For instance, as a result of COVID-19, a decrease in the rubber industry in India has been observed, resulting in a reduction of 25 million metric tons every year. In addition, demand for thermoplastic elastomers widely originated from the construction and automotive industry in the Asia Pacific region. China holds the largest market share of the thermoplastic elastomer market followed by Japan and South Korea in 2021.
North American Market Insights
The North America thermoplastic elastomer market is estimated to be the second largest, registering a share of about 27% by the end of 2035. The growth of the market can be attributed majorly to the demand for thermoplastic elastomer in the North America region is expected to be driven by the rising demand for light-weight automotive components, growing demand for consumer goods, and increasing investments in the healthcare sector. Additionally, the increasing demand for thermoplastic elastomer-based products in the automotive and construction industries is expected to fuel the growth of the North American thermoplastic elastomer market. Owing to thermoplastic elastomer properties such as versatility, easy molding, and customizable shape formation they are crucial for each and every industry. Many automobile companies look for plastic-made products as they are low in cost and they increase the bottom line as well.
Europe Market Insights
Europe region is set to witness significant growth till 2035. Increasing demand for thermoplastic elastomers in the automotive sector, primarily in the production of engine mounts and other automotive components, is driving the growth of the market in Europe. The medical industry in this region also has a high demand for Thermoplastic Elastomer (TPE). Market growth in this region is driven by its growing use of TPE in medical devices, equipments, surgical instruments, and other medical products. Thermoplastic elastomers are used in medical devices owing to their combination of properties, such as flexibility, strength, and tear resistance, which make them well-suited for use in medical applications. They are also biocompatible, making them a safe choice for medical devices.
