#thermoplastic elastomer market

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Thermoplastic Elastomer Market Size, Share and Growth Report, 2031

Global thermoplastic elastomers market is projected to witness a CAGR of 3.9% during the forecast period 2024-2031, growing from 6.25 million tons in 2023 to 8.49 million tons in 2031. The flourishing footwear industry is augmenting the demand for thermoplastic elastomers market growth. This growth is attributed to footwear sales through e-commerce sites and increasing sports events. The increasing deployment of thermoplastic elastomers in transport parts bolstered market growth. For instance, according to the Alliance for Automotive Manufacturers, in 2022, investments in automotive parts manufacturing reached USD 43 billion.

The robust growth of the transportation sector is ascribed to various factors, including the production expansion of aircraft, multiple government initiatives to develop electric vehicle manufacturing hubs, and the ongoing manufacturing activities associated with the new marine vessels. The increasing consumer demand for a new range of footwear, shifting consumer preferences, and advancements in manufacturing technologies are some of the prime attributes influencing the growth of the footwear industry at the global level. Thus, the robust growth of the transportation and footwear sectors at the global level is boosting the demand for thermoplastic elastomers to ensure superior chemical resistance, which, in turn, is supplementing the market growth.

In addition, the recent opening of new facilities for thermoplastic elastomer development will boost the supply of products in the global market, thereby creating a lucrative opportunity for market growth in the long run. For instance, in October 2022, Audia Elastomers launched a new manufacturing plant in Changshu, China. The new manufacturing facility of Audia Elastomers is manufacturing a range of elastomers, including thermoplastic elastomers (TPEs). However, thermoplastic elastomers have several performance limitations, restraining the market’s growth.

The Booming Transportation Industry at the Global Level is Augmenting the Market Traction

In the transportation industry, deploying thermoplastic elastomers is vital as the material ensures superior benefits, such as being lightweight, cost-effective, and highly durable, as opposed to thermoset materials in the total system cost, thereby making it increasingly desirable for transport product manufacturers. Thermoplastic elastomers are employed in transportation products such as commercial aircraft, passenger vehicles, cruise ships, and others. The development of new transport manufacturing facilities, rising commercial flight activities, increasing aircraft production, and surging innovations in the upgraded transport vehicle models are some of the prominent variables fostering the transportation sector’s growth at the global level.

For instance, according to Airbus, a global aircraft manufacturer, the production of A330 aircraft reached 3 per month in 2022. Moreover, Airbus is focusing on increasing the production of A330 aircraft by 4 in 2024. Furthermore, Airbus delivered 611 commercial aircraft units, and in 2022, it was 661 units, an annual growth rate of 8%. Hence, the booming transportation industry is fueling the adoption of thermoplastic elastomers for manufacturing bumpers, air ducts, and high & low-pressure pipes, which forms a major aspect accelerating the market growth.   

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The Bolstering Footwear Sector is Supplementing the Growth of the Market

Thermoplastic elastomers are ideal for manufacturing footwear midsoles as TPEs serve significantly higher levels of flexibility than traditional materials such as ethylene-vinyl acetate (EVA) foams. Additionally, thermoplastic elastomers can be molded into complex shapes for enhanced cushioning, shock absorbency, and support. The footwear sector is experiencing significant demand growth due to several key factors, including the growing sales facilitated by e-commerce, extensive spending on advertising by footwear brands, rising demand for athletic, trendy, and comfortable footwear, and rapid urbanization.

According to the recent statistics published by the World Footwear Yearbook 2023, 2022 global footwear production was 23.9 billion pairs, representing a year-on-year growth rate of 7.6%. Likewise, according to the Sports & Fitness Industry Association (SFIA), the sporting goods industry experienced record-breaking sales in 2021, with a 15.8% increase in revenue from 2020 and a 16.4% increase since 2019 pre-pandemic numbers. Henceforth, the bolstering footwear sector is spurring the demand for thermoplastic elastomers to ensure superior damping properties, propelling the market growth.

Superior Technical Properties of Thermoplastic Elastomers are Amplifying the Market Growth

The thermoplastic elastomers are equipped with beneficial technical properties such as specific gravity at 0.89-1.0, shore hardness of 60A-75D, low-temperature limit at -60°C, high-temperature limit at 120°C, compression set resistance at 100 °C, and resistance to hydrocarbon fluids. Thus, due to the above technical properties, thermoplastic elastomers are often deployed in various applications such as transport parts, construction extruded seals, and electrical and electronic components.

For instance, according to the recent data published by Invest India, in 2022, the production of electronic components in India was valued at USD 11 billion and is projected to reach USD 18 billion by 2026. Therefore, the superior technical properties associated with thermoplastic elastomers augment the adoption of TPEs across various applications, thereby proliferating the market growth.         

Asia-Pacific Held a Significant Share in the Thermoplastic Elastomers Market

The regional economic growth of the Asia-Pacific is driven by the expansion of the various end-use industries such as medical equipment, transportation, building & construction, and industrial. Prominent variables, such as increasing spending power of people, flexible trade regulations, easy availability of raw materials, and ease of import-export policies, are some of the favorable aspects fostering the growth of the transportation sector in the Asia Pacific region.

According to the recent report published by the Organisation Internationale des Constructeurs d’Automobiles (OICA), in 2022, the Asia Pacific region held the highest manufacturing share in the global automotive share, which was 58.8% of the global automotive share. Moreover, in 2021, the production of automobiles in the Asia-Pacific region was 46,768,800 units, whereas in 2022, it was 50,020,793, representing a year-on-year growth rate of 7%. Thus, the booming transportation sector in the Asia-Pacific region is boosting the adoption of thermoplastic elastomers to ensure superior durability, thereby supplementing the market growth in the region.              

