Thermoplastic Polyester Elastomer Market size is anticipated to reach USD 542 Billion by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of thermoplastic polyester elastomer was USD 292 Billion. The growth of this market is driven by the growing demand for lighter materials in the automotive sector. Thermoplastic Polyester Elastomer is a popular option for automotive applications because of its exceptional mechanical performance and lightweight characteristics. In addition, the properties of TPEE in terms of flexibility, durability, and chemical resistance make it suitable for use in a variety of automotive components such as seals, gaskets, hoses, or interior trims. As per the recent survey, parts, services, and maintenance-related searches account for over 25% of all automobile searches. Therefore, the adoption of TPEE is expected to increase as the automotive components sector continues to focus on fuel efficiency and sustainability.
Furthermore, TPEE exhibits exceptional chemical stability in a range of environmental circumstances, including ozone, water mist, and outside air. Also, excellent anti-fatigue qualities are exhibited by thermoplastic polyester elastomers or TPEE. They have superior rip strength and tolerance to high temperatures up to 140°C. They are perfect for blow molding applications like extrusions and industrial tubes because of their characteristics.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 6% |
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Base Year Market Size (2023) |
~ USD 292 Billion |
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Forecast Year Market Size (2036) |
~ USD 542 Billion |
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Regional Scope |
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Grade (Injection Molding Grade, Extrusion Molding Grade, Blow Molding Grade)
Injection molding grade segment in the thermoplastic polyester elastomer market is anticipated to hold a share of 47% during the forecast period. The injection molding process is a highly efficient production method for the manufacturing of complex TPEE parts with high accuracy and consistency. Injection molding also enables the production of TPEE parts with intricate geometric shapes and details, making it possible for designers to develop new products that are more functional and attractive. In particular, this flexibility in design has contributed to the increased adoption of injection-molded TPEE for a wide range of applications. In addition, it can be used in a broad range of applications across industries such as automobiles, electronics, consumer goods, health care, and equipment. Therefore, these factors contribute to the growth of the injection molding grade segment.
Application (Automotive Components, Industrial Products, Consumer Products)
Automotive components segment in the thermoplastic polyester elastomer market is expected to hold a share of 44% during the forecast period. The rising plastics consumption in automotive components, along with parallel increases in the production of passenger cars, heavy-duty vehicles, and electric vehicles is propelling the growth of the segment. For instance, global investments in the manufacture of electric vehicles increased by 50% between 2021 and 2022, totalling over USD 425 billion. Because of the product's biocompatibility, electronic vehicles (EVs) are becoming more and more commonplace worldwide, which is predicted to increase TPEE use and production in the automotive sector. High-quality automotive instrument panels, seat backs, airbag deployment doors, air intake ducting, wheel covers, dashboard components, door liners and handles, pillar trim, and consumer goods components are just a few of the many uses for TPEE in the automotive industry. As a result of the above-mentioned elements, the market is predicted to witness growth in this segment over the course of projection period.
Our in-depth analysis of the global market includes the following segments:
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Grade |
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Application |
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End-use |
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North America Market Forecast
North American thermoplastic polyester elastomer market is poised to hold the largest share of 35% by the end of 2036. The growing demand for lightweight, durable, eco, and environmentally friendly materials such as TPEE is driving the growth of the market in this region due to North America's role as a major automotive production and innovation center. For instance, in 2022, almost 14.8 million automobiles were manufactured in North America. One of the key factors that accelerates market growth in this region is an increasing emphasis on sustainability and environment protection across industry sectors there. In addition, to meet the evolving consumer demands and industry trends, companies in this region have a track record of focusing on innovation and product development. The adoption of advanced materials such as TPEE, which contribute to the growth of the market in the region, is driven by this emphasis on innovation.
APAC Market Statistics
Thermoplastic polyester elastomer market for Asia Pacific is anticipated to grow significantly with a share of 28% during the forecast period. The need for TPEE compounds in the automotive, industrial machinery, packaging, and electrical & electronics industries is anticipated to grow as the manufacturing sector expands. The steadily expanding automobile manufacturers cover the product voids in the regional market. Bangladesh, China, Indonesia, and India are anticipated to be the primary forces behind the expansion of the regional market. Furthermore, a strong foundation of electrical and electronics manufacturing in South Korea and China is probably going to affect the market's growth by influencing the need for thermoplastic polyester elastomers.
Author Credits: Smruti Ranjan, Rajrani Baghel
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