India Thermoplastic Elastomer Market to Grow with a CAGR of 5.55% through 2029
Growing use of thermoplastic elastomers in consumer
durables expected to drive the India Thermoplastic Elastomer Market growth in
the forecast period, 2025-2029
According to TechSci Research report, “India
Thermoplastic Elastomer Market- By Region,
Competition, Forecast and Opportunities, 2019-2029”, the India
Thermoplastic Elastomers Market stood at USD1.74 billion in 2023 and is
anticipated to grow with a CAGR of 5.55% in the forecast period, 2024-2029. Initiatives
taken by government based on thermoplastic elastomers has led to favorable
market conditions for the India Thermoplastic Elastomers Market. Several
factors contribute to the growth of various thermoplastic elastomers products.
One of the key initiatives undertaken by the Indian
government is the "Make in India" campaign, a comprehensive strategy
aimed at transforming India into a global manufacturing hub. This ambitious
campaign focuses on various sectors, including the electrical and electronics
production industries. By promoting local manufacturing and attracting foreign
investment, the campaign aims to boost the growth of these industries and
position India as a major player in the global market.
As part of this initiative, there is a particular
emphasis on the use of TPE (Thermoplastic Elastomer) materials in the
manufacturing processes. TPEs are versatile materials that possess a unique combination
of properties, making them ideal for use in electrical and electronics
applications. These materials offer excellent electrical insulation, high
durability, and resistance to various environmental factors, making them highly
desirable for manufacturers in these industries.
Furthermore, the Indian government has recognized the
importance of ensuring consumer health and safety in relation to plastic
products, including TPEs. In line with this objective, regulations and
guidelines have been implemented to govern the use of TPEs in various
applications. These measures aim to ensure that TPEs used in the country meet
stringent safety standards and are suitable for their intended purposes. As a
result, the demand for high-quality and safe TPEs has witnessed a significant
increase in the Indian market.
With the combined efforts of the "Make in
India" campaign and the focus on consumer health and safety, the TPE
market in India is poised for substantial growth. This presents immense
opportunities for manufacturers and suppliers of TPE materials to cater to the
evolving needs of the Indian market and contribute to the overall development
of the manufacturing sector in the country.
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Thermoplastic Elastomer Market”
Thermoplastic elastomers (TPEs) have found extensive
applications in consumer durables, thanks to their distinct properties and
versatility. For instance, they are widely used in the manufacturing of
flexible grips for tools and handles, seals for appliances, cables for
electronic devices, and components of personal care products.
The remarkable versatility of TPEs empowers
manufacturers to enhance the durability, performance, and aesthetics of their
products. Additionally, the unique feature of TPEs being repeatedly moldable,
extrudable, and reusable without compromising their original properties makes
them an environmentally sustainable choice in manufacturing. This aligns
perfectly with the global shift towards adopting more eco-friendly practices,
thus contributing to a greener future.
The India Thermoplastic Elastomer Market is segmented
into type, end user, regional distribution, and company.
Based on its type, the thermoplastic olefins segment held
the largest market share in the forecast period. The Government of India has
set forth ambitious plans for electric vehicle (EV) adoption, aiming to achieve
a significant EV sales penetration of 30% for private cars, 70% for commercial
vehicles, and 80% for two-wheelers by 2030. This strategic move not only
demonstrates India's commitment to sustainable transportation but also
showcases its dedication to reducing carbon emissions and promoting green
mobility.
In this pursuit of greener transportation,
Thermoplastic Olefins (TPOs) play a crucial role in the production of
lightweight components for EVs. By utilizing TPOs, manufacturers can enhance
fuel efficiency, improve overall performance, and contribute to sustainability goals.
These lightweight components not only reduce the vehicle's carbon footprint but
also enhance its range and overall efficiency. As India accelerates its
transition towards green mobility, the demand for TPOs is expected to witness
significant growth, creating new opportunities for the automotive industry, and
supporting the country's sustainable future.
Based on region, West India segment is expected to
grow during the forecast period.
The region of West India consistently experiences a
substantial demand for thermoplastic elastomers (TPEs) across a range of
end-use sectors. This includes the automotive, construction, and consumer goods
industries. Notably, the automotive industry holds a pivotal position in this
region, as West India serves as a prominent hub for automobile manufacturing
within the country. The strategic location and thriving automotive sector
contribute to the high demand and utilization of TPEs, further driving the
growth and development of the region's industrial landscape.
Major companies operating in India Thermoplastic
Elastomer Market are:
- Kraiburg TPE Pvt. Ltd.
- Basell Polyolefins India Pvt. Ltd.
- Zylog Plastalloys Pvt. Ltd.
- Exxonmobil Company India Pvt. Ltd.
- DuPont India Pvt. Ltd.
- BASF India Ltd.
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“Growing application of thermoplastic elastomers in
various end user industries are key drivers of the thermoplastic elastomers market.
Growth in competitive landscape and presence of well-established companies in
the market who are dedicated to enhance their productivity of thermoplastic elastomers
with every passing year are anticipated to register an impressive growth to India
Thermoplastic Elastomers Market in the forecast period.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“India Thermoplastic Elastomer Market By
Type (Styrenic Block Copolymers, Thermoplastic Olefins, Thermoplastic
Polyurethanes, Others), By End User (Automotive, Consumer Durables, Medical,
Others), By
Region, By Competition Forecast
& Opportunities, 2019-2029”, has evaluated the future growth potential of India
Thermoplastic Elastomers Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in India
Thermoplastic Elastomers Market.
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