Impact of COVID-19

The COVID-19 pandemic in 2020 restrained the supply of raw materials, labor movement, and halt in the production of non-essential industrial products. As a result, the demand for thermoplastic elastomers declined. Furthermore, the demand revenue losses incurred by various end-use industries, such as transportation, industrial, and building and construction, resulted in the decline in the growth of the thermoplastic elastomers industry.

For instance, according to the statistics published by the Organisation Internationale des Constructeurs d’Automobiles (OICA), in 2019, the global production of automotive was 92,175,805 units and in 2020, it was 77,621,582, a decline of 15.8%. However, the sudden surge in the need for medical equipment boosted the demand for thermoplastic elastomers. Additionally, favorable government measures across various countries efficiently promoted the resurgence of various end-use industries, including thermoplastic elastomers, thereby accelerating the market growth in the years 2021 and 2022.

Impact of Russia Ukraine War

The Russia and Ukraine war had a strong impact on respective economies. Since Russia is among the major trade partners of Europe, the supply chain disruption strongly impacted the production activities in the region. As a result, there was a shortage of automotive components in the European countries during 2022, ultimately resulting in a decline in automotive production in the region.

For instance, according to the recent data published by the Organisation Internationale des Constructeurs d’Automobiles (OICA), in 2021, the automotive production in Netherlands was 107,021 units and in 2022, it was 101,670 units, an annual decline of 5% as compared to 2021. However, the procurement of materials from local sources and other prominent markets such as China and India aided the growth of the thermoplastic elastomers market despite the impact of the Russia-Ukraine war in the first half of 2022.

Report Scope

“Thermoplastic Elastomers Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global thermoplastic elastomers market, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19 and Russia-Ukraine war impact, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.

Click here for full report- https://www.marketsandata.com/industry-reports/thermoplastic-elastomers-market

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Mr. Vivek Gupta 5741 Cleveland street, Suite 120, VA beach, VA, USA 23462 Tel: +1 (757) 343–3258 Email: info@marketsandata.com Website: https://www.marketsandata.com

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Global Thermoplastic Elastomers Market Is Estimated To Witness High Growth Owing To Increasing Demand From Automotive and Footwear Industries

The global Thermoplastic Elastomers Market is estimated to be valued at US$25.2 billion in 2021 and is expected to exhibit a CAGR of 6.9% over the forecast period 2022-2030.

A) Market Overview:

Thermoplastic elastomers are versatile materials that have both the properties of rubber and plastic. These materials offer superior elasticity, flexibility, and recyclability, making them ideal for various applications in industries such as automotive, footwear, consumer goods, and medical. Thermoplastic elastomers find extensive use in automotive components, gaskets, seals, adhesives, and coatings. In the footwear industry, they are used for manufacturing shoe soles, straps, and comfort padding. The growing demand from these industries is driving the growth of the global thermoplastic elastomers market.

B) Market Dynamics:

The global thermoplastic elastomers market is driven by multiple factors. Firstly, the increasing demand from the automotive industry is fueling market growth. Thermoplastic elastomers are used in automotive components such as bumper fascia, door panels, interior trims, and weather seals. The lightweight nature of these materials helps in reducing the overall weight of vehicles, resulting in improved fuel efficiency. Additionally, the growing trend of electric vehicles is further boosting the demand for thermoplastic elastomers as they offer better insulation properties compared to traditional materials.

Another driver of market growth is the rising demand from the footwear industry. Thermoplastic elastomers are preferred over traditional materials like rubber and leather due to their superior comfort, durability, and affordability. They provide excellent cushioning and shock absorption properties, making them desirable for shoe soles and comfort padding. Moreover, the increasing focus on sustainable footwear production is also contributing to the adoption of thermoplastic elastomers.

C) Market Key Trends:

One key trend in the Thermoplastic Elastomers Market is the growing demand for bio-based and recyclable thermoplastic elastomers. As sustainability becomes a priority for industries across the globe, there is a shift towards eco-friendly materials. Bio-based thermoplastic elastomers are derived from renewable sources such as plants and have a reduced carbon footprint compared to their petroleum-based counterparts. These materials offer similar properties and performance as conventional thermoplastic elastomers but with the added advantage of being biodegradable and recyclable.

D) SWOT Analysis:

- Strength: Increasing demand from automotive and footwear industries.

- Strength: Superior properties such as elasticity, flexibility, and recyclability.

- Weakness: Dependency on petroleum-based raw materials.

- Weakness: Relatively higher cost compared to traditional materials.

- Opportunity: Growing adoption of bio-based and recyclable thermoplastic elastomers.

- Opportunity: Rising demand from the healthcare and medical devices industry.

- Threats: Volatility in raw material prices.

- Threats: Intense competition from alternative materials like thermosetting elastomers.

E) Key Takeaways:

- The global thermoplastic elastomers market is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period, due to increasing demand from the automotive and footwear industries.

- In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the global thermoplastic elastomers market. The region has a strong presence of automotive and footwear manufacturing hubs, which drives the demand for thermoplastic elastomers.

- Key players operating in the global thermoplastic elastomers market include DowDuPont Inc., Arkema Group, Asahi Kasei Corporation, PolyOne Corporation, Elastron Kimya SA, Kraton Corporation, Evonik Industries, Covestro AG, Lubrizol Corporation, Huntsman Corporation, Tosh Corporation, and Teknor Apex Company. These players focus on product innovation, partnerships, and mergers to gain a competitive edge in the market.

In conclusion, the global thermoplastic elastomers market is poised for significant growth in the coming years, driven by the increasing demand from the automotive and footwear industries.

