South Korea Thermoplastic Elastomer Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (undefined)

South Korea Thermoplastic Elastomer Market is Segmented By Product Type (Boxes, Protective packaging, Mailers, Tapes, Labels, Others), By Application (Automotive Parts, Wires and Cables, Coating, Adhesive & Sealant, Paving & Roofing, Housewares & Appliances, Others), By End-use Industry (Building & Construction, Automotive, Packaging, Footwear, Consumer Electronics, Others). The report offers the value (in USD million) for the above-mentioned segments.

South Korea Thermoplastic Elastomer Market Trends

  • Increased R&D activities: South Korean companies have been significantly ramping up their research and development spending on thermoplastic elastomers over the past few years. This increased focus on R&D is aimed at developing innovative formulations that can meet evolving customer demands across industries such as automotive, medical, and consumer goods. Companies are investing in advanced research to create customized thermoplastic elastomer solutions with enhanced properties such as flexibility, durability, chemical, and heat resistance.
  • Focus on recyclability and sustainability: The growing focus on recyclability and sustainability is having a significant impact on the thermoplastic elastomer market in South Korea. Consumers and businesses alike are increasingly prioritizing eco-friendly and more sustainable materials in their purchases. This shift in demand has pushed thermoplastic elastomer manufacturers to innovate new formulations that are easier to recycle and contain recycled content. For example, many leading thermoplastic elastomer producers in South Korea are developing new product lines made from polyethylene (TPE-E) and thermoplastic polyurethane (TPU). These materials have physical properties similar to traditional rubber but can be recycled more efficiently. TPE-E and TPU products can be recycled mechanically without any loss in performance after multiple reprocessing cycles. This makes them attractive for applications like footwear, automotive interiors and consumer goods where the ability to recycle is paramount. Several large automakers sourcing components from South Korea have set targets to use more recycled plastics in their vehicles to meet regional sustainability regulations, driving new demand.

Figure 1. South Korea Thermoplastic Elastomer Market Share (%), By Region, 2024

South Korea Thermoplastic Elastomer Market By Region