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CHINA THERMOPLASTIC ELASTOMERS MARKET FORECAST 2023-2030

SCOPE OF THE REPORT

China Thermoplastic Elastomers Market by Material Type (Polystyrene, Polyolefin, Elastomeric Alloy, Polyurethane, Polyamide, Other Material Types) Market by End-user (Automotive, Electrical & Electronics, Industrial, Medical, Consumer Goods, Building & Construction, Other End-users)

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MARKET OVERVIEW

The China thermoplastic elastomers market is set to develop a CAGR of 5.61% in terms of revenue and xx% in terms of volume during the forecasted period of 2023 to 2030. Moreover, the market is expected to reach a revenue share of $12651.15 million by 2030.

The thermoplastic elastomers market in China comprises numerous local small-to-medium-sized players, with several Tier 1 players acquiring or collaborating with local rubber manufacturers. China stands as the largest consumer of TPE globally. Despite being the world’s largest automobile market, China’s vehicles per capita remain lower compared to many other countries, with 200 vehicles per thousand people, while other top countries have 600-900 vehicles per capita. Accordingly, factors such as rising Chinese labor costs and increasing land and energy prices have led to a reduction in Chinese vehicle production, resulting in manufacturers shifting their operations to more cost-effective countries like Vietnam.

China Thermoplastic Elastomers Market

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To mitigate domestic labor costs and trade barriers, many small-scale manufacturers are establishing enterprises or plants overseas, as they face the risk of closure or acquisition by larger manufacturers. Chinese manufacturers are also making efforts to meet the growing global tire demand. Aligning with this, the country is now focusing on producing high-end, branded, and environmentally friendly tires; it serves as the largest exporter to the Middle East and is a significant global exporter, as well.

The Chinese automotive industry caters to both domestic and foreign markets. During the forecast period, automotive production in the country is expected to be driven by the increasing demand for SUVs, lightweight and fuel-efficient vehicles, and the rising popularity of electric vehicles worldwide. Furthermore, China is actively promoting the use of electric vehicles, with a target to reach a production of 2 million electric vehicles per year by 2020 and 7 million per year by 2025. If achieved, this will account for 20% of total new car production in China by 2025. The anticipated increase in vehicle production in the country is expected to drive the demand for thermoplastic elastomers, particularly in automotive applications, thus expanding the market’s growth.

The China 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. The exceptional properties of TPEs, such as enhanced flame resistance, structural strength, and flexibility in different formulations, make them highly suitable for electrical insulation applications. TPE composites are widely utilized in electrical cabinets and enclosures. 

These composites, including polycarbonate/TPE, glass-reinforced, carbon fiber-reinforced, and stainless steel fiber-reinforced variations, offer improved impact and flame resistance. As a result, they are extensively employed in consumer electronics devices, industrial electronics applications, household appliances, and food handling equipment. 

The top enterprises operating in the China thermoplastic elastomers market include Wanhua Chemical Group Co Ltd, Asahi Kasei Corporation, etc.

Wanhua Chemical Group Co Ltd, headquartered in China, is a leading chemical company. It undertakes the production as well as distribution of PU series products (MDI, Polyols, and TDI), petrochemical products such as downstream products, propylene, PO series products, acrylic acid, and fine chemicals and new materials, including TPU, PC, SAP, PMMA, ADI, organic amine, water-based paint, and others.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2023-2030
Base Year2022
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million)
Segments Analyzed
Material Type and End-User
Countries AnalyzedChina, India, Japan, South Korea, Australia & New Zealand, Indonesia, Taiwan, Thailand, and Rest of China
Companies AnalyzedArkema SA, Advanced Elastomer Systems LP, BASF SE, Asahi Kasei Corporation, Covestro AG, Dynasol Group, The Dow Chemical Company, Evonik Industries AG, LG Chem Ltd, Lubrizol Corporation, Kraton Corporation, LyondellBasell Industries, Avient Corporation, Huntsman Corporation, Wanhua Chemical Group Co Ltd