[pearlsmith25]

Thermoplastic Elastomer Market Dynamics: Demand, Supply, and Economic Impact

Thermoplastic elastomers (TPEs) are a class of materials that combine the characteristics of both thermoplastics and elastomers. They possess the flexibility and resilience of traditional rubber elastomers along with the processability and recyclability of thermoplastics. TPEs find applications across various industries due to their unique blend of properties, making them an increasingly popular choice for manufacturers seeking versatile and cost-effective materials.

Market Dynamics:

The thermoplastic elastomer market has witnessed substantial growth over the years due to the rising demand for lightweight, durable, and high-performance materials in industries such as automotive, consumer goods, healthcare, and electronics. The market's expansion is driven by several key factors:

Diverse Applications: TPEs are used in a wide range of applications, including automotive components, footwear, industrial equipment, medical devices, consumer electronics, and more. This broad applicability contributes to the market's growth.

Advantages over Traditional Materials: TPEs offer advantages over conventional materials like rubber and rigid plastics. They provide improved design flexibility, cost-effectiveness, ease of processing, and enhanced mechanical properties.

Environmental Concerns: The increasing emphasis on sustainability and environmental conservation has led to a shift towards recyclable materials. TPEs, being thermoplastics, are more recyclable compared to traditional elastomers.

Technological Innovations: Ongoing research and development efforts have led to the introduction of advanced TPE formulations with improved performance characteristics, such as better heat resistance, chemical resistance, and UV stability.

Market Segmentation:

The thermoplastic elastomer market can be segmented based on several factors, including:

Product Type: TPEs can be categorized into several sub-types, including styrenic block copolymers (SBC), thermoplastic polyolefin elastomers (TPO), thermoplastic polyurethane elastomers (TPU), thermoplastic vulcanizates (TPV), and copolyester elastomers (COPE), among others.

End-Use Industry: TPEs find applications in automotive, consumer goods, medical, electronics, construction, and industrial sectors.

Geography: The market's growth is influenced by factors such as regional industrial development, economic conditions, and technological advancements. Key regions include North America, Europe, Asia-Pacific, and the rest of the world.

Current Trends:

Several notable trends are shaping the thermoplastic elastomer market:

Automotive Sector Dominance: The automotive industry is a major consumer of TPEs. The demand for lightweight materials to improve fuel efficiency, coupled with TPEs' noise and vibration dampening properties, drives their use in various automotive components.

Healthcare Applications: TPEs are increasingly being used in medical devices and healthcare products due to their biocompatibility, ease of sterilization, and flexibility.

Consumer Goods: TPEs are employed in consumer goods like footwear, sporting equipment, and household appliances due to their comfortable feel, durability, and aesthetic appeal.

Sustainability Focus: Manufacturers are developing bio-based TPEs derived from renewable resources, aligning with the growing emphasis on sustainability and reduced environmental impact.

Challenges:

Despite its growth, the TPE market faces challenges, including fluctuating raw material prices, limited high-temperature stability in certain applications, and competition from other materials.

Conclusion:

The thermoplastic elastomer market continues to expand due to the versatility and advantages that TPEs offer across various industries. As technological advancements and innovation continue, the market is likely to witness further growth and diversification, driven by the demand for lightweight, sustainable, and high-performance materials.

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Thermoplastic Elastomers Market | Global Industry Size, Share, Analysis Report, 2030 | ChemAnalyst

According to ChemAnalyst report, “Global Thermoplastic Elastomers Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global Thermoplastic Elastomers market has shown promising growth in the past five years and is anticipated to achieve a CAGR of 4.55% during the forecast period owing to its high demand in automotive industry coupled with its eco-friendly and easy to recycle nature. Thermoplastic elastomers are the superior polymers that has properties of both thermoplastic and elastomers, also known as Thermoplastic rubbers because of their rubbery property. The rubbery property is present due to one of the components of the copolymer. There are various types of thermoplastic elastomers including styrene block copolymers, thermoplastic olefin, elastomeric alloy, thermoplastic polyurethane, thermoplastic co-polyester, thermoplastic polyamide. Among all styrene block copolymers holds the major share for the total volume consumed. Thermoplastic Elastomers offer high performance attributes in compared to thermoset rubbers, metals, and other conventional materials.

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Due to their versatile properties like high strength, flexibility and light weight, Thermoplastic Elastomers find application in automotive and transportation, building and construction, footwear, electrical and electronics, medical, household appliances, adhesive, sealant and coating. Growing demand from the automotive industry coupled with the rising demand from other application areas such as building and construction, footwear etc. is expected to drive the demand of thermoplastic elastomers during the forecast period. Moreover, growing demand for bio based Thermoplastic Elastomers is going to push the demand further during the forecast period. It is expected that Thermoplastic Elastomers are going to replace the market for PVC in the upcoming years.

In 2020, the spread of COVID-19 in major global economies caused nationwide lockdowns which had an impact on a numerous industry. Automotive and construction were among the most affected industries during the pandemic. This had an impact on the demand of thermoplastic elastomers for the first half of 2020. However, a rise in the demand for Thermoplastic Elastomers has been witnessed since there is relaxation in the lockdown due to its high demand from various end use industries. Additionally, the government policies to support electric vehicles for the clean environment consequently endorses the growth of the thermoplastic elastomers market.

Region wise, Asia pacific region holds the major share of global demand for thermoplastic elastomers due to the expansion of Automobile industry in the region, rapid industrialization as well as the increasing construction activities specially in China and India. Moreover, there is heavy demand for Thermoplastic Elastomers from various other end use industries like electronics, consumer goods, Packaging etc. which further will drive its market in the forecast period.

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 North America and Europe are also expected to show a prominent growth in the demand for Thermoplastic Elastomers during the forecasted period owing to the presence of various end use Industries and their focus in using environment friendly and biodegradable materials.

