Thermoplastic Elastomer (TPE) Market

Market Outlook

Thermoplastic elastomer (TPE) is a type of plastic that has elastomeric properties similar to rubber but can be processed like thermoplastics. TPEs are used in various applications such as automotive, electrical and electronics, industrial, medical, consumer goods, and others. TPEs offer various advantages such as light weight, flexibility, recyclability, resistance to abrasion, impact, heat, and chemicals.

The Thermoplastic Elastomer (TPE) market was valued at USD 9.09 Billion in 2020 and is projected to reach USD 16.2 Billion  by 2028, expanding at a CAGR of 7.8% during the forecast period. The major factors driving the market growth are the extensive demand for TPEs in the automotive industry due to their ability to improve fuel efficiency, reduce emissions, and enhance performance. Furthermore, the growing applications of TPEs in the HVAC industry due to their excellent insulation and sealing properties are also expected to fuel the market growth.

Market Trends

Some of the key trends observed in the TPE market are:

·       The increasing demand for bio-based TPEs that are derived from renewable sources such as vegetable oils, starches, and natural rubber6.

·       The development of new grades and formulations of TPEs that can meet the specific requirements of various end-use industries such as medical, food and beverage, and aerospace7.

·       The rising adoption of TPEs in emerging applications such as 3D printing, wearable devices, smart textiles, and soft robotics8.

·       The consolidation and strategic alliances among major players in the market to enhance their product portfolio, market share, and geographical presence9.

Perfluoroelastomer (FFKM) Products Market

Market Outlook

Perfluoroelastomer (FFKM) products are elastomeric products that are made from perfluoroelastomer (FFKM), which is a type of fluoropolymer that has high fluorine content and high temperature resistance. FFKM products have exceptional chemical resistance and can withstand temperatures up to 327°C. FFKM products are used in various applications such as seals, gaskets, O-rings, moulding parts, and others.

The global perfluoroelastomer (FFKM) products market size was estimated at USD 463.3 Million in 2021 and is anticipated to reach USD 640.4 Million by 2030, expanding at a CAGR of 3.8% during the forecast period, 2022-2030. The major factors driving the market growth are the surging adoption of FFKM products in the electronics sector and various chemical processing industries due to their superior performance and reliability. Moreover, the increasing demand for FFKM products in the food processing and pharmaceutical industries due to their low contamination and high purity is also expected to boost the market growth.

Market Trends

Some of the key trends observed in the FFKM products market are:

·       The increasing use of FFKM products in high-end applications such as aerospace, nuclear, and oil and gas exploration, where extreme conditions and safety are critical.

·       The development of new technologies and products such as nano-composite FFKM products, which can enhance the mechanical and thermal properties of FFKM products.

·       The growing demand for customized FFKM products that can meet the specific needs of various end-use industries and applications.

·       The expansion of production capacity and distribution network by major players in the market to cater to the growing demand for FFKM products.