Asia-Pacific Thermoplastic Elastomer Market Outlook to 2030
Region:Asia
Author(s):Naman Rohilla
Product Code:KROD1947
November 2024
85
About the Report
Asia-Pacific Thermoplastic Elastomer Market Overview
- The Asia-Pacific Thermoplastic Elastomer Market was valued at 2,083 thousand tonnes in 2023. This market growth is primarily driven by the increasing demand for lightweight and high-performance materials in the automotive, construction, and electronics sectors across the region.
- The key players in the Asia-Pacific Thermoplastic Elastomer Market include LG Chem Ltd., Kraton Corporation, Asahi Kasei Corporation, Mitsubishi Chemical Corporation, and Tosoh Corporation. These companies have expanded their production capacities, developed innovative products, and capitalized on the growing demand for sustainable and durable materials across industries.
- Asahi Kasei is advancing the development of new thermoplastic elastomers (TPEs) aimed at enhancing the recyclability of automotive parts. These innovative materials are designed to improve sustainability in the automotive industry, aligning with environmental goals and addressing the increasing demand for recyclable components in vehicle manufacturing.
- China led the Asia-Pacific Thermoplastic Elastomer Market in 2023, driven by its rapid industrialization, growing automotive sector, and increasing investments in the electronics and consumer goods markets. Japan and South Korea also witnessed growth, propelled by technological advancements and a focus on reducing carbon emissions in the manufacturing industry.
Asia-Pacific Thermoplastic Elastomer Market Segmentation
The Asia-Pacific Thermoplastic Elastomer Market is segmented by product type, application, and region.
- By Product Type: The market is segmented into styrenic block copolymers (SBCs), thermoplastic polyurethanes (TPUs), thermoplastic vulcanizates (TPVs), and others. In 2023, SBCs dominated the market due to their widespread application in the automotive and footwear industries.
- By Application: The market is segmented into automotive, building and construction, electronics, medical, and others. The automotive segment held the largest market share in 2023, driven by the growing demand for lightweight materials to enhance fuel efficiency.
- By Region: The market is segmented into China, Japan, South Korea, India, Australia, and Rest of APAC. China accounted for the highest market share in 2023, followed by Japan, owing to rapid industrialization and strong demand in the electronics and automotive sectors.
Asia-Pacific Thermoplastic Elastomer Market Competitive Landscape
|
Company |
Establishment Year |
Headquarters |
|
LG Chem Ltd. |
1947 |
Seoul, South Korea |
|
Kraton Corporation |
2009 |
Houston, USA |
|
Asahi Kasei Corporation |
1931 |
Tokyo, Japan |
|
Mitsubishi Chemical Corporation |
1933 |
Tokyo, Japan |
|
Tosoh Corporation |
1935 |
Tokyo, Japan |
- Mitsubishi Chemical Corporation: The Mitsubishi Chemical Group has developed a plant-derived polycarbonate thermoplastic elastomer with up to 70% biomass content, high heat resistance (melting point 180C), flexibility from -10C to 150C, transparency, alkaline resistance, and non-yellowing properties for versatile applications.
- Sinopec Corporation: Sinopec has launched a new styrene-butadiene copolymer (SBC) plant in China, enhancing its production capabilities. SBC is essential in various industries, including food packaging, medical equipment, automotive, and footwear, indicating a strategic move to meet growing market demands for versatile polymer applications
Asia-Pacific Thermoplastic Elastomer Market Analysis
Asia-Pacific Thermoplastic Elastomer Market Growth Drivers:
- Automotive Sector Expansion: Asia-Pacific produced 37 million passenger cars in 2023, with China leading at 25 million units, highlighting robust automotive growth and increasing demand for lightweight, durable TPEs to enhance fuel efficiency and sustainability.
- Rise of Electric Vehicles (EVs): China's EV sales reached 6.9 million units in 2022, supported by USD 1.4 billion in charging infrastructure subsidies, driving TPE adoption in various EV components as the region embraces electric mobility.
