Thermoplastic Elastomer Market Size - Global Industry Share, Analysis, Trends and Forecast 2022 - 2030

The Global Thermoplastic Elastomer Market Size was valued at USD 21,431 Million in 2021 and is predicted to be worth USD 39,009 Million By 2030, with a CAGR of 7.1% from 2022 to 2030. The growing demand from the automotive and construction sectors in emerging nations is driving the growth of the thermoplastic elastomers market size. Furthermore, the rising demand for sustainable and eco-friendly bio-based thermoplastic elastomers bodes well for future growth in the thermoplastic elastomer market.

Thermoplastic Elastomer Market Report Key Highlights

• Global thermoplastic elastomers (TPE) market revenue aimed to attain USD 39,009 million by 2030 with a CAGR of 7.1% from 2022 to 2030
• Based on material segment, poly styrenes reached more than 35% of the total market share in 2021
• North America is dominant region, with 35% market share in 2021, while Asia-Pacific expected to expand rapidly from 2022 to 2030
• The top five corporations, Dow Chemical Co., BASF SE, Kraton Polymers, LyondellBasell, and Sinopec, account for more than 50% of total market shares in 2021
• Growing penetration of electric vehicles drives the thermoplastic elastomers market

Thermoplastic elastomers, sometimes known as thermoplastic rubber, are materials with elastomeric and thermoplastic characteristics. These are elastic and soft fabrics that may be stretched and returned to their original length. These elastomers have outstanding features such as abrasion resistance, heat and chemical resistance, low permeability, and increased adhesion. Thermoplastic elastomers are high-quality food wrapping coverings that store food fresher, prevent it from insects and microbiological infection, and reduce the chance of food waste by prolonging its storage life. Thermoplastic elastomers are majorly used in a broad range of industries, including automotive, construction, electronics, medical, and packaging.

Thermoplastic elastomers are composed of thermoplastic, thermoset, and elastomeric plastic and elastomer components. These elastomers including polyurethanes, polyesters, polystyrenes, as well as polyamides are frequently used in the automotive sector. Thermoplastic elastomers are also utilized in the construction industry for roofing, industrial adhesives, lubricants, varnishes, wiring, and connectors in the electronic and electrical industries and consumer goods manufacturing.

Global Thermoplastic Elastomer Market Analysis

Market Drivers

• Rising demand for automotive and automotive parts, as well as increasing EV penetration
• Strict emission regulations and norms in emerging economies
• Growing demand for medical elastomers
• Increasing utilization in the HVAC industry

Market Restraints

• Higher cost of producing thermoplastic elastomers
• Increasing raw materials prices

Market Opportunities

• Growing alertness of Bio-based thermoplastic elastomer
• Raising awareness of its advantages

Thermoplastic Elastomer Report Coverage

The growing adoption of thermoplastic elastomers by end-user sectors such as automotive, electrical and electronics kitchen appliances, building and construction, healthcare, adhesives, footwear, sealants and coatings, HVAC, and other sectors around the world is expected to propel the thermoplastic elastomers (TPE) market size. The expanding automotive industry, as well as the growing preference for electric vehicles, will be the primary factor for the thermoplastic elastomer market growth over the projection period. Furthermore, growing awareness about the advantages of these elastomers, such as their better performance characteristics such as shock absorption, weather, flexibility, chemical, cleanliness, and thermal properties, ease of sterilization, and dimensional stability, will contribute to the thermoplastic elastomer market forecast growth.

The increasing demand for elastomers from the automobile industry for the production of lightweight vehicle components as well as the emergence of the electric vehicles sector is projected to drive the TPE market in the coming years. Furthermore, due to its environmentally friendly and easy-to-recycle character, the acceptance of this product by numerous sectors is predicted to expand the market in the approaching years. Moreover, rapid urbanization around the world, combined with rising discretionary income among consumers, has resulted in exponential growth in the vehicle and consumer electronics sector, fueling the growth of the thermoplastic elastomers market shares. Furthermore, thermoplastic elastomers are used in the building industry due to their exceptional qualities.

Furthermore, the growing trend of replacing thermoset rubber with thermoplastic materials, as well as increasing consumer inclination for high-performance and low-weight passenger vehicles, is expected to drive the market during the estimated period. There are various constraints and problems that can stymie market expansion. Raw material price volatility and instability are expected to operate as market restrictions.

Thermoplastic Elastomer Market Segmentation

The global thermoplastic elastomer market segmentation based on the material, application and geographical region.

Thermoplastic Elastomer Market By Material

• Poly Styrenes
• Poly Urethanes
• Poly Olefins
• Poly Esters
• Poly Ether Imides
• Poly Amides

In terms of material, polystyrene is predicted to hold a significant market share in 2021. These polystyrene are high-performance elastomers that have been developed to increase their performance in a wide range of applications. The features of thermoplastic materials in the styrene block copolymer are utilized in a variety of end-use sectors to substitute ethylene propylene diene monomer (EPDM) as well as ethylene-propylene (EP) rubber. Furthermore, the polystyrene segment dominated the market due to increased customer preferences from numerous industries including automotive, medical, construction, electrical & electronics, footwear, and many others. Moreover, the move toward passenger cars and light commercials is projected to support the segment's continuing growth.

Thermoplastic Elastomer Market By Application

• Automotive
• Industrial
• Electrical & Electronics
• Consumer Goods
• Medical
• Others

According to the thermoplastic elastomers industry analysis, the automotive segment is expected to rise significantly in the market over the next few years. This growth is attributable to the global rising demand for lightweight automobiles. A thermoplastic elastomer is widely utilized in various external and internal body parts in the automotive sector, including bodywork seals, external filler panels, automotive sealants, door and window grips, wipers, rocker sheets, as well as vibration damping pads. The automotive thermoplastic elastomers market is projected to grow because of increased rivalry among market participants to produce lighter weights and growing demand for electric and hybrid automobiles, expansion of transportation systems, supporting government regulations, vigorous automotive parts, and rapid economic expansion.

Thermoplastic Elastomer Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Latin America

• Mexico
• Brazil
• Rest of Latin America

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

The Middle East & Africa (MEA)

• Gulf Cooperation Council (GCC)
• South Africa
• Rest of the Middle East & Africa