Thermoplastic Elastomer Market 2024-2033: Trends, Growth & Analysis Outlook

The thermoplastic elastomer market size has grown strongly in recent years. It will grow from $27.04 billion in 2023 to $28.85 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to automotive industry growth, consumer goods manufacturing, medical device applications, replacement of traditional elastomers, consumer preference for soft touch materials.

The thermoplastic elastomer market size is expected to see strong growth in the next few years. It will grow to $37.99 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to growing demand for sustainable materials, expansion of the electric vehicles (ev) market, medical industry advancements, e-commerce packaging solutions, adoption in 3d printing, resilience in harsh environments. Major trends in the forecast period include bio-based tpes, smart manufacturing and industry 4.0, integration in wearable technology, circular economy initiatives, digitalization of supply chains.

Market Overview -
Thermoplastic elastomers (TPEs) refer to a class of materials that combine the characteristics of thermoplastics and elastomers. They exhibit both the elasticity and flexibility of rubber-like materials (elastomers) and the processability and recyclability of thermoplastics.

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Rising Demand For Automotive Components Boosts Thermoplastic Elastomer Market Growth
The increasing demand for automotive components manufacturing is expected to propel the growth of the thermoplastic elastomer market going forward. Automotive component manufacturing refers to the process of producing various parts and components that are used in the manufacturing and assembly of automobiles. These components utilize thermoplastic elastomer materials for a variety of applications. Thermoplastic elastomers offer a combination of flexibility, durability, and ease of processing, making them suitable for different automotive component requirements. For instance, in March 2023, according to Economic Times, an Indian-based business newspaper, the automotive components industry in India is projected to grow by around 10-15% and is expected to experience significant growth in the fiscal year 2023-24. The Indian automotive sector generated USD 56.5 billion in revenue in 2022, an increase of 23% from the previous year. The current fiscal year, 2023, is also expected to end with a growth rate of 15%. Therefore, the increasing demand for automotive components is driving the growth of the thermoplastic elastomer market.

Competitive Landscape -
Major companies operating in the thermoplastic elastomer market report are China Petroleum & Chemical Corporation, ExxonMobil Chemical Company, BASF SE, Asahi Kasei Corporation, Covestro AG, DuPont de Nemours Inc., Arkema S.A., Huntsman Corporation, Lubrizol Corporation, Evonik Industries AG, Avient Corporation, Teknor APEX Company, TSRC Corporation, HEXPOL TPE AB, RTP Company, Nantex Industry Co. Ltd., KRAIBURG TPE, Pinnacle Polymers LLC, Americhem Inc., Applied Plastics Co. Inc., Audia Elastomers, Star Thermoplastic Alloys & Rubbers Inc., Advanced Elastomer Systems L.P., Dynasol Elastomers LLC, TPE Solutions Inc., Elastocon TPE Technologies Inc., Kraton Polymers LLC, Yantai Wanhua Polyurethane Co. Ltd., India Thermoplastics Engineers, Nippon Polyurethane Industry Company Ltd.

Innovative Thermoplastic Elastomer Tubing Introduced By Dupont For Biopharmaceutical Applications
Product Innovations are a key trend gaining popularity in the thermoplastic elastomer market. Companies operating in the thermoplastic elastomer market are adopting new product innovations to sustain their position in the market. For instance, in April 2022, DuPont, a US-based chemical company introduced a new line of extruded pharma tubing called DuPont Liveo Pharma thermoplastic elastomer tubing. This launch represents a significant milestone for the Liveo brand, as it expands its product offerings to include thermoplastic elastomer technology for fluid transport and single-use bioprocessing applications. Liveo pharma thermoplastic elastomer tubing is specifically designed for use in biopharmaceutical processes. It offers the capability of aseptic connection and disconnection of tubing without the need for connectors, making it suitable for applications such as sampling where maintaining a sterile environment is critical.

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Key Segments -
The thermoplastic elastomer market covered in this report is segmented -
1) By Type: Thermoplastic Polyurethane (TPU), Styrenic Block Copolymer (TPE-S), Thermoplastic Vulcanizates, Elastomeric Alloys, Thermoplastic Copolyester, Other Types
2) By Material: Poly Styrenes, Poly Olefins, Poly Ether Imides, Poly Urethanes, Poly Esters, Poly Amides
3) By Application: Automotive, Building And Construction, Footwear, Wire And Cables, Medical, Engineering, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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