According to ChemAnalyst report, Global Thermoplastic Elastomers Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030, Major players for thermoplastic elastomers globally include BASF SE, Dow industries, A. Schulman Inc., Huntsman International LLC, Arkema Group, DSM Corporation, DuPont Inc., Evonik Industries AG, SABIC Co., Exxon Mobil Corporation, LG Chem, LANXESS Industries, Sinopec Group, LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Corporation, Sumitomo Chemicals Co. Ltd, 

“Being linked to the automotive and construction sectors, the global Thermoplastic Elastomers industry has shown a robust growth. China and India are the hub of Automobile industries and in Asia Pacific which fuels the demand for Thermoplastic Elastomers in the region. Additionally, Government regulations concerning the use of Biodegradable, recyclable and ecofriendly material are driving the market for Thermoplastic Elastomers across the globe. Additionally, it is also safe to use in sectors like Medical and Food Packaging that will create lucrative market growth opportunities for Thermoplastic Elastomers in the forecasted period. With new competitors emerging across the Asia Pacific Thermoplastic Elastomers market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.

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Thermoplastic Polyester Elastomer Market – Forecast (2021-2026)

Thermoplastic Polyester Elastomer Market size is forecast to reach US$1.22 billion by 2026, after growing at a CAGR of 3.8% during 2021-2026. Thermoplastic Polyester Elastomers, (TPE-E) combines the properties of high-performance elastomers and flexible polymers. These high-strength materials, also known as thermoplastic rubbers, are known for their ability to withstand multiple flex cycles and their resistance to a variety of solvents and lubricants. TPE-Es have a strong impact strength even at low temperatures and can withstand temperatures up to 300°F. PET resin is one of the most frequently used thermoplastics, especially in the packaging industry. In outdoor conditions, thermoplastic elastomers (TPE) and ethylene propylene diene monomer (EPDM) rubber both provide sealing and insulation. They can be molded into specific shapes or produced from sponge or solid material sheets and extrusions. Polyester (polyethylene terephthalate (PET)) is the most common fiber used in automobile textile production. The growing use of TPE-Es in suspension bushings for automotive performance applications because of its greater resistance to deformation when compared to regular rubber bushings is expected to drive the market in the forecast period.

COVID-19 Impact

Currently, due to the COVID-19 pandemic, the Plastic and the rubber industry were affected in multiple ways. There was a supply disruption of raw materials. A delay in farming activities and latex collection further exacerbated the problem. Critical inputs like plastic, carbon black, and rubber compounds were in short supply due to global economic turmoil and import restrictions. For a sector dominated by MSMEs that do not often have solid business continuity planning, the delay in farming activities also resulted in liquidity and working capital concerns. They rely on consistent cash flows to cover their working capital needs and pay their employees. The industry's prospects were further harmed by worldwide market volatility. During the pandemic, however, the market is steadily rebounding due to the growth of TPE (Thermo Plastic Elastomer) in the medical, as well as food and beverage packaging industries.

Thermoplastic Polyester Elastomer Market Report Coverage

The report: “Thermoplastic Polyester Elastomer– Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Thermoplastic Polyester Elastomer market.

By Application: Rubber seals, Belting, Tubing, Bushing and Gears, Conveyer, Geophysical, Industrial, Material Handling, Wire and Cable, Others. By End-Use Industry: Aerospace, Automotive (Passenger Vehicles (PV), Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)),Electrical and Electronics (Medical Devices, Smart Phones, Computer Electronics, Home Appliances, and Others), Marine,Sports and Leisure, Energy (Wind Energy, Solar Energy, and Others), and Others By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa)

Key Takeaways

The Thermoplastic Polyester Elastomer (TPE-E) market in Asia-Pacific is dominated by the region's rising use in a variety of applications in the automotive, medical, construction, and other industrial markets.

The varieties of TPE-Es and their modification options provide the foundation for a wide range of material qualities, allowing for cost-effective processing in a wide range of industries.

TPE-E is easy to mold or extrude onto rigid thermoplastic materials, making it ideal for product soft-touch grips. TPE-Es can also be used to make bottle cap liners and seal rings. It's also good for vehicle parts, wire and cable insulation, HVAC systems, and home appliances.

The biggest opportunity for this market in practically every key industry is increasing need for TPE-Es in densely populated nations like China and India, where demand is growing every day.

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Thermoplastic Polyester Elastomer Market Segment Analysis – By Application

Belting segment held the largest share in Thermoplastic Polyester Elastomers Market in 2020 and is growing at a CAGR 4.5% during 2021-2026. Drive Belts, Conveyor Belts, Weighing Belts, Process Belts, Vacuum Belts, Vacuum Timing Belts, Thermo Belts, Food Processing Belts, ATM-Bill Ejector Belts, and Credit Card Transfer Belts are all made with Hytrel, a thermoplastic polyester elastomer with great durability and flexibility. A metal and x-ray detecting conveyor belt is being developed using DuPont Hytrel TPC-ET thermoplastic elastomer. DuPont Performance Materials teamed up with Esbelt, a conveyor belt manufacturer, to develop a unique, effective polymer that allows for food contamination detection. The new conveyor belt improves food makers' capacity to demonstrate due diligence by controlling the quality of the product on the belt using metal and x-ray detection. Based on the special properties of TPO and TPEE coatings, Habasit P line belts were designed specifically for the tobacco industry. Belt surfaces are critical in tobacco processing because they must serve a variety of functions while enduring harsh environmental conditions such as humidity, sand or dirt, and mechanical impacts. As a result, the increased use of TPEEs across a variety of core sectors is expected to boost the market in the next years.