TABLE OF CONTENT

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. METHODOLOGY
    3. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. COUNTRY SNAPSHOT
    3. COUNTRY ANALYSIS
    4. SCOPE OF STUDY
    5. CRISIS SCENARIO ANALYSIS
      1. IMPACT OF COVID-19
      2. IMPACT OF RUSSIA-UKRAINE WAR
    6. MAJOR MARKET FINDINGS
      1. RISING GLOBAL TARIFFS
      2. IMPACT OF TIRE LABELING REGULATIONS
      3. THERMOPLASTIC ELASTOMERS CATER TO DIFFERENT FUNCTIONAL REQUIREMENTS
  3. MARKET DYNAMICS
    1. KEY DRIVERS
      1. GROWING DEMAND FROM AUTOMOTIVES
      2. THERMOPLASTIC ELASTOMER’S USE AS A SUBSTITUTE FOR THERMOSET ELASTOMER
      3. INTRODUCTION OF 3D PRINTING 
    2. KEY RESTRAINTS
      1. PRICE FLUCTUATIONS IN RAW MATERIALS
      2. REDUCED VOLUME CONSUMPTION DUE TO LIGHTWEIGHTING & MINIATURIZATION
  4. KEY ANALYTICS
    1. PARENT MARKET ANALYSIS
    2. KEY TECHNOLOGY TRENDS
    3. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    4. GROWTH PROSPECT MAPPING
    5. MARKET CONCENTRATION ANALYSIS
    6. VALUE CHAIN ANALYSIS
      1. RAW MATERIALS SUPPLIERS
      2. POLYMER COMPOUNDING
      3. END-USER
  5. MARKET BY MATERIAL TYPE
    1. POLYSTYRENE
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. POLYOLEFIN
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. ELASTOMERIC ALLOY
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    4. POLYURETHANE
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    5. POLYAMIDE
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    6. OTHER MATERIAL TYPES
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  6. MARKET BY END-USER
    1. AUTOMOTIVE
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. ELECTRICAL & ELECTRONICS
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. INDUSTRIAL
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    4. MEDICAL
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    5. CONSUMER GOODS
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    6. BUILDING & CONSTRUCTION
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    7. OTHER END-USERS
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  7. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. MERGERS & ACQUISITIONS
      2. PRODUCT LAUNCHES & DEVELOPMENTS
      3. PARTNERSHIPS & AGREEMENTS
      4. BUSINESS EXPANSIONS & DIVESTITURES
    2. COMPANY PROFILES
      1. ADVANCED ELASTOMER SYSTEMS LP
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
      2. ARKEMA SA
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      3. ASAHI KASEI CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      4. AVIENT CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
      5. BASF SE
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      6. COVESTRO AG
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      7. DYNASOL GROUP
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      8. EVONIK INDUSTRIES AG
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      9. HUNTSMAN CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
      10. KRATON CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
      11. LG CHEM LTD
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      12. LUBRIZOL CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      13. LYONDELLBASELL INDUSTRIES
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      14. THE DOW CHEMICAL COMPANY
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      15. WANHUA CHEMICAL GROUP CO LTD
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – THERMOPLASTIC ELASTOMERS

TABLE 2: CHINA THERMOPLASTIC ELASTOMERS MARKET, BY MATERIAL TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 3: CHINA THERMOPLASTIC ELASTOMERS MARKET, BY MATERIAL TYPE, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 4: CHINA THERMOPLASTIC ELASTOMERS MARKET, BY END-USER, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 5: CHINA THERMOPLASTIC ELASTOMERS MARKET, BY END-USER, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 6: LIST OF MERGERS & ACQUISITIONS

TABLE 7: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 8: LIST OF PARTNERSHIPS & AGREEMENTS

TABLE 9: LIST OF BUSINESS EXPANSIONS & DIVESTITURES

LIST OF FIGURES 

FIGURE 1: KEY TECHNOLOGY TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: GROWTH PROSPECT MAPPING FOR CHINA

FIGURE 4: MARKET CONCENTRATION ANALYSIS

FIGURE 5: VALUE CHAIN ANALYSIS

FIGURE 6: CHINA THERMOPLASTIC ELASTOMERS MARKET, GROWTH POTENTIAL, BY MATERIAL TYPE, IN 2022

FIGURE 7: CHINA THERMOPLASTIC ELASTOMERS MARKET, BY POLYSTYRENE, 2023-2030 (IN $ MILLION)

FIGURE 8: CHINA THERMOPLASTIC ELASTOMERS MARKET, BY POLYOLEFIN, 2023-2030 (IN $ MILLION)

FIGURE 9: CHINA THERMOPLASTIC ELASTOMERS MARKET, BY ELASTOMERIC ALLOY, 2023-2030 (IN $ MILLION)

FIGURE 10: CHINA THERMOPLASTIC ELASTOMERS MARKET, BY POLYURETHANE, 2023-2030 (IN $ MILLION)

FIGURE 11: CHINA THERMOPLASTIC ELASTOMERS MARKET, BY POLYAMIDE, 2023-2030 (IN $ MILLION)

FIGURE 12: CHINA THERMOPLASTIC ELASTOMERS MARKET, BY OTHER MATERIAL TYPES, 2023-2030 (IN $ MILLION)

FIGURE 13: CHINA THERMOPLASTIC ELASTOMERS MARKET, GROWTH POTENTIAL, BY END-USER, IN 2022

FIGURE 14: CHINA THERMOPLASTIC ELASTOMERS MARKET, BY AUTOMOTIVE, 2023-2030 (IN $ MILLION)

FIGURE 15: CHINA THERMOPLASTIC ELASTOMERS MARKET, BY ELECTRICAL & ELECTRONICS, 2023-2030 (IN $ MILLION)

FIGURE 16: CHINA THERMOPLASTIC ELASTOMERS MARKET, BY INDUSTRIAL, 2023-2030 (IN $ MILLION)

FIGURE 17: CHINA THERMOPLASTIC ELASTOMERS MARKET, BY MEDICAL, 2023-2030 (IN $ MILLION)

FIGURE 18: CHINA THERMOPLASTIC ELASTOMERS MARKET, BY CONSUMER GOODS, 2023-2030 (IN $ MILLION)

FIGURE 19: CHINA THERMOPLASTIC ELASTOMERS MARKET, BY BUILDING & CONSTRUCTION, 2023-2030 (IN $ MILLION)

FIGURE 20: CHINA THERMOPLASTIC ELASTOMERS MARKET, BY OTHER END-USERS, 2023-2030 (IN $ MILLION)

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