Thermoplastic Elastomers (TPE) Market size valued USD 2586.6 million in 2021 and expected to reach USD 38423.4 million by 2028, at a CAGR of 5.8% during the forecast period 2022 to 2028. Thermoplastic elastomers (TPE) are plastic that exhibit the properties of vulcanized elastomers (rubber) at room temperature, but can be processed like thermoplastic plastics when heated. TPEs are unique, eco-friendly thermoplastics that are not only recyclable but can also be re-molded and re-shaped, thereby eliminating wastage quite extensively. These offer various other advantages in terms of physical attributes & characteristics such as resistance to chemicals, UV, oxidation, and providing soft-touch to materials. These properties are increasingly driving rubber and conventional plastic material replacement by TPEs in their respective applications. Several federal bodies such as FDA, US Pharmacopeia regulate product applications in numerous end-use industries to ensure utmost consumer health and safety. These regulations affirm TPE utilization for commercial applications by providing guidelines for prudent product usage.
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.