Thermoplastic Polyester Elastomer Market Segment Analysis – By End-Use Industry

Automotive segment held the largest share in the Thermoplastic Polyester Elastomer market in 2020 and is growing at a CAGR of 6.2% during 2021-2026. Polyester (polyethylene terephthalate (PET)) is the most common fibre used in automobile textile production. According to the SVOA Materials Science & Technology Journal, global TPEEs manufacturing capacity surpassed 150,000 tons per year in 2019, while market demand surpassed 120,000 tons. TPE-E (thermoplastic polyester elastomer) is a thermoplastic polyester elastomer (TPE-E) that is utilized in fabric designs for car seating. Arnitel's TPEEs resin has been utilized on numerous Ford vehicles, including the Mondeo, S-Max, Galaxy, and Focus, and Arnitel's TPEEs have recently been selected as the vacuum brake tube material for Fiesta cars. Thus the growing use of TPEEs in Automotive is evidently going to flourish the market in the forecast period.

Thermoplastic Polyester Elastomer Market Segment Analysis – By Geography

Asia-Pacific region held the largest share in the Thermoplastic Polyester Elastomer Market in 2020 up to 43%, owing to the accelerating automotive industries in the region. According to the International Organization of Motor Vehicle Manufacturers, China produced 25.2 million automobiles in 2020, while India produced 3.9 million, with 25.7 million and 3.8 million automobiles sold in China and India, respectively. China remains the world's largest vehicle market, with the Chinese government projecting that car production will hit 30 million units by 2020 and 35 million by 2025. In 2018, nearly 27 million automobiles were sold in China, according to the China Association of Automobile Manufacturers. The Made in China 2025 program, which aims to transition the country's industry from low-cost mass production to higher-value-added advanced manufacturing, includes automobiles, including new Energy Vehicles (NEVs). The government's target for NEVs is to create 1 million electric and plug-in hybrid cars in China by 2020, with local production accounting for at least 70% of the market. Chinaese government is making a huge investment in the automotive industry which can lead to Thermoplastic Polyester Elastomer Market growth in the forecast period.

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Thermoplastic Polyester Elastomer Market Drivers

Increasing Automotive Production

Thermoplastic Polyester Elastomers are increasingly being used to replace their equivalents in the production of the inside and exterior of automobiles due to their specific strength and modulus. Thermoplastic Polyester Elastomers are becoming more popular in the vehicle industry due to their superior strength-to-weight ratio and are used in a range of applications in the industry, including automotive hoses, seats, gears, and brake systems, among others. China is the world's largest automobile market, with the Chinese government projecting that car production will reach 30 million units in 2020 and 35 million by 2025. As a result, increased automation will necessitate more automotive components, which will drive the Thermoplastic Polyester Elastomers market during the forecast period.

Use of Thermoplastics in Commodity Sector

Commodity The term thermoplastic refers to the least priced thermoplastics, such as polypropylene and certain grades of polyethylenes, that account for the majority of total plastic production. Elastomeric polymers have a high degree of elasticity, which makes them less prone to breaking or cracking. In fact, depending on the substance, elastomers can reversibly extend up to 700 percent. Wires and cables, photographic and magnetic tape, apparel, reusable bags, medical trays, and seeding trays are all examples of commodity products that can benefit from the high tensile strength and tear resistance of elastomers. period. As a result of the diverse uses of commodities in everyday life, the plastics market is predicted to grow, which would favorably impact the Thermoplastic Polyester Elastomers market over the forecast period.

Thermoplastic Polyester Elastomer Market Challenges

Higher Price of raw materials:

Extrusion and injection molding are the two most common TPE manufacturing processes. Injection molding allows for incredibly quick and cost-effective fabrication. The TPE-raw E's material costs are substantially greater. The reason for this is its high production cost; while producing TPE-E, the apparatus and equipments used are more expensive, and they also demand a lot of maintenance. As a result of this feature, the product has a greater price than its alternative materials, which tends to limit the market's growth.

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Thermoplastic Polyester Elastomer Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Thermoplastic Polyester Elastomer Market. Thermoplastic Polyester Elastomer Market top companies include:

1) A. Schulman, Inc. 2) BASF SE 3) Celanese Corporation 4) Chang Chun Group 5) Covestro AG 6) DuPont 7) Entec Polymers 8) LG Chem 9) Mitsui Chemicals Inc 10) PolyOne Corporation and others.

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A Material in a League of its Own: Ceresana Publishes New Study on the Global Market for Thermoplastic Elastomers Soft and flexible, yet easy and inexpensive to process: Thermoplastic elastomers (TPE) are elastic like rubber at room temperature, but can be melted and repeatedly moulded like standard plastics. "Thermoplastic elastomers offer high strength and are robust; they can be welded watertight and colored in a variety of ways. In principle, TPEs can also be recycled," explains Oliver Kutsch, CEO of the market research institute Ceresana: "These innovative materials are conquering more and more application areas. TPEs are also interesting because components can be made from renewable raw materials or combined with bioplastics." This is the fourth time Ceresana has analyzed the global market for thermoplastic elastomers: By 2031, revenues generated with TPEs are expected to increase to almost USD 27 billion. However, growth will be driven not only by increasing demand, but also by price inflation. Further information about the market study “Thermoplastic Elastomers (TPE)” (4th edition): https://www.ceresana.com/en/market-studies/plastics/thermoplastic-elastomers/

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Pressure Sensitive Adhesives Market-Industry Forecast, 2024–2030.

