Rapid advancements in thermoplastic elastomer processing technologies is a key factor driving market revenue growth

Thermoplastic elastomers (TPEs) Market Size – USD 6.30 Billion in 2020, Growth – at a CAGR of 7.8%, Trends – Developments across healthcare industry

The global Thermoplastic elastomers (TPEs) Market size is expected to reach USD 11.57 Billion in 2028 and register a CAGR of 7.8%, over the forecast period, according to the latest report by Reports and Data. Major factors driving market revenue growth are increasing requirements for medical devices, increasing global aging population, rapid advancements in thermoplastic elastomer processing technologies, and preference for single-use medical devices. Elastomers are types of natural or synthetic polymers that have elastic properties. Thermoplastic elastomers (TPEs) are used to manufacture different medical products.

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Top Leading Players: BASF SE, DowDuPont, Eastman Chemical Company, Royal DSM, Trelleborg AB, Momentive Performance Materials Inc., Celanese Corporation, PolyOne Corporation, Teknor Apex, and Kuraray Co. Ltd.

Further key findings from the report suggest:

• In August 2021, LG Chem invested USD 2.21 billion in production of eco-friendly materials in South Korea. The company will produce polybutylene adipate terephthalate and polyolefin elastomer for various applications in automotive, wire and cable coatings, films, medical, adhesives, footwear, and foam industries.
• Thermoplastic elastomers segment accounted for largest revenue share in the global market in 2020. This can be attributed to rising demand for thermoplastic elastomers for manufacturing catheters, medical tubes, medical bags, and other medical devices.
• North America accounted for a significantly large revenue share in the global market in 2020. Rising demand for medical devices such as medical tubes, syringes, catheters, and others, and robust presence of major market players are some key factors driving revenue growth of the market in this region.  

Market Overview:

Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.

Market Segmentation:

The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.

The global Thermoplastic elastomers (TPEs) market is segmented into:

Product Type Outlook (Revenue, USD Billion; 2018-2028)

• Thermoset Elastomers
• Thermoplastic Elastomers

Technology Outlook (Revenue, USD Billion; 2018-2028)

• Extrusion Tubing
• Compression Molding
• Injection Molding
• Others

End-Use Outlook (Revenue, USD Billion; 2018-2028)

• Medical Tubes
• Catheters
• Syringes
• Implants
• Others

Regional Outlook:

• North America (U.S.A., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Questions Addressed in the Report:

• What are the dominating factors that are influencing the growth of the industry?
• In the forecast period, which market segment is expected to rise the most?
• What are the risks and challenges that the industry is facing?
• In the coming years, which area is projected to dominate the market?
• Who are the major players in the market?
• What kind of strategic business plans have they made?

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