Thermoplastic Elastomer Market is expected to reach US$ 40.7 Billion by 2031 | Major players - Arkema S.A., Asahi Kasei Corporation, BASF SE

Market Size and Growth:

The Global Thermoplastic Elastomer Market Size reached US$ 26.5 Billion in 2023 and is expected to reach US$ 40.7 Billion by 2031, growing with a CAGR of 5.5% during the forecast period 2024-2031. The Market is growing due to increasing demand for lightweight, high-performance materials across automotive, consumer goods, and medical applications, supported by rising sustainability and recyclability preferences. According to DataM Intelligence Report.

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The Thermoplastic Elastomers (TPEs) are versatile polymer materials that combine the elasticity of rubber with the processing efficiency of plastics. They can be melted, molded, and reused repeatedly, offering flexibility, durability, and cost-effectiveness. Widely used in automotive, consumer goods, electronics, and medical applications, TPEs provide improved performance, recyclability, and design adaptability across various manufacturing processes.

United States: Recent Developments of Thermoplastic Elastomer Market

✅ In November 2025, Avient launched GLS thermoplastic elastomers featuring antimicrobial technology, now commercially available for applications requiring microbial protection.​

✅ In November 2025, the North American TPE market saw rapid evolution driven by demand for lightweight, recyclable materials in automotive interiors, e-mobility components, and medical tubing.​

✅ In October 2025, US manufacturing activity contracted further amid subdued new orders, impacting TPE consumption in industrial sectors.

Japan: Recent Developments of Thermoplastic Elastomer Market

✅ In November 2025, Shin-Etsu Chemical developed recyclable thermoplastic silicone elastomers, targeting consumer electronics, sports equipment, and medical devices with customizable elasticity.​

✅ In November 2025, Japan's TPE market emphasized high-performance formulations for lightweight automotive components and electronics, maintaining a 6.5% CAGR through precision manufacturing.​

✅ In October 2025, manufacturing PMI fell to 48.2, signaling contraction in factory orders and weaker demand conditions affecting TPE-related production.

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Major Players:

Key companies in the Thermoplastic Elastomer market include:

Arkema S.A.
Asahi Kasei Corporation
BASF SE
Dow
Huntsman International LLC
The Lubrizol Corporation
Kraton Corporation
Evonik Industries AG
SIBUR Holding PJSC
Teknor Apex.

Market Growth Drivers:

✅ Rising demand in the automotive sector: Growth stems from the need for lightweight, durable materials in vehicles, including electric vehicles (EVs), to improve fuel efficiency, reduce emissions, and support components like seals, gaskets, and interiors.

✅ Push for sustainable and recyclable materials: Increasing regulations, consumer preferences, and industry shifts toward eco-friendly options drive adoption of recyclable TPEs, bio-based variants, and lower-energy processing alternatives to traditional rubbers.

✅ Expanding applications in medical and consumer goods: Demand grows from biocompatibility, flexibility, and hypoallergenic properties in healthcare devices, electronics, and everyday products like grips and packaging.

Segments Covered in the Thermoplastic Elastomer Market:

By Type: Styrene Block Copolymer (SBC), Thermoplastic Polyurethane (TPU), Thermoplastic Polyolefin (TPO), Thermoplastic Vulcanizate (TPV), Polyester Ether Elastomer (COPE), Polyether Block Amide (PEBA).

By Application: Automotive, Building & Construction, Footwear, Wire & Cable, Medical, Industrial Engineering, Others.

Regional Analysis for Thermoplastic Elastomer Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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Chapter Outline:

⏩ Market Overview: It contains five chapters, as well as information about the research scope, major manufacturers covered, market segments, Thermoplastic Elastomer market segments, study objectives, and years considered.

⏩ Market Landscape: The competition in the Global Thermoplastic Elastomer Market is evaluated here in terms of value, turnover, revenues, and market share by organization, as well as market rate, competitive landscape, and recent developments, transaction, growth, sale, and market shares of top companies.

⏩ Companies Profiles: The global Thermoplastic Elastomer market's leading players are studied based on sales, main products, gross profit margin, revenue, price, and growth production.

⏩ Market Outlook by Region: The report goes through gross margin, sales, income, supply, market share, CAGR, and market size by region in this segment. North America, Europe, Asia Pacific, Middle East & Africa, and South America are among the regions and countries studied in depth in this study.

⏩ Market Segments: It contains the deep research study which interprets how different end-user/application/type segments contribute to the Thermoplastic Elastomer Market.

⏩ Market Forecast: Production Side: In this part of the report, the authors have focused on production and production value forecast, key producers forecast, and production and production value forecast by type.

⏩ Research Findings: This section of the report showcases the findings and analysis of the report.

⏩ Conclusion: This portion of the report is the last section of the report where the conclusion of the research study is provided.

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Frequently asked questions:

➠ What is the global sales value, production value, consumption value, import and export of Thermoplastic Elastomer market?

➠ Who are the global key manufacturers of the Thermoplastic Elastomer Industry? How is their operating situation (capacity, production, sales, price, cost, gross, and revenue)?

➠ What are the Thermoplastic Elastomer market opportunities and threats faced by the vendors in the global Thermoplastic Elastomer Industry?

➠ Which application/end-user or product type may seek incremental growth prospects? What is the market share of each type and application?

➠ What focused approach and constraints are holding the Thermoplastic Elastomer market?

➠ What are the different sales, marketing, and distribution channels in the global industry?

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