Pressure Sensitive Adhesives Market Overview

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The increasing usage of resins such as silicone polymers, polyisobutene, and elastomers, generally synthetic rubber as the base polymer owing to its functionality and durability, in various end-use sectors will also substantially drive the demand for PSAs. Nitrocellulose adhesive, hydrogenated hydrocarbon resins, and ethylene-vinyl acetate are the thermoplastic resins generally employed in pressure-sensitive adhesives. Moreover, the increasing usage of bio-based pressure-sensitive adhesives and advancements in pressure-sensitive adhesive tapes is expected to offer enormous market expansion opportunities and boost the pressure-sensitive adhesives (PSA) industry in the projected time frame.

Impact of Covid-19

The COVID-19 pandemic and its disruption to several manufacturing activities declined the growth of the pressure sensitive adhesives market in the year 2020. Due to the supply chain disruption and insufficient labor, the manufacturing activities of the packaging, automotive, and electrical and electronic industries were set at a pause which affected the market growth. Furthermore, considering the new government norms and reopening of several industries, it is presumed that the market for pressure sensitive adhesives will return to normal conditions.

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Report Coverage

The: “Pressure Sensitive Adhesives Market Report — Forecast (2024–2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the pressure sensitive adhesives Market.

By Formulation: Water-based, Solvent-based, Hot Melt, Others

By Resin Type: Elastomer (Natural and Synthetic), Acrylic, Silicone, Ethylene-Vinyl Acetate, Polyvinyl Ether, Polyisobutene, Polybutadiene, and Others

By Application: Tapes, Labels, Graphics, and Others

By End Use Industry: Construction, Automotive, Electronics, Medical and Healthcare, Paper, Furniture, Renewable Energy, Wood Working, and Others

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia and New Zealand, Taiwan, Indonesia, Malaysia, and Rest of Asia Pacific),South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa)

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Key Takeaways

Asia-pacific region dominated the pressure sensitive adhesives Market due to the rising government investments in the healthcare, electronics, and construction and infrastructure segments in countries such as China, India, South Korea, and Australia.

Current product innovations to improve modulus of elasticity and rigidity are expected to broaden the application range of pressure sensitive adhesives in structural applications and drive the growth of the market in the projected period.

Rising demand for silicone polymers based pressure sensitive adhesive (PSA) in the electronic and medical industry will further drive the growth of the pressure sensitive adhesives market.

Low adhesive strength provided by the pressure-sensitive adhesives (PSA) would further affect the growth of the market over the forecast period.

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Pressure Sensitive Adhesives Market Segment Analysis- By Resin Type

Acrylic resin held the largest share in the pressure sensitive adhesives market in 2020. Acrylic PSAs are widely employed in a variety of applications due to the saturated nature of the polymer and its subsequent oxidation resistance. Also, the acrylic PSAs have good physical properties in general for a wide range of long-term exterior applications. Owing to its attractive properties such as non-flammable, easy to handle, low level of contamination, little tendency to migrate, good resistance to sunlight, oxygen and heat, and offer adhesion, cohesion and tack, the demand for acrylic resins is anticipated to rise. With the increasing demand for acrylic resin, the market for pressure sensitive adhesives will also increase, which will further drive the market growth in the forecast period.

Pressure Sensitive Adhesives Market Segment Analysis- By Application

Tapes held the largest share in the pressure sensitive adhesives market in 2020. Rising demand for tapes owing to its low cost and ease of use when compared to traditional methods is estimated to uplift the growth of the market. Due to the advantageous properties of pressure sensitive adhesives tapes such as reduced assembly time, vibration dampening and noise reduction eliminates the need for surface refinishing, and others has raised the demand for these tapes in various end use industries. Moreover, pressure sensitive adhesive tapes do not require the use of a water, solvent, or heat to activate. The amount of pressure used to apply the adhesive to the surface has a direct impact on the bond. Rising demand for polypropylene tapes owing to its flexibility and strength, and good low temperature characteristics will further drive the market growth. Thus, rising demand and production for pressure sensitive adhesives tapes is estimated to drive the pressure sensitive adhesives market growth over the forecast period.

Pressure Sensitive Adhesives Market Segment Analysis- By End Use Industry

The packaging sector held the largest share in the pressure sensitive adhesives market in 2020 and is projected to grow at a CAGR of 6% during the forecast period 2021–2026. There are two types of packaging namely flexible and rigid, pressure sensitive adhesives (PSAs) are used in these packaging depending on the application’s suitability. These adhesives are used in the packaging of electronics and electrical devices, hygiene and medical packaging, drug delivery packaging, construction sector transit packaging, automotive-related logistics packaging, and consumer and industrial goods packaging, among others. Furthermore, the increasing use of packaging tapes such as polypropylene tapes in a variety of applications including packaging transport, cartons, goods, warehousing, and logistics is estimated to uplift the market growth. PSAs are used in packaging sectors to improve consumer appeal through graphics. Therefore, the pressure sensitive adhesives market is estimated to see an upsurge over the forecast period with the growing packaging industry.

Pressure Sensitive Adhesives Market Segment Analysis– By Geography

The Asia Pacific region held the largest share of more than 39% in the pressure sensitive adhesives market in 2020. Globally, the region’s growth in the market is mainly due to strong economic growth and heavy investments in the packaging, construction, automotive, and electronic industries. Also, the rising adoption of various resins such as polyisobutene, silicone polymers, and elastomers in emerging economies has uplifted the market growth. APAC is increasing in importance as a worldwide trade and business hub. The market for pressure sensitive adhesives is expected to rise as government investments in many medical and electronic projects increase in countries such as China, India, Japan, and South Korea. The Union Cabinet authorized the production-linked incentive (PLI) plan in ten critical industries (including electronics and white products) on November 11, 2020, in order to strengthen India’s manufacturing capabilities, increase exports, and promote the “Atmanirbhar Bharat” program as per the India Brand Equity Foundation. Thus, such initiatives taken by the government for new projects will raise the demand for pressure sensitive adhesives market in the forecast period.

