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

are also referred to as thermoplastic rubbers. It is a class of copolymers or a physical mix of (usually plastic and rubber) that consist of materials with both thermoplastic and elastomeric properties. Thermoplastics are used in manufacturing for many applications such as automotive, consumer goods, building and construction, and other industries. Thermoplastic elastomers include numerous advantages typical of both rubbery materials and plastic materials. thermoplastic elastomers have the ability to stretch to moderate elongations and return to their near-original shape creating a longer life and better physical range than other materials. Thermoplastic Elastomers (TPEs) perform like thermoset rubbers but can be processed using standard thermoplastic processing equipment and techniques. TPEs are used in several varieties of applications in the automotive, medical, construction, electrical, appliance, packaging, and industrial markets.

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.

Furthermore, the emerging economies of Southeast Asia have long been destinations for global manufacturers seeking abundant low-cost labor, while high-value R&D-intensive industries and trade-supporting services such as finance and logistics. The government of various APAC nations is significantly working towards minimizing the production of plastics. Presently, a number of Asian countries have placed national regulations or bans on the application of single-use plastics. Notably, Bangladesh, was the first country to have a national ban on plastic bags since 2002, long before the problem of single-use plastic bags became a mainstream issue. China also issued a ban in 2020 with phased implementation, the first phase of which started at the end of 2020 and the last phase commencing in 2025 followed by New Zealand in 2019 and India which issued a ban on 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

In the China market split, China is expected to provide lucrative market opportunities to the thermoplastic elastomer and bioplastics market owing to the presence of an enormous manufacturing base in the country and increasing government focus on minimizing plastics. Recently, a plastic ban took effect in China on January 1, 2021, that prohibits the production, sale, and use of single-use plastic products as per the Ministry of Ecology and Environment and National Development and Reform Commission (NDRC). As a result, Chinese material manufacturers are significantly planning to increase their output of biodegradable plastics made from plants in response to China’s ban on the disposal of plastic bags.

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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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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