Asia Pacific Thermoplastic Elastomer and Bioplastics Market Size By Type (SBC, TPO Includes TPV, TPU), By Application (Packaging, Agriculture, Textile), By Geographic Scope And Forecast

Asia Pacific Thermoplastic Elastomer and Bioplastics Market Size And Forecast

Asia Pacific Thermoplastic Elastomer and Bioplastics Market size was valued at USD 15,450.44 Million in 2021 and is projected to reach USD 38,714.71 Million by the end of 2030, growing at a CAGR of 8.38% from 2023 to 2030.

TPEs are used in several varieties of applications in the automotive, medical, construction, electrical, appliance, packaging, and industrial markets. Thus its wide application in various sectors is boosting its growth. The Asia Pacific Thermoplastic Elastomer and Bioplastics Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Asia Pacific Thermoplastic Elastomer and Bioplastics Market Definition

Thermoplastic elastomers (TPEs), which some people call thermoplastic rubbers, are basically a clever mix of materials—think plastic and rubber—giving them the best of both worlds. They're a type of copolymer or a physical blend with both thermoplastic and elastomeric qualities. Because they're so versatile, thermoplastics are used everywhere, from cars and consumer products to building and construction. What's great about thermoplastic elastomers is they act like rubber and plastic all rolled into one. They can stretch pretty far and bounce back to their original shape, lasting longer and performing better than other materials. Even better, TPEs act like thermoset rubbers but can be shaped using standard plastic manufacturing equipment. You'll find TPEs in tons of products, like in the automotive industry, medical devices, construction, electrical components, appliances, packaging, and all sorts of industrial uses.

Asia Pacific Thermoplastic Elastomer and Bioplastics Market Overview

ASEAN countries from southeast asia already has a range of well-established manufacturing clusters. These clusters include electronics in Malaysia and Vietnam, machinery and petrochemicals in Indonesia, automobiles and packaged foods in Thailand, packaged foods and apparel in the Philippines, and semiconductors, biopharmaceuticals, and aerospace components in Singapore.

For ages, Southeast Asia's booming economies have been a magnet for global manufacturers hunting for affordable labor. But it's not just about cheap hands – these countries are also attracting high-value, research-heavy industries and services that help trade, like finance and logistics. Interestingly, governments across the APAC region are really pushing to cut down on plastic production. In fact, several Asian nations have already rolled out national rules or even outright bans on single-use plastics. Believe it or not, Bangladesh led the way, banning plastic bags way back in 2002, long before it was a hot topic. China followed suit with a phased ban starting in 2020 and wrapping up in 2025. New Zealand joined in 2019, and India banned single-use plastics in 2022.

However, the depletion of raw materials including fossil fuel resources along with the fluctuating crude oil prices are likely to act as a restraining factor for the TPE and . This is because fluctuating prices can limit the production of raw materials for TPEs and bioplastics thereby challenging the market growth.

Asia Pacific Thermoplastic Elastomer and Bioplastics MarketSegmentation Analysis

The Asia Pacific Thermoplastic Elastomer and Bioplastics Market is segmented by Type, Application, and Geography.

Asia Pacific Thermoplastic Elastomer and Bioplastics Market, By Type

• SBC• TPO INCLUDES TPV• TPU• COPE• COPA

Thermoplastic Elastomers (SBC) accounted for the largest market share of 68.83% in 2021, with a market value of USD 12,975.08 Million, and are projected to grow at a CAGR of 6.62% during the forecast period. SBC is a segment of thermoplastic elastomers a material that processes like plastic and rubber. This is largely due to the physical crosslinks inherent in the block copolymer structure, which are reversible when heated or dissolved. It is used for many applications such as Adhesives, Asphalt Modification, Composite Solutions, Plastics Modification, and Footwear.

Asia Pacific Thermoplastic Elastomer and Bioplastics Market, By Application

• Packaging• Agriculture• Textile• Automotive• Building And Construction• Consumer Goods• Wire And Cables

Thermoplastic Elastomers (Automotive) accounted for the largest market share of 39.18% in 2021, with a market value of USD 5,083.48 Million, and are projected to grow at a CAGR of 7.22% during the forecast period. Bioplastics (Packaging) accounted for the largest market share of 40.89% in 2021, with a market value of USD 2,519 Million, and is projected to grow at the highest CAGR of 12.05% during the forecast period.

In Automotive, the Japanese car manufacturers seem to be the leaders when it comes to using bio-plastics in their cars. are engineering thermoplastics with good mechanical properties such as stiffness, heat resistance, chemical resistance, fire resistance, good appearance, and processability. The usage of mainly petroleum-based plastics for automotive parts.

Factors such as technological advances, an increase in greenhouse gas emissions, and a greater focus on environmental sustainability and vehicle end-life management. In the packaging industry, Bioplastics have considerable potential as replacements for fossil-based plastics in many applications, such as food packaging. They have been applied in several food packaging industries. PLA and bio-PE are highly used as bottles to contain fruits, milk, and dairy products.

There are several benefits of biodegradable packing in packaging industries such as Reduced Carbon Footprint, No Harmful Plastics, Convenient Disposal, Versatility, and Sustainability. Bioplastics are eco-friendly alternative solutions for traditional plastic solutions. Rigid bioplastics are used for cosmetics packaging compact powders, lipsticks, creams, and beverage bottles.

Asia Pacific Thermoplastic Elastomer and Bioplastics Market, By Country

• China• India• Indonesia• Malaysia• Vietnam• Thailand• Taiwan• Rest of APAC

Okay, so when we're talking about China, it's a huge deal for the thermoplastic elastomer and bioplastics markets. Why? Well, China's got a massive manufacturing base, and the government is really pushing to cut down on plastics. Think about itChina brought in a plastic ban on January 1, 2021! That means no more making, selling, or using those throw-away, single-use plastics – at least according to the Ministry of Ecology and Environment and the National Development and Reform Commission (NDRC). Because of this, Chinese companies that make materials are seriously looking at ramping up production of biodegradable plastics made from plants. They're reacting to China's new rules about getting rid of plastic bags, plain and simple.

Key Players

The “Asia Pacific Thermoplastic Elastomer and Bioplastics Market” study report will provide valuable insight with an emphasis on the Asia Pacific market including some of the major players such as Lubrizol Corporation, ExxonMobil Corporation, BASF SE, Teknor Apex Company, Bayer AG, PolymaxTPE, Corbion, and others. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.

Key Developments

• BASF SE. German chemical company BASF had expanded its presence in China with the acquisition of alkoxylates production assets from Sinopec Shanghai Petrochemical Company (SPC).As part of the deal, BASF acquired SPC’s land, buildings, and assets that are located adjacent to its facility in Jinshan, China.

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