Pressure Sensitive Adhesives Market Drivers

Increasing Demand for Bio-based Pressure Sensitive Adhesives

Plant-derived resources are used as a raw material in bio-based PSAs. The biomass content of a bio-based material used in an adhesive product is expressed as a percentage (dry weight basis). Also, the bio-based PSAs are considered “carbon neutral” because their plant-derived raw materials absorb the same amount of CO2 during production as they emit when incinerated at the end of product life. Additionally, there is no overall increase in greenhouse gases that can cause global warming, resulting in significantly lower CO2 emissions when compared to traditional, purely petroleum-based formulations. Furthermore, most of the raw materials used for conventional PSAs are derived from fossil fuels, which are limited in supply. Bio-based PSAs can help reduce the demand for petroleum sources by replacing them with renewable plant-based materials. Thus, due to the above mentioned factors the demand for bio-based PSAs is predicted to rise, which would further drive the growth of the pressure sensitive adhesives in the projected period.

Rising Demand from the Electronics Industry will Lead Towards the Growth of the Market

For shock absorption, thermal and electrical conductivity, electromagnetic shielding, and optical characteristics, among other factors, pressure-sensitive adhesives (PSA) are increasingly being utilized in the electronics industry. Because of its high transparency, weather resilience, heat resistance, and adhesion strength, acrylic and synthetic rubber PSA composed of hydrogenated hydrocarbon resin is widely used in the display, mobile phones, and automotive applications. PSA also provides higher processability than liquid-type adhesives since it can stick to three-dimensional substrates without the need for a hardening process. With the development of new innovative products the market for pressure sensitive adhesives is estimated to rise. For instance, in 2020 DELO has developed adhesives that has similar properties to (double-sided) adhesive tapes but is applied in liquid form and that can be extensively used in the electronic applications such as smartphone speakers or display frames. Growing demand of pressure sensitive adhesives in the electronics industry is therefore expected to drive market growth during the forecast era.

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Pressure Sensitive Adhesives Market Challenges

Low Adhesive Strength will Hamper the Market Growth

The main challenges faced by the pressure sensitive adhesives (PSAs) are that the adhesive strength (shear and peel) is low and that it is generally sensitive to high temperatures and solvents. As a result, most pressure sensitive adhesives are unsuitable for high strength or structural applications. They are frequently used with substrates that are relatively weak, such as paper or film. Pressure sensitive adhesives are also unsuitable for rough surfaces and are relatively costly in terms of cost per bond area. Thus, due to the above mentioned properties the market growth for pressure sensitive adhesives (PSAs) is estimated to face challenges in the upcoming years.

Pressure Sensitive Adhesives Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the pressure sensitive adhesives market. Major players in the pressure sensitive adhesives market are Henkel AG & Company KGAA, Arkema Group, The Dow Chemical Company, H.B. Fuller, Avery Dennison Corporation, Sika AG, 3M Company, Scapa Group, and Ashland Inc., among others.

Acquisitions/Technology Launches

In May 2021, with the planned acquisition of Edge Adhesives Texas, a complementary asset in pressure sensitive adhesives and hot-melt adhesive tapes for residential construction, Arkema Group increased its Bostik offering of high performance adhesives in the United States.

Key Market Players:

The Top 5 companies in the Pressure Sensitive Adhesives Market are:

Henkel AG & Co., KGaA.

Arkema Group

Dow Chemical Company

H.B. Fuller

Sika AG

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Medical Tubing Market projected growth trajectory: From USD 9.2 billion in 2023 to an impressive USD 18.3 billion by the year of 2030 at a CAGR of 8.0%

Medical Tubing Market: Growth, Trends, and Forecast (2024 - 2030)

The global medical tubing market has been making significant strides, especially over the past few years. Valued at USD 9.2 billion in 2023, it is expected to surpass USD 18.3 billion by 2030, growing at a robust CAGR of 8.0% during the forecast period from 2024 to 2030. This growth is driven by the increasing demand for medical devices, technological advancements in the healthcare industry, and an aging population that necessitates more advanced medical procedures.

What is Medical Tubing?

Medical tubing refers to specialized tubes used in medical devices and equipment to perform various functions such as delivering fluids, administering medications, or providing a conduit for bodily fluids. These tubes are used in critical applications like intravenous (IV) therapy, surgical procedures, respiratory support, and many more. Medical tubing can be made from various materials, including silicone, PVC, rubber, and thermoplastic elastomers, each suited for different medical requirements.

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Factors Driving the Growth of the Medical Tubing Market

Several key factors contribute to the rapid growth of the medical tubing market:

1. Rising Demand for Medical Devices

As the healthcare sector grows, so does the demand for medical devices, which in turn increases the need for medical tubing. Devices like catheters, intravenous lines, and endotracheal tubes rely heavily on medical tubing, which drives market growth.

2. Technological Advancements

The medical tubing market has witnessed numerous innovations. Advanced materials, improved manufacturing processes, and customizable solutions are helping manufacturers meet the specific demands of modern healthcare. Tubes are becoming more flexible, durable, and resistant to chemicals, which enhances their performance in various medical environments.

3. Aging Population

The global population is aging at an unprecedented rate. As people age, they often experience more chronic conditions, which require medical interventions like surgeries, respiratory treatments, and dialysis, all of which use medical tubing. This demographic shift significantly contributes to the market's expansion.

4. Growth of Minimally Invasive Surgeries

The increasing preference for minimally invasive surgeries (MIS) due to their advantages, such as shorter recovery times and reduced risk of complications, is also boosting the demand for medical tubing. Medical tubes are essential in MIS for procedures like laparoscopy, endoscopy, and others.

