Thermoplastic elastomers find extensive usage across different end-use industries such as automotive, consumer goods, medical, and construction on account of their superior properties including flexibility, resilience and resistance to abrasion.
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.
Thermoplastic elastomers are synthetic polymers that demonstrate both the properties of vulcanized rubber and plastic. They provide easy processability similar to plastic along with elasticity akin to rubber. They are increasingly replacing conventional rubber owing to advantages such as design flexibility, reduced weight, and improved performance. The automotive industry accounts for over 30% of the global thermoplastic elastomer demand driven by the need for lightweight and durable components in vehicles. Other major end-use industries include consumer goods, medical, and construction.
Key Takeaways
Key players operating in the South Korea Thermoplastic Elastomer are BASF SE, Huntsman International LLC, DowDuPont Inc., Arkema Group, Asahi Kasei Corporation and Among Others. South Korean automotive production has been rising steadily, generating increased demand for high-performance thermoplastic elastomers in applications such as hoses, seals, and electrical components. The electronics industry in South Korea has experienced robust growth in recent years due to advanced technological capabilities, also boosting the consumption of thermoplastic elastomers in wire and cable applications. Ongoing advancements in material science and polymer engineering are expanding the versatility of thermoplastic elastomers, facilitating their usage in novel applications across industries.
Market Trends
Growing replacement of PVC - Thermoplastic elastomers are increasingly replacing polyvinyl chloride (PVC) in medical tubing, wire and cable insulation owing to their superior properties and compliance with stringent environmental regulations regarding phthalate plasticizers.
Green thermoplastic elastomers - Development of bio-based and recyclable thermoplastic elastomers incorporating renewable feedstocks is a prominent trend to achieve sustainability goals.
Market Opportunities
Rising healthcare expenditure - Growing geriatric population and increasing healthcare infrastructure in South Korea is anticipated to drive demand for medical devices and consumables containing thermoplastic elastomers.
Expansion of automotive industry - South Korea exports large volume of vehicles to international markets presenting lucrative opportunities for domestic thermoplastic elastomer producers to strengthen supply chain position for global automakers.
Impact of COVID-19 on South Korea Thermoplastic Elastomer Market Growth
The COVID-19 pandemic has significantly impacted the growth of the South Korea thermoplastic elastomer market. Imposition of nationwide lockdowns and movement restrictions severely disrupted the supply chain and halted production activities. This led to a steep decline in the demand for thermoplastic elastomers from various end-use industries such as automotive, construction, and medical in 2020. Many projects in the construction industry were either postponed or cancelled due to the uncertain economic environment. This adversely affected the consumption of TPE in construction sealants, roofing membranes, and other
applications. Similarly, the automotive industry that contributes substantially to TPE demand witnessed a contraction in 2020 with closure of assembly plants. However, the pandemic also highlighted the importance of medical devices and healthcare infrastructure which boosted demand for TPE in medical devices and equipment. With progress in vaccination and resumption of economic activities, it is expected that the market will recover and pre-COVID growth levels will be achieved by 2023. However, future outbreaks pose uncertainty and development of resilient supply chains will be a key focus area.
Geographical Concentration of South Korea Thermoplastic Elastomer Market
In terms of value, the South Korea thermoplastic elastomer market is highly concentrated in the Seoul metropolitan area. It accounts for over 40% of the country's total TPE demand led by well-established automotive and electronics manufacturing clusters. Major automotive OEMs and their tier 1 suppliers located in Seoul contribute significantly to the procurement of TPEs for applications in exterior and interior automotive components. Additionally, leading electronics giants such as Samsung, LG, and SK Group headquartered in Seoul drive the usage of TPEs in wire and cable insulation, flexible circuits and connectors. The provinces of Gyeonggi and Busan are other important industrial hubs that generate sizeable TPE demand from construction, medical and infrastructure development projects.
Fastest Growing Region in South Korea Thermoplastic Elastomer Market
Jeju province has emerged as the fastest growing region in the South Korea thermoplastic elastomer market over the past five years. This can be attributed to large-scale investments in the tourism and infrastructure sectors on the Jeju island. Major hotel chains and resort developers are utilizing TPEs for applications like flooring, sealants, and facade membranes to enhance design flexibility and reduce maintenance. Also, ongoing construction of ports, highways, and railroads on the island has provided a fillip to TPE consumption. With the provincial government promoting Jeju as an international MICE destination, more hospitality projects are expected in the future thus driving continuous demand uptick of thermoplastic elastomers in the region.
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's growth between 2024 and 2031.
:- Accurate calculation of the size of the South Korea Thermoplastic Elastomer 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 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 vendors
FAQ’s
Q.1 What are the main factors influencing the South Korea Thermoplastic Elastomer?
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 companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the South Korea Thermoplastic Elastomer’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?
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