Thermoplastic Elastomers Market Poised to Become Mainstream with Rising Adoption in Medical Industry

 

Thermoplastic Elastomers Market

Thermoplastic elastomers (TPEs) are synthetic materials that have both the properties of thermosetting plastics and rubber elasticity. TPEs find wide applications in medical devices due to their flexibility, elasticity and processability. They are used to manufacture components of medical devices that require repeated flexing such as breathing circuits, IV tubes and stopcocks. The global thermoplastic elastomers market is expanding rapidly driven by the growing demand from the healthcare sector.

Thermoplastic elastomers exhibit elastic behavior, flexibility and durability similar to thermoset rubber but can be melted and reshaped like conventional plastic. They are synthesized by blending elastic polymers such as styrene-butadiene-styrene (SBS) or styrene-isoprene-styrene (SIS) with plastic polymers like polypropylene, nylon or polyester. Common applications of TPEs include hoses, belts, cables, seals and gaskets in automotive, construction and industrial sectors. In the medical industry, they are replacing conventional thermosetting rubbers in products due to their superior manufacturability and compatibility with sterilization processes.

The global thermoplastic elastomers market is estimated to be valued at US$ 28.8 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The growing adoption of TPEs in the medical industry is a key driver favoring the market growth. Thermoplastic elastomers require lower assembly and fabrication costs as compared to thermoset rubbers since they can be recycled and reshaped easily using existing plastic processing technologies. In addition, TPE components have longer product lifetimes as they do not experience modulus change or hardening during sterilization with gamma radiation or ethylene oxide gas. Another important driver is the superior physical properties of TPEs such as high tensile strength, flexibility, abrasion resistance and impact strength that make them suitable for producing hoses, stopcocks and breathing circuits used in various medical equipment. Rising medical expenditures and healthcare needs worldwide are expected to boost the sales of TPE-based medical devices over the forecast period.

Segment Analysis

The global Thermoplastic Elastomers market is dominated by the Styrenic Block Copolymers (SBC) sub-segment which holds around 50% of the total market share. SBC is widely used in applications such as footwear, construction, wires and cables due to its excellent high tensile strength, elasticity, oil and chemical resistance. It provides easy processing, greater compatibility with polymers and good performance at lower costs.

PEST Analysis

Political: Governments across regions are supporting the growth of thermoplastic elastomers market by funding various R&D projects for development of high performance and eco-friendly TPE materials. Various regulations regarding use of phthalates and plasticizers are also influencing the demand.

Economic: Growing construction and automotive industries along with rising disposable incomes are driving the use of TPE in various applications. However, volatility in raw material prices impacts the overall costs.

Social: Increasing health awareness has led to growing preference for phthalate-free plasticizers in medical and consumer goods. Rise in nuclear families in developing nations increases demand for home appliances and furnishings.

Technological: Advances in material science have facilitated development of innovative TPE grades with superior properties. Continuous compressor, venting extrusion and 3D printing offer new production techniques. Nanotechnology and carbon nanotubes based TPE also expand scope.

Key Takeaways

The Global Thermoplastic Elastomers Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global thermoplastic elastomers market is estimated to be valued at US$ 28.8 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030.

The North American region dominated the market and accounted for over 30% share in 2023 led by presence of key players and economic recovery post pandemic in the US and Canada. The Asia Pacific region is projected to be the fastest growing market during the forecast period. This can be attributed to rapidly expanding automotive, construction and consumer goods industries along with favorable government policies supporting manufacturing sector in countries like China, India.

Key players related content comprises Key players operating in the Thermoplastic Elastomers market are Graebel Companies, SIRVA, Crown Worldwide, Santa Fe Group, FIDI Global Alliance, MSI Global Talent Solutions, Cartus, Atlas Van Lines, Allied Van Lines, NorthAmerican Van Lines, Arpin Van Lines, Wheaton World Wide Moving, United Van Lines, Mayflower Transit, Bekins, Beltmann Relocation Group, Corrigan Moving Systems, Clark & Reid, Eclipse Relocation. Key players like Graebel Companies, Cartus are focusing on new product launches and mergers to strengthen their global supply chain and service capabilities.

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