- Sustainable and Eco-friendly Materials: 70% of manufacturers in Asia-Pacific are shifting towards eco-friendly practices, with a 30% increase in hiring within the automotive sector in 2024, indicating a strong commitment to sustainable production using recyclable materials like TPEs.
Asia-Pacific Thermoplastic Elastomer Market Challenges:
- Fluctuations in Raw Material Prices: The price of thermoplastic elastomers (TPEs) has fluctuated between $1.35 and $3.00 per kilogram recently. Annualized price volatility has averaged 10% to 20% over the past four years, with substantial swings of up to 7% occurring within a single year.
- Environmental Regulations: In Japan and South Korea, compliance costs due to stringent environmental regulations can exceed 5% to 10% of total production costs. Manufacturers may need to invest up to $1 million per facility in cleaner technologies to meet emissions standards, posing challenges to maintaining profitability.
Asia-Pacific Thermoplastic Elastomer Market Government Initiatives:
- China's Green Manufacturing Initiative: China has designated 719 green factories, 1,073 green products, 99 green supply chain enterprises, and 53 green industrial parks as of 2022. Industrial enterprises recorded a 15% drop in energy consumption per unit of value-added from 2016 to 2019, saving 480 million tons of standard coal.
- South Korea's Green New Deal: The Green New Deal, launched in July 2020, is part of a broader K-New Deal comprising US$135 billion in investments, with US$61.9 billion specifically allocated to green initiatives aimed at fostering eco-friendly industries.
Asia-Pacific Thermoplastic Elastomer Market Future Market Outlook
The Asia-Pacific Thermoplastic Elastomer Market is expected to grow substantially in the coming years, with a shift towards more advanced, sustainable, and lightweight materials. The growing emphasis on electric vehicles and green building solutions will drive the demand for high-performance TPEs.
Future Market Trends:
- Increased Adoption of Sustainable Materials: In the coming years, TPEs with post-consumer recycled content can comprise up to 48%, while those with post-industrial recycled content can reach 50%. The automotive sector has seen a 20% increase in sustainable material adoption over the past three years, driven by consumer demand.
- Technological Advancements in TPE Production: In the coming years, the development of bio-based TPEs is expected to reduce carbon footprints by up to 30% compared to traditional materials. Innovations in nanocomposite TPEs have shown improvements in tensile strength by 15-25%, broadening their applications in automotive and consumer goods.
Scope of the Report
|
By Product Type |
Styrenic Block Copolymers (SBCs) Thermoplastic Polyurethanes (TPUs) Thermoplastic Vulcanizates (TPVs) Others |
|
By Application |
Automotive Building and Construction Electronics Medical Others |
|
By Region |
China Japan South Korea India Australia Rest of APAC |
Products
Key Target Audience Organizations and Entities Who Can Benefit by Subscribing This Report:
