| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2019 - 2023 |
| CAGR | 6.50% |
| Market Concentration | High |
Major Players_Market.webp "Asia-Pacific Thermoplastic Elastomer (TPE) Market Major Players")
*Disclaimer: Major Players sorted in no particular order |
APAC Thermoplastic Elastomers Market Analysis
The Asia-Pacific Thermoplastic Elastomer Market is expected to register a CAGR of greater than 6.5% during the forecast period.
- Growing demand for bio-based thermoplastic elastomers are likely to create opportunities for the market in the coming years.
- Volatility in raw material prices are expected to hinder the market demand in the future.
- China is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
APAC Thermoplastic Elastomers Market Trends
Increasing Usage in the Automotive and Transportation Applications
- Thermoplastic elastomers (TPE) are high-performance materials, whose application in the automotive industry is rapidly increasing. TPE serve the automotive industry in a myriad of applications, some of which include the manufacturing of high-quality automotive instrument panels, wheel covers, dashboard components, pillar trims, door liners and handles, seat backs, and seat belt components, among others.
- The automotive industry places particularly high requirements on the materials used. Under extreme stresses, the materials must be dimensionally stable and must not warp, even when faced with great temperature variations.
- TPEs are special types of plastic, which are not only cheaper than metals but also help to make automobiles more energy-efficient by reducing the weight, in addition to providing durability, corrosion resistance, toughness, design flexibility, resiliency, and high performance at low cost. The light weight of TPE enables more fuel-efficient vehicles. Every 10% reduction in vehicle weight is estimated to result in a 5-7% reduction in fuel usage.
- Growing demand for lightweight and high-performance plastics in the automotive industry, to provide increased efficiency and design flexibility, is primarily responsible for the growth of the TPE market. High-performance thermoplastic elastomers offer manufacturers advantages of design and the comparable strength of steel, which help in reducing the weight and controlling greenhouse gas emissions.
- All the aforementioned factors, in turn, are expected to drive the demand for thermoplastic elastomer during the forecast period.
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China to Dominate the Market
- China is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country's manufacturing sector is one of the major contributors to the country's economy.
- The Chinese automotive industry caters to the demand for vehicles, in both domestic and foreign markets. During the forecast period, the automotive production in the country is expected to be driven by the rising demand for SUVs, and lightweight and fuel-efficient vehicles, along with the increasing popularity of electric vehicles across the world.
- The electronics industry is one of the largest consumers of thermoplastic elastomers. Electronic products such as smartphones, OLED TVs, tablets and so on, have the highest growth in the market in the consumer electronics segment. With the increase in the disposable income of middle-class population, the demand for electronic products is projected to grow in the near future, thereby driving the thermoplastic elastomers market.
- Despite the volatile growth in real estate sector, the significant development of rail and road infrastructure by the Chinese government to withstand the growing industrial and service sectors, has resulted in a significant growth of the Chinese construction industry in the recent years. As the construction industry is dominated by state-owned enterprises, the increased government spending is boosting the industry in the country.
- Owing to the aforementioned factors, the market for thermoplastic elastomer in the country is expected to witness huge demand in the coming years.
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APAC Thermoplastic Elastomers Industry Overview
The Asia-Pacific thermoplastic elastomer market is consolidated in nature. The key players in the market include DuPont, BASF SE, Covestro AG, LCY GROUP, and KRATON CORPORATION, among others.
APAC Thermoplastic Elastomers Market Leaders
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DuPont
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BASF SE
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Covestro AG
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LCY GROUP
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KRATON CORPORATION
- *Disclaimer: Major Players sorted in no particular order
_Market.webp "Asia-Pacific Thermoplastic Elastomer (TPE) Market Concentration")
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APAC Thermoplastic Elastomers Industry Segmentation
The Asia-Pacific thermoplastic elastomer market report includes:
| Product Type | Styrenic Block Copolymer (TPE-S) |
| Thermoplastic Olefin (TPE-O) | |
| Elastomeric Alloy (TPE-V or TPV) | |
| Thermoplastic Polyurethane (TPU) | |
| Thermoplastic Copolyester | |
| Thermoplastic Polyamide | |
| Application | Automotive & Transportation |
| Building & Construction | |
| Footwear | |
| Electricals & Electronics | |
| Medical | |
| Household Appliances | |
| HVAC | |
| Adhesive, Sealant & Coating | |
| Other Applications | |
| Geography | China |
| India | |
| Japan | |
| South Korea | |
| Australia & New Zealand | |
| Rest of Asia-Pacific |
Product Type
| Styrenic Block Copolymer (TPE-S) |
| Thermoplastic Olefin (TPE-O) |
| Elastomeric Alloy (TPE-V or TPV) |
| Thermoplastic Polyurethane (TPU) |
| Thermoplastic Copolyester |
| Thermoplastic Polyamide |
Application
| Automotive & Transportation |
| Building & Construction |
| Footwear |
| Electricals & Electronics |
| Medical |
| Household Appliances |
| HVAC |
| Adhesive, Sealant & Coating |
| Other Applications |
Geography
| China |
| India |
| Japan |
| South Korea |
| Australia & New Zealand |
| Rest of Asia-Pacific |
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APAC Thermoplastic Elastomers Market Research FAQs
What is the current Asia-Pacific Thermoplastic Elastomer (TPE) Market size?
The Asia-Pacific Thermoplastic Elastomer (TPE) Market is projected to register a CAGR of greater than 6.5% during the forecast period (2025-2030)
Who are the key players in Asia-Pacific Thermoplastic Elastomer (TPE) Market?
DuPont, BASF SE, Covestro AG, LCY GROUP and KRATON CORPORATION are the major companies operating in the Asia-Pacific Thermoplastic Elastomer (TPE) Market.
What years does this Asia-Pacific Thermoplastic Elastomer (TPE) Market cover?
The report covers the Asia-Pacific Thermoplastic Elastomer (TPE) Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Asia-Pacific Thermoplastic Elastomer (TPE) Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Page last updated on: June 9, 2023
Asia-Pacific Thermoplastic Elastomer (TPE) Industry Report
Statistics for the 2025 Asia-Pacific Thermoplastic Elastomer (TPE) market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Thermoplastic Elastomer (TPE) analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
