Thermoplastic Elastomer (TPE) Gaskets Market is forecast to reach $36 billion by 2025, after growing at a CAGR of 6.2% during 2020-2025. With the rise of mechanical works in various end use industries such as automotive, electronics and others. Growing public interest towards household products will further enhance the overall market demand for Thermoplastic Elastomer (TPE) Gaskets during the forecast period.
Thermoplastic Elastomer (TPE) Gaskets Market Segment Analysis - By Application
Refrigerators segment holds the largest share in the Thermoplastic Elastomer (TPE) Gaskets market. A portion of heat gain to a refrigerators/freezer occurs around the edges of the doors, through nearby portions of the cabinet surface, and through the door gaskets themselves. The gaskets in a refrigerator/freezer act as seals to contain the cold air and to thermally isolate the plastic liner from the outer steel structure. The gasket sits between the cabinet insulation and the door. The door gasket itself has trapped air bubbles which have low thermal conductivity and a piece of magnet used for door closing.
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Thermoplastic Elastomer (TPE) Gaskets Market Segment Analysis - By End Use
Automotive sector has been the primary market for Thermoplastic Elastomer (TPE) Gaskets market. TPEs have a lot of advantages over traditional metal alloys in the automotive and transportation industries. One of its greatest competitive features is its ability to be shaped in ways that metals cannot, allowing for more imaginative designs. Further, TPEs have an attractive weight to performance ratio which allows for lighter vehicles and designs leading to improved pass mileage and decreased environmental impact. Automotive gaskets are mechanical seals used to fill the gap between two components to stop any leakage that may occur during the compression stage. Automotive gaskets are manufactured with a diverse set of materials such as plastic polymer, gasket paper, rubber, silicone, fiberglass, cork, felt and metal.
Thermoplastic Elastomer (TPE) Gaskets Market Segment Analysis - By Geography
APAC dominated the Thermoplastic Elastomer (TPE) Gaskets market with a share of more than xx%, followed by North America and Europe. The thermoplastic elastomers gaskets market is growing in APAC due to the growing automotive and electronics market. Gaskets for automotive electronics protect circuits against electromagnetic inference (EMI), disturbances that can disrupt or disable the electronic systems that drivers and passengers depend upon. Automotive designers have a choice of EMI shielding materials, but die cut gaskets made from shielding silicones are an excellent choice. In addition to EMI shielding, these silicones provide environmental sealing and support cost-effective fabrication and assembly.
Thermoplastic Elastomer (TPE) Gaskets Market Drivers
Growing mechanical uses
A gasket is a mechanical seal which fills the space between two or more mating surfaces, generally to prevent leakage from or into the joined objects while under compression. Gaskets allow for "less-than-perfect" mating surfaces on machine parts where they can fill irregularities. Gaskets are commonly produced by cutting from sheet materials. Gaskets for specific applications, such as high pressure steam systems, may contain asbestos. However, due to health hazards associated with asbestos exposure, non-asbestos gasket materials are used when practical.
Growing demand for light- weighted and efficient automobiles
In countries such as China, India, Japan are the huge market for automobiles sector. As, in these countries there is continuous growth in the automobile manufacturing sector. Because of the feature of carbon fibre to make vehicles more efficient by reducing weight, vibration, noise of the vehicles. Thermoplastic elastomers materials boast outstanding characteristics, making them increasingly valuable in many sectors as a substitute to metal. The objective is to develop lighter, less fuel-intensive vehicles emitting less CO2. Owing to this the demand for carbon thermoplastic elastomers gaskets will increase.
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Thermoplastic Elastomer (TPE) Gaskets Market Challenges
Impact of COVID 19
The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. One of the major difficulties, market is facing are the shutdown of all kinds of International transportation. Global crisis for all sectors including manufacturing, which was hit by slowing demand in goods’ production and exports had slowdown the market for thermoplastic elastomers (TPE) gaskets.
High Price of Carbon Fiber
Carbon fiber reinforced parts are light, strong and load-bearing, structural parts and is important in cutting weight from cars. But the high cost of carbon fiber compared to other fibers (glass, natural) that are used in the manufacture of various components of car is one of the major challenges for this market as, small auto parts industries will suffer to buy the high price carbon fibers. Moreover, concerns of automotive manufacturers over providing a waste disposal or recycling system for carbon composite parts is also a challenge.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Thermoplastic Elastomer (TPE) Gaskets market. In 2019, the market of Thermoplastic Elastomer (TPE) Gaskets has been consolidated by the top five players accounting for xx% of the share. Major players in the Thermoplastic Elastomer (TPE) Gaskets Market are Deventer Profile GmbH & Co. KG, Euroseal AS, Hutchinson S.A., ILPEA Spa, Kraiburg TPE GmbH & Co. KG, Polymax Elastomer Technology, Roettele Industries, Inc. among others.
Acquisitions/Technology Launches
In December 2015, Hutchinson S.A.'s Precision Sealing Systems unit has acquired Danielson-based Delta Rubber Co., a manufacturer of high-quality precision rubber components for the automotive, energy and industrial markets.
Key Takeaways
APAC dominates the Thermoplastic Elastomer (TPE) Gaskets market owing to increasing demand from applications such as refrigerators, dishwashers and others.
The growing demand for household products, is likely to aid in the market growth of Thermoplastic Elastomer (TPE) Gaskets.
COVID 19 pandemic will create hurdles for the Thermoplastic Elastomer (TPE) Gaskets market.
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