Thermoplastic Elastomer Market

Thermoplastic Elastomer Market Study by Styrenic Block Copolymers, Polyurethanes, Polyolefins, Vulcanizates, and Copolyester Ether Elastomers from 2024 to 2034

Analysis of Thermoplastic Elastomer Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Thermoplastic Elastomer Market Outlook (2024 to 2034)

The global thermoplastic elastomer market has been valued at US$ 23.58 billion in 2024, as studied in the recently published industry report by Fact.MR. Sales of thermoplastic elastomers (TPE) are projected to climb at 6.3% CAGR to reach US$ 43.44 billion by the end of 2034. Increasing requirements for flexible and lightweight materials in several industries, including medical, construction, automotive, etc., are contributing to higher consumption of thermoplastic elastomers.

TPEs are eco-friendly and unique thermoplastics, which can be re-shaped or re-molded and recyclable, thereby eliminating the chances of creating more waste. Moreover, oxidation, resistance to chemicals, etc., are some other features of thermoplastic elastomers, which will contribute to their increased demand over the coming years.

Specific properties of thermoplastic elastomers are contributing to their growing use. Smooth finish, heat stability, foldability, scratch resistance, wear resistance, etc., are resulting in their growing preference for application in several industries. Steady expansion of the automotive sector is set to generate higher requirements for thermoplastic elastomers for use in exteriors, interiors, underhood components, and sealing systems.

High focus on sustainability is expected to generate more need for bio-based thermoplastic elastomers. Increasing sales of electric vehicles, rising requirements for lightweight automotive components, and growing number of construction projects are also pushing demand for thermoplastic elastomers. In addition, regulatory norms imposed to ensure reduced carbon emissions will also create more prospects for suppliers of thermoplastic elastomers.

  • Worldwide demand for thermoplastic elastomers for use in the building & construction industry is projected to increase at a CAGR of 6.6% and reach a market value of US$ 8.47 billion by the end of 2034.
  • East Asia is evaluated to hold 24.6% share of the global market by the end of 2034.
  • Sales of thermoplastic elastomers in South Korea are forecasted to rise at a CAGR of 9.1% from 2024 to 2034.
Report Attribute Detail
Thermoplastic Elastomer Market Size (2024E) US$ 23.58 Billion
Forecasted Market Value (2034F) US$ 43.44 Billion
Global Market Growth Rate (2024 to 2034) 6.3% CAGR
Market Share of Thermoplastic Vulcanizates (TPVs) (2034F) 26.8%
North America Market Share (2034F) 17.5%
Japan Market Growth Rate (2024 to 2034) 6.5% CAGR
Key Companies Profiled LG Chemicals; Arkema S.A.; Dynasol Elastomers LLC; BASF SE; Avient Corporation; TSRC Corporation; EMS Group; The Dow Chemical Company; Kraton Polymers LLC; Huntsman Corporation; Bayer Material Science LLC; LCY Chemical Corporation; Evonik Industries.

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What is Responsible for Expanding Thermoplastic Elastomer Market Size?

“High Focus on Sustainability Pushing Thermoplastic Elastomer Market Growth”

In recent years, awareness about sustainability and environmental conservation has risen significantly. As such, industries are focusing on offering eco-friendly products, which is set to drive the consumption of bio-based thermoplastic elastomers.

Several companies are entering into collaborations and partnerships to benefit from combined expertise and developing new solutions.

  • Avient Corporation is one of the key providers of sustainable solutions and materials. In June 2021, the company announced its collaboration with Oceanworks to assist companies using recycled plastics in their products. In addition, these companies also collaborated for the launch of Resound R in 2020 to offer recycled content TPEs.

What is Hindering Sales Growth of Thermoplastic Elastomers?

“Expensive Production Process of TPEs”

Production of thermoplastic elastomers is a capital-intensive procedure compared to other alternatives, including PVC, polyurethane, etc. Therefore, the expensive production process of TPE increases the end-product price, which is set to limit its demand growth to some extent. Moreover, constant fluctuations in the cost of raw materials are restraining the growth opportunities in the global market.

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Which Thermoplastic Elastomer Market Trends are Startups Leveraging?

“Steady Shift to Sustainable Environmental Practices”

New market players entering this competitive landscape are focusing on the development of novel and innovative solutions to attract more consumers. They are strengthening their presence in the global market with the creation of innovative products while using thermoplastic elastomers.

  • Adient, a startup founded in 2016, is involved in automotive seating manufacturing. The company won awards for offering innovative reinforced automotive seats manufactured of thermoplastic elastomer panels, UltraThin Seating. This newly developed panel has been manufactured from recyclable thermoplastic elastomers.

Country-wise Insights

East Asia is approximated to account for 24.6% of the global thermoplastic elastomer market share by the end of 2034, as revealed in the updated study by Fact.MR, a market research and competitive provider. Rising investments in R&D to produce energy-efficient vehicles for promoting business technologies and minimizing costs are set to promote the adoption of thermoplastic elastomers in the region. Presence of well-established end-use industries, including electrical & electronics, automotive, industrial, consumer goods, medical, etc., is contributing to increased demand for thermoplastic elastomers.

What is the Reason Behind Growing Demand for Thermoplastic Elastomers in the United States?

“High Demand for Eco-friendly Materials”

Attribute United States
Market Value (2024E) US$ 3.65 Billion
Growth Rate (2024 to 2034) 4.3% CAGR
Projected Value (2034F) US$ 5.59 Billion

The United States is analyzed to hold 73.5% share of the market in North America by 2034. Well-developed automotive manufacturing sector in the country is attracting more suppliers of thermoplastic elastomers. Growing requirements for fuel-efficient and lightweight vehicles and vehicle components are favoring the demand growth for thermoplastic elastomers.