Government and Regulatory Bodies
Banks and Financial Institutes
Investors and Venture Capitalists
Automotive Manufacturers
Construction Companies
Electronics Manufacturers
Medical Device Companies
TPE Manufacturers
Time Period Captured in the Report
Historical Period: 2018-2023
Base Year: 2023
Forecast Period: 2023-2028
Companies
Table of Contents
1. Asia-Pacific Thermoplastic Elastomer Market Overview
1.1. Definition and Scope
1.2. Market Taxonomy
1.3. Market Growth Rate (in tonnes and % CAGR)
1.4. Market Segmentation Overview
2. Asia-Pacific Thermoplastic Elastomer Market Size (in thousand tonnes)
2.1. Historical Market Size (20182023)
2.2. Year-on-Year Growth Analysis (market-specific metrics)
2.3. Key Market Developments and Milestones (operational and financial parameters)
3. Asia-Pacific Thermoplastic Elastomer Market Analysis
3.1. Growth Drivers
3.1.1. Automotive Industry Expansion (market production and consumption metrics)
3.1.2. Rise of Electric Vehicles (EVs) (EV market growth)
3.1.3. Increased Demand for Lightweight and Durable Materials (Material Performance Parameters)
3.1.4. Adoption of Sustainable and Eco-friendly Materials (sustainability initiatives and consumer trends)
3.2. Restraints
3.2.1. Fluctuations in Raw Material Prices (price volatility analysis)
3.2.2. Environmental Regulations (impact on operational costs and compliance)
3.2.3. Supply Chain Disruptions (logistics and supply chain constraints)
3.3. Opportunities
3.3.1. Technological Advancements in TPE Manufacturing (bio-based materials and nanocomposites)
3.3.2. Growing Demand in Medical Devices and Electronics (sector-specific growth)
3.3.3. International Collaborations and Investments (joint ventures and partnerships)
3.3.4. Expansion into Emerging Economies (market penetration in India, ASEAN countries)
3.4. Trends
3.4.1. Development of Bio-based TPEs (sustainability trends)
3.4.2. Increased Adoption of Recyclable and Sustainable Materials (consumer preferences)
3.4.3. Technological Innovations in TPE Production (nanocomposite TPEs)
3.5. Government Initiatives (market-specific regulations and incentives)
3.5.1. Chinas Green Manufacturing Initiative (market-specific policy impacts)
3.5.2. South Koreas Green New Deal (economic stimulus for green industries)
3.5.3. Japans Regulatory Push for Reduced Emissions (impact on manufacturers)
3.5.4. Indias Automotive Mission Plan (impact on automotive TPE demand)
3.6. SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats)
4. Asia-Pacific Thermoplastic Elastomer Market Segmentation
4.1. By Product Type (in value %)
4.1.1. Styrenic Block Copolymers (SBCs)
4.1.2. Thermoplastic Polyurethanes (TPUs)
4.1.3. Thermoplastic Vulcanizates (TPVs)
4.1.4. Others (Other TPE categories)
4.2. By Application (in value %)
4.2.1. Automotive
4.2.2. Building and Construction
4.2.3. Electronics
4.2.4. Medical
4.2.5. Others
4.3. By Region (in value %)
4.3.1. China
4.3.2. Japan
4.3.3. South Korea
4.3.4. India
4.3.5. Australia
4.3.6. Rest of APAC
5. Asia-Pacific Thermoplastic Elastomer Market Competitive Landscape
5.1. Detailed Profiles of Major Companies
5.1.1. LG Chem Ltd. (Headquarters, Year of Establishment, Product Portfolio)
5.1.2. Kraton Corporation (Headquarters, Year of Establishment, Recent Developments)
5.1.3. Asahi Kasei Corporation (Headquarters, Year of Establishment, Financial Metrics)
5.1.4. Mitsubishi Chemical Corporation (Headquarters, Recent Product Launches)
5.1.5. Tosoh Corporation (Headquarters, Recent Investments)
5.2. Other Competitors (at least 15 competitors)
5.2.1. Sinopec Corporation
5.2.2. Covestro AG
5.2.3. ExxonMobil Corporation
5.2.4. BASF SE
5.2.5. Teknor Apex Company
5.2.6. Arkema S.A.
5.2.7. Dow Inc.
5.2.8. PolyOne Corporation
5.2.9. Sibur Holding PJSC
5.2.10. JSR Corporation
5.2.11. LyondellBasell Industries
5.2.12. Ravago Group
5.2.13. HEXPOL AB
5.2.14. LANXESS AG
5.2.15. Mitsui Chemicals, Inc.
6. Asia-Pacific Thermoplastic Elastomer Market Competitive Analysis
6.1. Market Share Analysis (value % for key players)
6.2. Strategic Initiatives (expansions, product launches, innovations)
6.3. Mergers and Acquisitions (key deals and impacts)
6.4. Investment Analysis (venture capital, government grants, private equity)
7. Asia-Pacific Thermoplastic Elastomer Market Regulatory Framework
7.1. Environmental Standards and Certifications (market-specific compliance)
7.2. Emissions Regulations and Impact on TPEs (focus on automotive and construction)
7.3. Certification Processes for New TPEs (standardization and certification costs)
