ASIA-PACIFIC THERMOPLASTIC ELASTOMERS MARKET FORECAST 2023-2032

The Asia-Pacific thermoplastic elastomers market growth evaluation comprises a detailed examination of China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Taiwan, Thailand, and Rest of Asia-Pacific. India is experiencing rapid growth in the thermoplastic elastomers market, positioning itself as one of the world’s fastest-growing sectors. The country also holds the fourth-largest market for tires globally, following China, Europe, and the United States. However, India’s tire market currently faces challenges due to raw material price hikes and the need for tire manufacturers to modernize their operations. Accordingly, the market aims to cater to a wide range of vehicle types, including buses, passenger cars, military vehicles, trucks, and motorcycles.

Conversely, Japan, the world’s third-largest economy, has emerged as a significant force in the global automotive industry. The country’s substantial investments in research and development have positively impacted the tire market, as well. In addition, emphasizing energy-saving vehicles to reduce costs and promote future technologies has continued to be a priority in Japan. While domestic demand for tires has been relatively low compared to other Asian countries, the tire market in the country shows promise as economic conditions improve and the population continues to grow. Therefore, these factors are set to facilitate the thermoplastic elastomers market growth in the Asia-Pacific during the forecast period. 

The Asia-Pacific thermoplastic elastomers market is segmented into material type and end-user. The end-user segment includes automotive, electrical & electronics, industrial, medical, consumer goods, building & construction, and other end-users. Thermoplastic elastomers (TPEs) are rapidly gaining popularity as high-performance materials, replacing conventional plastics and traditional elastomers in various applications. The versatility of TPEs, which allows for the combination of elastic and thermoplastic phases, has positioned them as one of the most dynamic materials in the market. 

In the automotive industry, approximately 40% of all consumed TPE products are utilized, highlighting their significant role. TPEs also find extensive use in vehicle manufacturing, particularly in areas such as bellows, belts and hoses, gaskets, floors, sound management components, and instrument panel skins within the car.

Some of the major companies operating in the Asia-Pacific thermoplastic elastomers market are Asahi Kasei Corporation, LG Chem Ltd, Wanhua Chemical Group Co Ltd, etc.

Asahi Kasei Corporation, headquartered in Japan, is primarily involved in the fibers, chemicals, construction materials, housing, electronics, as well as health care businesses. The company’s product portfolio includes membrane filtration systems, functional additives, medical devices, diagnostic reagents, foam insulation panels, adipic acid, foundation systems, styrene, polystyrene, ion exchange membranes, polymers, and acrylonitrile.