Global Thermoplastic Elastomers Market – Industry Trends and Forecast to 2031

Global Thermoplastic Elastomers Market, By Product Type (Styrene Block Copolymers (TPE-S), Thermoplastic Polyolefin, Thermoplastic Olefins (TPE-O), Elastomeric Alloys (TPE-V or TPV), Thermoplastic Polyurethanes (TPU), Thermoplastic Co-polyester, and Thermoplastic Polyamides), Application (Automotive, Building and Construction, Electrical and Electronics, Household Appliances, Medical, Adhesives, Sealants and Coatings, Footwear, HVAC, and Others) – Industry Trends and Forecast to 2031.

Thermoplastic Elastomers Market Analysis and Size

The thermoplastic elastomers market is expected to grow significantly during the forecast period. Key drivers of this growth include the increasing demand for lightweight and high-performance materials across various end-use industries such as automotive, construction, and healthcare. Thermoplastic elastomers offer several advantages, including flexibility, durability, and resistance to chemicals and weathering, making them ideal for various applications. The growing emphasis on sustainability and environmental conservation also drives the demand for elastomers.

The global thermoplastic elastomers market size was valued at USD 22.44 billion in 2023 and is projected to reach USD 36.31 billion by 2031, with a CAGR of 6.2% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Market Definition

Thermoplastic elastomers (TPEs) are a type of material that combines the properties of thermoplastics and elastomers. They are flexible and elastic like rubber, yet can be easily melted and molded into various shapes when heated, similar to thermoplastics. TPEs are used in a wide range of applications where flexibility, resilience, and ease of processing are required, such as in automotive parts, medical devices, consumer electronics, and more.

Thermoplastic Elastomers Market Dynamics

Drivers

• Expansion of Automotive Industry

The automotive industry is a significant consumer of thermoplastic elastomers, utilizing them in critical applications such as seals, gaskets, hoses, and weatherstripping. The demand for thermoplastic elastomers is expected to rise with the expanding automotive sector. This growth is attributed to the material's ability to enhance the durability and performance of automotive components while reducing overall weight, contributing to fuel efficiency and emissions reduction. In addition, thermoplastic elastomers offer design flexibility, allowing manufacturers to create complex shapes and integrate multiple functions into a single component, further driving their adoption in the automotive industry.    

• Rising Awareness of Thermoplastic Elastomers Benefits

There is a noticeable increase in awareness among consumers and industries regarding the advantageous properties of thermoplastic elastomers. These materials exhibit superior performance qualities, including excellent shock absorption, flexibility, and resistance to weather, chemicals, and heat. This heightened awareness is leading to a growing demand for thermoplastic elastomers across various automotive, construction, electronics, and medical applications. Industries increasingly recognize the value of thermoplastic elastomers in enhancing product performance, longevity, and sustainability, thus driving their adoption in a wide range of applications.

Opportunities

• Growing Demand for Bio-Based Thermoplastic Elastomers

Bio-based thermoplastic elastomers, sourced from renewable materials like plants and biomass, present a greener alternative to conventional petroleum-derived thermoplastic elastomers.The growing awareness among consumers and industries about the environmental impact of conventional plastics is driving the adoption of bio-based thermoplastic elastomers, creating significant growth opportunities for manufacturers in this market.           

• Emerging Applications in Healthcare and Medical Devices  

Thermoplastic elastomers are gaining traction in the healthcare and medical devices industry due to their unique properties such as biocompatibility, flexibility, and durability. These materials are being increasingly used in various medical applications, including medical tubing, surgical instruments, catheters, and drug delivery systems. The growing demand for medical-grade thermoplastic elastomers is driven by factors such as the increasing aging population, rising prevalence of chronic diseases, and advancements in medical technology. Thermoplastic elastomers' versatility and performance characteristics make them an ideal choice for use in healthcare and medical devices, creating new opportunities for market growth.

Restraints/Challenges

• Fluctuating Raw Material Prices  

The prices of raw materials used in the production of TPEs, such as polypropylene, polyethylene, and rubber, are subject to fluctuations due to various factors, including supply and demand dynamics, geopolitical events, and changes in market conditions. These fluctuations can have a significant impact on the production costs and profitability of TPE manufacturers, which can be a challenge for the market.

• Limited Heat Resistance  

Despite being known for their flexibility and versatility, some thermoplastic elastomers (TPEs) face a challenge due to their limited heat resistance. This can limit their applicability in industries such as automotive and electronics, where exposure to high temperatures is common and where the choice of materials significantly impacts performance and durability. This can hinder the growth of usage of TPE in these segments challenging the market growth.

This thermoplastic elastomers market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the thermoplastic elastomers market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In April 2023, Asahi Kasei Plastics North America, Inc., a prominent international compounder of advanced engineered polymers and polypropylene, is merging with Asahi Kasei Asaclean Americas, a leading supplier of the world's best-selling purging compounds and concentrates, to enhance their best-in-class manufacturing services. The merger will see the combined entity operating under the name APNA and headquartered in Fowlerville, Michigan
• In January 2023, Arkema entered into a long-term agreement with ENGIE for the supply of 300 GWh/year of renewable biomethane in France. This deal is considered one of Europe's largest private biomethane agreements to date. Through this supply agreement for 300 GWh/year of renewable biomethane with ENGIE and ongoing energy efficiency projects, Arkema aims to further significantly reduce the carbon footprint of its bio-based high-performance Rilsan polyamide 11 and Pebax Rnew elastomers   

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Thermoplastic Elastomers Market Scope

The market is segmented on the basis of product type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Styrene Block Copolymers (TPE-S)
• Thermoplastic Polyolefin
• Thermoplastic Olefins (TPE-O)
• Elastomeric Alloys (TPE-V or TPV)
• Thermoplastic Polyurethanes (TPU)
• Thermoplastic Co-polyester
• Thermoplastic Polyamides

Application

• Automotive
• Building and Construction
• Electrical and Electronics
• Household Appliances
• Medical
• Adhesives
• Sealants and Coatings
• Footwear
• HVAC
• Others

Thermoplastic Elastomers Market Regional Analysis/Insights

The market is analyzed and market size insights and trends are provided by country, product type, and application as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.

North America is expected to dominate the market due to increasing trade activities. The region's dominance is further supported by the rising adoption of thermoplastic elastomers across various industries such as automotive, building and construction, electrical and electronics, household appliances, medical, adhesives, sealants and coatings, footwear, HVAC, and others worldwide.         

Asia-Pacific is expected to be the fastest growing due to the increasing awareness of the beneficial properties of thermoplastic elastomers, including superior performance qualities like cleanliness, shock absorption, and flexibility. In addition, their weather, chemical, and thermal resistance properties contribute to the market's expansion in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Thermoplastic Elastomers Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the market are:

• Arkema (France)
• Asahi Kasei Corporation (Japan)
• BASF SE (Germany)
• Dow (U.S)
• Covestro AG (Germany)
• Huntsman International LLC. (U.S.)
• Teknor Apex (U.S.)
• The Lubrizol Corporation (U.S.)
• Tosh Corporation (Japan)
• KRATON CORPORATION (U.S.)
• CNPC (China)
• Mitsubishi Chemical Group Corporation. (Japan)
• DuPont (U.S.)
• SIBUR HOLDING PJSC (Russia)
• Corporate. Evonik (Germany)
• Dynasol Group (Spain)