8. Asia-Pacific Thermoplastic Elastomer Future Market Size (in thousand tonnes)
8.1. Future Market Size Projections (forecasts)
8.2. Key Factors Driving Future Market Growth (innovation and sustainability trends)
8.3. Impact of Technological Advancements on Market Size
9. Asia-Pacific Thermoplastic Elastomer Market Future Segmentation
9.1. By Product Type (in value %)
9.2. By Application (in value %)
9.3. By Region (future demand outlook)
10. Asia-Pacific Thermoplastic Elastomer Market Analysts Recommendations
10.1. TAM/SAM/SOM Analysis (Total Addressable Market, Serviceable Available Market, Serviceable Obtainable Market)
10.2. Customer Cohort Analysis (consumer preferences and behavior)
10.3. Marketing Initiatives (branding, positioning, market penetration strategies)
10.4. White Space Opportunity Analysis (untapped markets and products)
11. Disclaimer
11. Contact Us
Research Methodology
Step: 1 Identifying Key Variables
Ecosystem creation for all the major entities and referring to multiple secondary and proprietary databases to perform desk research around the market to collate market-level information.
Step: 2 Market Building
Collating statistics on the Asia-Pacific Thermoplastic Elastomer market over the years and analyzing the penetration of products as well as the ratio of suppliers to compute the revenue generated for the market. We will also review product quality statistics to ensure accuracy behind the data points shared.
Step: 3 Validating and Finalizing
Building market hypotheses and conducting CATIs with market experts from different companies to validate statistics and seek operational and financial information from company representatives.
Step: 4 Research Output
Our research team approaches multiple TPE manufacturers, automotive, and electronics companies to understand product segments, sales trends, consumer preferences, and other parameters. This supports us in validating the statistics derived from the bottom-up approach of these TPE manufacturers, automotive, and electronics companies.
Frequently Asked Questions
01. How big is the Asia-Pacific Thermoplastic Elastomer Market?
The Asia-Pacific Thermoplastic Elastomer Market was valued at 2,083 thousand tonnes in 2023. This growth is driven by rising demand for lightweight, durable materials across automotive, construction, and electronics industries.
02. Who are the major players in the Asia-Pacific Thermoplastic Elastomer market?
The major players in the Asia-Pacific Thermoplastic Elastomer Market include LG Chem Ltd., Kraton Corporation, Asahi Kasei Corporation, Mitsubishi Chemical Corporation, and Tosoh Corporation, among others.
03. What are the growth drivers of the Asia-Pacific Thermoplastic Elastomer market?
Key growth drivers of the Asia-Pacific Thermoplastic Elastomer Market include the expansion of the automotive sector, rising adoption of electric vehicles, and the increasing focus on sustainability and eco-friendly materials.
04. What are the Asia-Pacific Thermoplastic Elastomer market challenges?
The Asia-Pacific Thermoplastic Elastomer Market faces challenges such as price volatility of raw materials, stringent environmental regulations, and supply chain disruptions.
Why Buy From Us?
What makes us stand out is that our consultants follows Robust, Refine and Result (RRR) methodology. i.e. Robust for clear definitions, approaches and sanity checking, Refine for differentiating respondents facts and opinions and Result for presenting data with story
We have set a benchmark in the industry by offering our clients with syndicated and customized market research reports featuring coverage of entire market as well as meticulous research and analyst insights.
While we don't replace traditional research, we flip the method upside down. Our dual approach of Top Bottom & Bottom Top ensures quality deliverable by not just verifying company fundamentals but also looking at the sector and macroeconomic factors.
With one step in the future, our research team constantly tries to show you the bigger picture. We help with some of the tough questions you may encounter along the way: How is the industry positioned? Best marketing channel? KPI's of competitors? By aligning every element, we help maximize success.
Our report gives you instant access to the answers and sources that other companies might choose to hide. We elaborate each steps of research methodology we have used and showcase you the sample size to earn your trust.
If you need any support, we are here! We pride ourselves on universe strength, data quality, and quick, friendly, and professional service.