Rising Demand For Automotive Components Boosts Thermoplastic Elastomer Market Growth Driver: A Major Catalyst in the Evolution of the Thermoplastic Elastomer Market in 2025

What combination of drivers is leading to accelerated growth in the thermoplastic elastomer market?
The surge in demand for automotive component production is anticipated to fuel the advancement of the thermoplastic elastomer market. The term 'automotive component production' refers to the creation of various parts and elements which are essential in auto manufacturing and assembly, where thermoplastic elastomer materials are widely used. Known for their flexibility, durability, and ease of processing, thermoplastic elastomers are ideal for diverse auto component needs. For instance, the Economic Times, an Indian business newspaper, reported in March 2023 that the automotive components sector in India would see a growth of roughly 10-15% and would witness significant expansion in the 2023-24 fiscal year. The Indian auto sector yielded $D 56.5 billion of income in 2022, marking a 23% rise from the year before. Likewise, the ongoing fiscal year, 2023, is projected to close with a 15% rise. Consequently, the escalating need for automotive components is spearheading the growth of the thermoplastic elastomer market.

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What is the projected compound annual growth rate (CAGR) of the thermoplastic elastomer market from 2025 to 2034, and what factors influence it?
In the last few years, the thermoplastic elastomer market has seen substantial growth. It is projected to expand from a value of $28.67 billion in 2024 to approximately $30.59 billion in 2025, with a compound annual growth rate (CAGR) of 6.7%. The increase during the historical period can be related to the augmentation of the automotive industry, the production of consumer goods, applications in medical devices, the supplanting of traditional elastomers, and the inclination of consumers towards soft-touch materials.

The market for thermoplastic elastomers is predicted to experience substantial growth in the coming years, reaching $41.94 billion by 2029, with a compound annual growth rate of 8.2%. The expected growth during the forecast period can be linked to the increased demand for sustainable materials, advancements in the EV market, improvement in the medical industry, development of e-commerce packaging methods, the use of 3D printing and durability in hostile conditions. The forecast period is also expected to witness trends including the usage of bio-based TPEs, adoption of smart manufacturing and industry 4.0, integration into wearable technology, implementation of circular economy strategies, and digital transformation of supply chains.

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How are the latest trends influencing the growth of the thermoplastic elastomer market?
The thermoplastic elastomer market is seeing a rising trend in product developments. New innovations are being increasingly adopted by businesses in this market to maintain their competitive edge. For example, in April 2022, DuPont, a chemical firm based in the United States, launched a new range of extruded pharmaceutical tubing by the name of DuPont Liveo Pharma thermoplastic elastomer tubing. This move is a significant development for the Liveo brand, broadening its portfolio to include thermoplastic elastomer technology for fluid transportation and single-use bioprocessing applications. Specifically, the Liveo pharma thermoplastic elastomer tubing is engineered for biopharmaceutical processes, providing the ability for sterile connection and disconnection of the tube without needing connectors, which is particularly critical for maintaining sterility in areas such as sampling.

What are the major segments of the thermoplastic elastomer market and their role in driving growth?
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

Subsegments:
1) By Thermoplastic Polyurethane (TPU): Polyester-Based TPU, Polyether-Based TPU
2) By Styrenic Block Copolymer (TPE-S): Styrene-Butadiene-Styrene (SBS), Styrene-Ethylene-Butylene-Styrene (SEBS)
3) By Thermoplastic Vulcanizates (TPV): Dynamic Vulcanized TPV
4) By Elastomeric Alloys: Thermoplastic Polyolefin (TPO), Miscellaneous Elastomeric Alloys
5) By Thermoplastic Copolyester (TPC): Polyether Block Amide (PEBA), Thermoplastic Copolyester Elastomers (TPE-C)
6) By Other Types: Thermoplastic Polyamide (TPA), Thermoplastic Styrenic Copolymer (TPE-A), Other Specialty Thermoplastic Elastomers

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Which regions are key players in the growth of the thermoplastic elastomer market?
North America was the largest region in the thermoplastic elastomer market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thermoplastic elastomer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the key firms paving the way for growth in the thermoplastic elastomer market?
Major companies operating in the thermoplastic elastomer market include 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, Americhem 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.

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What Is Covered In The Thermoplastic Elastomer Global Market Report?

• Market Size Forecast: Examine the thermoplastic elastomer market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the thermoplastic elastomer market for a structured understanding.
• Key Players Overview: Analyze major players in the thermoplastic elastomer market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the thermoplastic elastomer market.
• Segment Contributions: Evaluate how different segments drive overall growth in the thermoplastic elastomer market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the thermoplastic elastomer market.
• Industry Challenges: Identify potential risks and obstacles affecting the thermoplastic elastomer market.
• Competitive Landscape: Review strategic developments in the thermoplastic elastomer market, including expansions, agreements, and new product launches.

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