Thermoplastic elastomers are materials that have both the properties of Thermosets as well as elastomers. They are utilised across various end use industries like automotive, construction and footwear owing to their superior flexibility and resistance to degradation. In the automotive industry, these elastomers are used in manufacturing of interior and exterior automotive parts like weather seals, hoses, boots, belts and gaskets owing to their durable properties and design flexibility.

The global Thermoplastic elastomers market is estimated to be valued at US$ 28.8 billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The growing automotive industry is one of the key factors estimated to drive the growth of the Thermoplastic elastomers market. According to OICA, the global automotive production is projected to surpass 100 million units by 2023 from 95 million units in 2022. With increasing automotive production, the demand for high performance thermoplastic elastomers from the automotive industry is also projected to increase owing to their ability to provide flexible, lightweight and durable components. The development of more cost effective and lightweight vehicles is acting as a major opportunity for thermoplastic elastomers manufacturers to expand their product portfolio and gain a strong foothold in the rapidly growing automotive industry.

Porter’s Analysis
Threat of new entrants: The thermoplastic elastomers market requires high R&D investments and economies of scale to produce innovative products. This poses significant entry barriers for new players.
Bargaining power of buyers: The presence of many established manufacturers reduces the bargaining power of buyers in this market. Buyers cannot influence pricing due to availability of substitutes.
Bargaining power of suppliers: Key raw materials for thermoplastic elastomers include petrochemical feedstock and plastic polymers. Large manufacturers negotiate favorable terms with suppliers due to consistent demand.
Threat of new substitutes: Potential substitutes include thermoset elastomers and traditional rubber. However, thermoplastic elastomers offer processing advantages over substitutes reducing threat.
Competitive rivalry: The market is consolidated with global players. Intense competition on pricing and new product development increases rivalry.

SWOT Analysis
Strength: Thermoplastic elastomers provide advantages of elastomers and plastics processing. They exhibit properties like flexibility, resilience and durability.
Weakness: High R&D costs and production setup expenses. Vulnerability to raw material price fluctuations.
Opportunity: Growing automotive, medical and construction industries drive demand. Development of bio-based thermoplastic elastomers presents opportunities.
Threats: Stringent regulations on plastic waste management. Substitution threat from new advanced materials.

Key Takeaways
The Global Thermoplastic Elastomers Market Analysis is expected to witness high over the forecast period of 2023 to 2030 supported by increasing applications in automotive, medical and construction industries. The automotive industry is the largest end use segment and acceleration in electric vehicles adoption will further spur demand for thermoplastic elastomers. The global Thermoplastic elastomers market is estimated to be valued at US$ 28.8 billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.

Regional analysis indicates North America currently dominates the market and is projected to maintain its leading position during the forecast period attributed to well established automotive and medical industries in the region. Asia Pacific is expected to witness fastest growth on account of rapid industrialization, rising construction activities and growing automotive manufacturing hub in China and India.

Key players operating in the thermoplastic elastomers market are Abbott Laboratories, Medtronic, Inc, Biosensors Inc, Terumo Corporation, Boston Scientific Inc., Dickinson and Company, Cook medicals, B Braun Melsungen AG, SLTL Medical, Endocare, Cardiac Care Products, Invent Bio-med Private Limited, Nano therapeutics pvt ltd, MIV therapeutics. Major players are focusing on new product developments, acquisitions and expansion strategies to strengthen their market position.

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