by The South Korea thermoplastic elastomer market has been growing at a steady pace. Thermoplastic elastomers (TPEs) are a class of copolymers or a physical mix of polymers that have both thermoplastic and elastomeric properties. They are good alternatives to rubbers in many applications due to benefits such as recyclability, softer feel, and greater flexibility. Styrenic block copolymers, polyurethanes, polymer blends, and others are some of the commonly used TPEs in various industries including automotive, construction, wires & cables, footwear, and more. The automotive industry has been one of the largest consumers of TPEs due to their wider use in exterior and interior applications.
The Global South Korea Thermoplastic Elastomer Market Size is estimated to be valued at US$ 743 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the South Korea thermoplastic elastomer market are BASF SE, Huntsman International LLC, DowDuPont Inc., Arkema Group, Asahi Kasei Corporation and Among Others. These players are focusing on new product launches, acquisitions and partnerships to gain a competitive advantage in the market.
The growing demand from automotive, construction, and wires & cables industries offers significant growth opportunities for thermoplastic elastomer manufacturers and suppliers. South Korea hosts a robust automotive industry and surging vehicle production is expected to propel TPE demand in the coming years.
The global expansion of South Korean TPE manufacturers in countries across Asia Pacific, Europe, North America is further expected to boost the South Korea thermoplastic elastomer market growth over the forecast period.
Market Drivers
Increasing demand from the automotive industry is one of the major drivers for the South Korea thermoplastic elastomer market. TPEs find extensive applications in exterior and interior automotive components owing to benefits such as resistance to fuel, oil, chemicals and weathering. The flourishing automotive manufacturing industry in South Korea has been driving higher consumption of TPEs.
PEST Analysis
Political: South Korea has a stable political environment which is beneficial for the growth of the thermoplastic elastomer market. The country provides favorable regulations to promote the manufacturing sector.
Economic: South Korea has a growing economy with rising disposable incomes. This increases the demand for automotive and consumer goods which drive the consumption of thermoplastic elastomers in the country.
Social: Changing lifestyle and increasing health awareness among consumers is fueling the demand for lightweight and comfortable products. Thermoplastic elastomers are widely used to manufacture such goods.
Technological: South Korea is investing heavily in research & development to advance polymer technologies. Local companies are developing innovative grades of thermoplastic elastomers with superior properties through advances in polymerization and blending techniques.
Geographical regions with high market concentration
The thermoplastic elastomer market is highly concentrated in the Northwestern and Southeastern regions of South Korea in terms of value. The Northwestern region accounts for over 35% share due to the presence of large automotive manufacturing clusters in Goyang and Pyeongtaek cities. The Southeastern region has emerged as a major hub for the electronics and consumer goods industries located in the Busan Metropolitan City area which drives the local demand.
Fastest growing region
The Central region of South Korea encompassing Daejeon and Sejong cities is expected to witness the highest growth for the thermoplastic elastomer market over the forecast period. Major upcoming investments in healthcare, renewable energy and smart infrastructure projects are providing impetus to the demand from new applications. The government’s initiative to develop Daejeon as an innovation cluster will attract more polymer research facilities boosting R&D expenditures.
What Are The Key Data Covered In This South Korea Thermoplastic Elastomer Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the South Korea Thermoplastic Elastomer Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the South Korea Thermoplastic Elastomer Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- South Korea Thermoplastic Elastomer Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of South Korea Thermoplastic Elastomer Market vendors
FAQ’S
Q.1 What are the main factors influencing the South Korea Thermoplastic Elastomer market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top South Korea Thermoplastic Elastomer Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the South Korea Thermoplastic Elastomer market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
