Thermoplastic elastomers (TPEs) are a class of copolymers or a physical mix of polymers that consist of materials with both thermoplastic and elastomeric properties. TPEs include copolyesters, styrenic block copolymers, polyurethanes, polyolefin blends and elastomer alloys. TPEs possess various advantages over other materials such as versatility, ease of processing, recyclability and cost-effectiveness. They are widely used in various end use industries such as automotive, footwear, wires & cables, sporting goods and construction among others.
The South Korea Thermoplastic Elastomer Market is estimated to be valued at USD 510.6 Mn in 2024 and is expected to reach USD 749.2 Mn by 2031, growing at a CAGR of 5.5% from 2024 to 2031.
Key players operating in the South Korea Thermoplastic Elastomer market are LG Chem Ltd., Dow Chemical, Mitsubishi Chemical Corporation and SABIC.
The growing demand from the automotive industry in South Korea Thermoplastic Elastomer Market is expected to offer lucrative opportunities for the growth of thermoplastic elastomers market over the forecast period. South Korea is one of the major automotive hubs globally due to the presence of major automobile manufacturers.Thermoplastic elastomers market in South Korea is anticipated to witness significant growth over the forecast period owing to increasing investments by market players and rising R&D spending to develop new product grades. The established automotive industry in South Korea acts as a magnet for global TPE suppliers to set up their production bases and expand business in the country.
Market Drivers The high demand from the automotive industry in South Korea is one of the major factors driving the growth of the thermoplastic elastomer market. As per industry estimates, the automotive industry accounts for over 80% of the total TPE consumption in South Korea. The thriving automotive sector along with the growing production of vehicles will positively influence the TPE demand over the coming years.
PEST Analysis Political: South Korea's stable government policies and emphasis on industrial development has positively impacted the growth of the thermoplastic elastomer market.
Economic: Rising income levels and growth in key end-use industries such as automotive and construction has increased the demand for high performance thermoplastic elastomers in South Korea.
Social: Changing demographics, increasing urbanization and growth of the middle class population is driving the consumption of end products incorporating thermoplastic elastomers.
Technological: Advances in material science technologies have enhanced the properties of thermoplastic elastomers making them a suitable substitute for traditional rubber products. Continuous automation in the manufacturing process to increase production output and reduce costs.
Geographical Regions with High Concentration The market in South Korea has been dominated by players located in major cities like Seoul, Busan, Daegu, and Incheon owing to the concentration of manufacturing plants of automotive and electronics industries which are key end-users of thermoplastic elastomers. The capital city Seoul accounts for over 30% of the country's TPE demand driven by the presence of large automotive OEMs and parts manufacturers.
Fastest Growing RegionThe southeastern region comprising the cities of Ulsan and Daegu is emerging as the fastest growing market for thermoplastic elastomers in South Korea. This is driven by expansion of automobile and shipbuilding clusters in Ulsan along with growth of electronics and precision manufacturing industries in Daegu. Favorable government policies promoting industrialization is further propelling the demand from these regions.
Get this Report in Japanese Language: 韓国の熱可塑性エラストマー市場
Get this Report in Korean Language: 한국 열가소성 엘라스토머 시장
Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
The study will help the market players and consultants to understand the on-going structure of the industry.The thermoplastic polyester elastomer can be known to involve soft and hard segments.
Thermoplastic polyester elastomers have the strength of plastic, flexibility of rubber, and the processibility of thermoplastics.
They can be easily managed by conventional thermoplastic processes like calendaring, injection molding, rotational molding, extrusion, and melt casting.
A thermoplastic elastomer is also utilized to manufacture parts of electrical devices, automobiles, and so forth.This Thermoplastic Polyester Elastomer (TPEE) Market study involved the extensive use of both primary and secondary data sources.
The research report process involved the market dynamic factors affecting the industry such as the historical data, government policy, competitive landscape, technological innovations, market environment, present trends in the Thermoplastic Polyester Elastomer (TPEE) market, upcoming technologies and the technical progress in industry.Get Sample Copy of the Reports: https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-thermoplastic-polyester-elastomer-tpee-marketThe Thermoplastic Polyester Elastomer (TPEE) Industry report provides a basic overview of the market including definition, applications and End Users.
The overview covered in this report also presents the company profile, product specifications, production value, capacity, and market shares for each company.Important Companies Cover in this report are:AshlandA.
