Top Companies in Thermoplastic Elastomer Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Thermoplastic Elastomer Market is projected to reach a value of USD 34.5 Billion by 2028 at a CAGR of 6.20% over the forecast period.
The Global Thermoplastic Elastomer Market is valued at USD 24.1 Billion in 2021 and is projected to reach a value of USD 34.5 Billion by 2028 at a CAGR of 6.20% over the forecast period. Other factors driving the global market include:
- Greater awareness of its benefits.
- Escalating demand for medical elastomers.
- Expanding usage in the HVAC sector.
The Thermoplastic Elastomer sector is expected to increase as a result of reasons including rising EV penetration, tight pollution rules and standards in emerging nations, and rising demand for automobiles and auto parts.
Over the past few years, the rise of the global industry has been mainly attributed to rising demand across different applications, including those in the automotive, electrical and electronics, industrial, medical, and consumer goods sectors. For example, major automotive OEMs have been compelled to use plastics as a replacement for metals and alloys in automotive components as a result of regulatory intervention by environmental agencies aiming at reducing carbon emissions through an improvement in fuel efficiency. Additionally, the demand for high-performance and lightweight passenger automobiles has fueled plastic innovation in the automotive industry. These elements have expanded the use of thermoplastics in the application above. Moreover, Thermoplastic Elastomers have better physical and chemical characteristics than thermoset plastics, making them the material of choice for the application.
Several well-known companies, including Arkema S.A. (France), Asahi Kasei Corporation (Japan), BASF SE (Germany), Covestro AG (Germany), Huntsman Corporation (US), and others, dominate the global Thermoplastic ElastomerMarket. The companies profiled participate in collaboration, capacity expansion, mergers, and product innovation. They are attempting to do this to acquire a competitive advantage in the worldwide market.
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Let’s Take a Look at the Top Market Players that are Captivating the Thermoplastic Elastomer Market
- Arkema SA (France)
Arkema SA manufactures and sells a variety of chemicals. The company produces performance items and industrial chemicals, such as acrylics, PMMA, technical polymers, hydrogen peroxide, specialty chemicals, and useful additives.
- Asahi Kasei Corporation (Japan)
Asahi Kasei Corporation produces and sells industrial chemicals, including synthetic fibers. Cupra fiber, polyurethane fiber, styrene monomer, polyethylene, synthetic rubber, acrylonitrile, engineering resin, and other materials are produced by the company. Additionally, Asahi Kasei is involved in the real estate and medical industries.
- BASF SE (Germany)
BASF SE is a manufacturer of chemicals. The company's six business segments are comprised of chemicals, plastics, performance products, practical solutions, agricultural solutions, and oil and gas. In addition to providing many system solutions and services, BASF supplies goods for the chemical, automotive, agricultural, oil, construction, plastics, electrical, electronics, furniture, and paper industries.
- Covestro AG (Germany)
Covestro AG produces high-performance plastics and polymers. The company produces, sells, and distributes coatings, adhesives, insulating materials, sealants, polyurethanes, and polycarbonates. The automotive, building, electronics, health, and medical engineering sectors are among those to which Covestro advertises its goods.
- Huntsman Corporation (US)
Huntsman Corporation produces and markets specialty chemicals on a global scale. The company provides several chemicals, including sophisticated epoxy, acrylic, and polyurethane-based formulations, maleic anhydride, amines, surfactants, and textile chemicals and dyes.
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