Thermoplastic Elastomers (TPE) Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Styrenic Block Copolymer, Thermoplastic Olefin, Elastomeric Alloy, Thermoplastic Polyurethane, Thermoplastic Copolyester, and Thermoplastic Polyamide), By Application (Automotive & Transportation, Building & Construction, Footwear, Electrical & Electronics, Medical, and Others), and Region Forecast 2020-2031

Thermoplastic Elastomers Market size was valued at US$ 22.4 billion in 2023 and is poised to reach US$ 37.5 billion by 2030, and poised to grow at a 7.2% CAGR from 2024 to 2030. Thermoplastic elastomers are referred to as thermoplastic rubbers, they are the class of copolymers or a physical mix of polymers which consist of both thermoplastic and elastomers. It is widely used due to profitable properties such as heat stability, smoothness, wear resistance, and stretch resistance. The extensive utilization in automotive, building and construction, and footwear consequences a high demand for thermoplastic elastomers in the market which drives the market.

Biobased elastomers are developed from renewable resources such as fatty acids and vegetable oils and give equivalent properties as traditional elastomers which are mainly used for footwear, electronic goods, and sports equipment creating lucrative opportunities in the market. the production process of thermoplastic elastomers requires high temperatures and expert skilled professionals along with high investment which hinders the market growth. The automotive sector holds a major market sector to produce various parts such as body seals, exterior filler panels, wipers, automotive gaskets, door & and window handles, and other applications which accelerate the demand for thermoplastic elastomer in the market. By region, Asia Pacific held the major market share in 2022 and is expected to dominate the global Thermoplastic Elastomers (TPE) market in the forecasted years.

Thermoplastic Elastomers Market Key Developments:

• In November 2022, HEXPOL TPE Launched Medical Mass Balance Thermoplastic Elastomers. Mass balance allows for a gradual increase of the bio-circular share using existing infrastructure with the target to reduce the use of fossil resources step by step.
• In July 2022, Asahi Kasei Corporation launched Plastic North America and a new engineered resin series called Soform, as part of the thermylene family portfolio.
• In January 2018: Polymax Thermoplastic Elastomers LLC, a manufacturer and custom compounder of thermoplastic elastomers, is planning to increase the size of its production operation, by adding about eight million pounds of annual capacity.