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Material Segmentation in the Medical Tubing Market

Medical tubing comes in various materials, each chosen based on its intended application. The most commonly used materials include:

1. PVC (Polyvinyl Chloride) Tubing

PVC medical tubing is widely used due to its excellent flexibility, resistance to chemicals, and ability to be sterilized. It is commonly used in applications like intravenous (IV) lines, blood bags, and catheter tubes.

2. Silicone Tubing

Silicone medical tubing is highly biocompatible, making it ideal for long-term use in the body. It is used in applications such as catheterization, respiratory devices, and drug delivery systems. Silicone’s flexibility and resistance to high temperatures make it an excellent choice for various medical procedures.

3. Thermoplastic Elastomers (TPE)

TPE offers a unique combination of the flexibility of rubber and the processability of plastics, making it a popular choice for medical tubing. It is non-toxic, flexible, and can be sterilized, making it suitable for a wide range of medical applications, including catheter tubing and medical pumps.

4. Rubber Tubing

Rubber is another common material in medical tubing, especially in applications that require a high degree of flexibility. It is used in devices like syringes, respiratory tubes, and blood pressure cuffs.

Regional Insights: Market Outlook

The medical tubing market shows regional variations, with some regions witnessing faster growth than others. Let’s explore the key regions contributing to the market’s expansion:

1. North America

North America holds a dominant share in the medical tubing market. The region benefits from a well-established healthcare infrastructure, the presence of key market players, and high healthcare spending. The United States, in particular, is a major contributor, with its rapidly growing demand for medical devices, advanced healthcare technologies, and an aging population.

2. Europe

Europe is also a significant player in the global medical tubing market. The region is seeing growth in medical device manufacturing, particularly in countries like Germany, France, and the United Kingdom. The increasing focus on minimally invasive surgeries and rising healthcare needs further fuel market growth.

3. Asia-Pacific

The Asia-Pacific region is expected to witness the highest growth rate during the forecast period. Rapidly improving healthcare facilities, a growing medical device industry, and an expanding middle-class population contribute to the increasing demand for medical tubing in the region. Countries like China, India, and Japan are key drivers of this growth.

4. Latin America and Middle East & Africa (MEA)

While the market in Latin America and MEA is relatively smaller, these regions are seeing steady growth due to improving healthcare infrastructure and a rise in healthcare awareness. Countries like Brazil, Saudi Arabia, and South Africa are gradually contributing to the medical tubing market’s expansion.

Key Players in the Medical Tubing Market

The medical tubing market is highly competitive, with several key players contributing to its growth. Some of the leading companies include:

ATAG

Bentec Medical

Elkem

Freelin-Wade.

Freudenberg Medical

Imperative Care

Lubrizol

MDC Industries

NewAge Industries

Nordson Medical

RAUMEDIC

Saint-Gobain

Spectrum Plastics Group

TE Connectivity

Tekni-Plex

Teknor Apex

Teleflex

Vention Medical

Zeus Industrial Products

These companies are investing heavily in R&D and expanding their product portfolios to meet the evolving needs of the healthcare sector.

Applications of Medical Tubing

Medical tubing serves a wide array of applications in the healthcare sector, such as:

1. Intravenous (IV) Therapy

IV tubing is used to deliver fluids, medications, and nutrients directly into the bloodstream, making it one of the most important medical tubing applications.

2. Respiratory Support

Medical tubing is used in ventilators, oxygen masks, and other respiratory devices to ensure patients receive the necessary oxygen or medication to support their breathing.

3. Dialysis

Dialysis involves the use of tubing to transport blood into and out of a machine to remove waste and excess fluid. The proper material selection is crucial to ensuring patient safety during the procedure.

4. Catheters

Catheters are used in various medical treatments, including urinary and cardiac procedures. Tubing is used for the introduction of the catheter into the body.

Challenges in the Medical Tubing Market

Despite the strong growth, the medical tubing market faces a few challenges:

1. Regulatory Compliance

Medical tubing manufacturers must comply with stringent regulations, which vary by region. This can increase the time and cost of production, limiting market growth in some cases.

2. Raw Material Costs

Fluctuations in the prices of raw materials, such as silicone and PVC, can affect the production cost of medical tubing, impacting profit margins for manufacturers.

3. Recycling and Environmental Concerns

As healthcare facilities generate significant amounts of medical waste, there is increasing pressure to develop sustainable and recyclable medical tubing solutions to reduce environmental impact.

Future Outlook: What's Next for the Medical Tubing Market?

Looking ahead, the medical tubing market is poised for continued growth. Key trends to watch out for include:

Increased demand for personalized and patient-specific medical devices.

Adoption of 3D printing for customized medical tubing solutions.

Advances in biodegradable materials for environmentally friendly tubing options.

The rise of telemedicine, remote patient monitoring, and home healthcare is also expected to contribute to market growth as more patients require home-based medical interventions.

FAQs

1. What is the primary factor driving the growth of the medical tubing market? The primary factor driving growth is the increasing demand for medical devices, combined with technological advancements and an aging population.

2. Which region is expected to witness the highest growth in the medical tubing market? The Asia-Pacific region is expected to witness the highest growth rate during the forecast period.

3. What are some common materials used in medical tubing? Common materials include PVC, silicone, thermoplastic elastomers, and rubber.

4. How does the aging population impact the medical tubing market? The aging population often requires more medical interventions, such as surgeries and respiratory treatments, which drives the demand for medical tubing.

5. What challenges do manufacturers face in the medical tubing market? Manufacturers face challenges related to regulatory compliance, raw material costs, and environmental concerns regarding medical waste.

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