Asia-Pacific Thermoplastic Elastomer Market Outlook to 2028

Best Price Guarantee	Length	Publisher	Published Date	SKU
from $8,950	85 Pages	Ken Research	November, 2024	AMPS19922912

Best Price Guarantee
Price	from $8,950
Length	85 Pages
Publisher	Ken Research
Published Date	November, 2024
SKU	AMPS19922912

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.

Asia-Pacific Thermoplastic Elastomer Market 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.
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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)
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