Increasing preference for biodegradable and eco-friendly materials in various industries is also set to push the demand for thermoplastic elastomers. Growing adoption of new manufacturing technologies, higher investments in R&D activities, and supportive government initiatives in the form of incentives are positively influencing the market growth trajectory.

What Opportunities Await Suppliers of Thermoplastic Elastomers in China?

“Presence of Well-established Automotive Sector Generating High Demand for Thermoplastic Elastomers”

Attribute China
Market Value (2024E) US$ 2.99 Billion
Growth Rate (2024 to 2034) 7.4% CAGR
Projected Value (2034F) US$ 6.12 Billion

China is forecasted to account for 57.3% of the East Asian market share by the end of 2034. Just like Europe and the United States, the automotive industry in China is well-established. Significant amount of thermoplastic elastomers is used in vehicle manufacturing in the country. They are utilized in belts and hoses, sound management components, instrument panel skins, gaskets, bellows, and floors as one of the prominent dynamic materials.

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Category-wise Insights

Fact.MR, in its recently updated report, says that increased demand for thermoplastic vulcanizates is attributed to their growing use in automotive interior designing as they provide multiple benefits such as reusability, recyclability, and color retention ability.

Why is Use of Thermoplastic Vulcanizates (TPV) Increasing?

“Rising Popularity of TPVs for Recyclability, Reusability, and Color Retention Abilities”

Attribute Thermoplastic Vulcanizates (TPVs)
Segment Value (2024E) US$ 6.27 Billion
Growth Rate (2024 to 2034) 6.4% CAGR
Projected Value (2034F) US$ 11.64 Billion

Thermoplastic vulcanizates are poised to contribute a share of 26.8% to global market revenue by 2034. Expansion of the automotive sector worldwide is estimated to generate higher demand for TPVs for interior designing as they offer various benefits, including recyclability, reusability, and color retention ability. In addition, thermoplastic vulcanizates are also utilized as a PVC substitute in the medical industry for catheters, blood bags, and others owing to their ability to offer optical clarity and tough nature. These user-friendly and environment-friendly features of TPVs are contributing to their increased consumption across industries.

Why is Utilization of Thermoplastic Elastomers Increasing in Building & Construction?

“Durability and Flexibility of Thermoplastic Elastomers”

Attribute Building & Construction
Segment Value (2024E) US$ 4.46 Billion
Growth Rate (2024 to 2034) 6.6% CAGR
Projected Value (2034F) US$ 8.47 Billion

Building & construction is projected to occupy 19.5% share of the global market by 2034-end. In the building & construction industry, thermoplastic elastomers are utilized as extruded weather seals for windows and doors and various other seals, including pipe seals and glazing, etc. Growing consumption of thermoplastic elastomers is attributed to their environmental and chemical resilience, besides their flexibility and durability.

Competitive Landscape

Key players in the thermoplastic elastomer market are focusing on mergers and acquisitions, new production development, etc., for the expansion of their business footprints. In addition, they are emphasizing management of supply chain systems and offering quality products.

For instance :

  • Huber Engineered Materials is a subsidiary of J.M, Huber Corporation. In January 2022, the company announced the acquisition of a 50% stake in RHI Magnesita. This is set to strengthen the portfolio of Huber for additive business for thermoplastics and elastomers.
  • Pexco LLC is one of the prominent plastic extruders operating in North America. In December 2021, the company acquired an Ohio-based company, PEC (Performance Elastomers Corporation). This company specializes in the production of rubber-based elastomer products, thermoplastic, etc.

Fact.MR provides detailed information about the price points of key manufacturers of thermoplastic elastomers positioned across the world, sales growth, production capacity, and speculative technological expansion, in the recently updated market report.

Segmentation of Magnesium Chloride Market Research

  • By Type :

    • Styrenic Block Copolymers (SBCs)
    • Thermoplastic Polyurethanes (TPUs)
    • Thermoplastic Polyolefins (TPOs)
    • Thermoplastic Vulcanizates (TPVs)
    • Copolyester Ether Elastomers
  • By End-use Industry :

    • Automotive
    • Engineering
    • Building & Construction
    • Medical
    • Footwear
    • Wires & Cables
    • Other Industries
  • By Region :

    • North America
    • Latin America
    • Western Europe
    • Eastern Europe
    • East Asia
    • South Asia & Pacific
    • MEA

- FAQs -

How big is the thermoplastic elastomer market in 2024?

The global thermoplastic elastomer market is valued at US$ 23.58 billion in 2024.

What is the future of thermoplastic elastomers?

Worldwide demand for thermoplastic elastomers is approximated to reach a market worth of US$ 43.44 billion by 2034-end.

At what rate is the demand for thermoplastic elastomers forecasted to accelerate?

The global TPE market is analyzed to expand at a CAGR of 6.3% from 2024 to 2034.

How much share of the global market is East Asia projected to hold?

East Asia is forecasted to account for 24.6% share of the global market by the end of 2034.

At what rate are the sales of thermoplastic elastomers projected to rise in South Korea?

Demand for thermoplastic elastomers in South Korea is evaluated to increase at a 9.1% CAGR from 2024 to 2034.

What is the contribution of thermoplastic vulcanizates to global market revenue?

Thermoplastic vulcanizates are calculated to capture 26.8% share of global market revenue by 2034.

Who are the key manufacturers of thermoplastic elastomers?

LG Chemicals, Arkema S.A., Dynasol Elastomers LLC, BASF SE, and Avient Corporation are some of the leading manufacturers of thermoplastic elastomers.

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