Thermoplastic Elastomers Demand Surges: Market Forecasted to Hit $40.6 Billion by 2031 with a 6.4% CAGR
Meticulous Research® has forecasted that the globalThermoplastic Elastomers (TPE) Market will exceed $40.6 billion by 2031, with a CAGR of 6.4% from 2024 to 2031. This market expansion is primarily fueled by the increased demand for TPE in medical devices and its extensive application in the automotive sector. Additionally, rapid industrialization and a rising inclination toward TPE materials in construction and building projects create promising growth prospects for the market. However, high material costs and TPE’s lower melting point pose significant challenges to market expansion. A growing trend of bio-based TPE products is also influencing the market landscape, aligning with global shifts toward sustainable materials.
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Market Overview and Segmentation
To provide a holistic view, the thermoplastic elastomers market is divided by type and sector, with a focus on various applications and advancements. The report also provides a detailed competitive analysis across regions and countries.
Segmentation by Type
Thermoplastic elastomers are broadly categorized into types such as styrenic block copolymers (SBC/TPE-S), thermoplastic polyurethane elastomers (TPE-U/TPU), thermoplastic vulcanizates (TPE-V/TPV), thermoplastic copolyester elastomers (COPE/TEEE/TPE-E), polyether block amide (TPE-A), and thermoplastic polyolefin elastomers (TPO). Among these, styrenic block copolymers are expected to hold the dominant market share in 2024. The segment’s success stems from SBC’s elastomeric properties, high thermal resistance, and adaptability across consumer goods, medical equipment, and sporting goods.
Thermoplastic polyurethane elastomers are expected to achieve the highest CAGR through 2031. This segment’s growth is fueled by TPU’s popularity in automotive and footwear industries, combined with its environmental benefits in sustainable plastic products. Recent innovations in TPU include Trinseo’s transparent thermoplastic grade, launched in September 2023, which is engineered specifically for footwear, highlighting the segment’s versatility and potential in fashion.
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Segmentation by Sector
The market is also segmented by sectors, including automotive, construction, medical devices, electronics, footwear, sports, packaging, food, and transportation. The automotive sector is set to dominate in 2024, with TPE valued for its flexibility, durability, and chemical and UV resistance, which align with automotive manufacturers’ requirements for lightweight, fuel-efficient materials. The growing focus on electric vehicles (EVs) and hybrid electric vehicles (HEVs) also supports the segment’s growth. The footwear industry is poised for the highest CAGR due to rising consumer interest in durable and comfortable footwear, alongside TPE’s increasing use in shoe production.
In September 2023, KRAIBURG TPE launched a new TPE compound specifically for automotive applications, further underscoring the material’s suitability for challenging environments. Similarly, Trinseo’s recent footwear-specific TPE grade emphasizes the product’s unique appeal to fashion-oriented consumers and manufacturers, demonstrating the expanding applications of TPE in diverse sectors.
Regional Insights
The thermoplastic elastomers market spans North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa, with Asia-Pacific projected to be the dominant region in 2024. This region’s market is fueled by strong demand in the automotive, construction, and consumer goods sectors, complemented by rapid urbanization and increased infrastructure spending. Asia-Pacific’s high growth potential is also attributed to substantial investments from leading companies seeking to expand within the region.
For instance, Covestro AG announced plans in February 2023 to construct a large TPU production site in China’s Zhuhai region. This facility, once complete, will support 120,000 tons per year, marking a significant expansion of TPU capacity in Asia. This investment highlights the robust demand for TPE in Asia-Pacific and the efforts of global players to capitalize on the region’s promising market potential.
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Key Players:
The key players operating in the thermoplastic elastomers market are Arkema S.A.(France), BASF SE (Germany), Dow Inc. (U.S.), Convestro AG (Germany), Huntsman Corporation (U.S.), Teknor Apex (U.S.), The Lubrizol Corporation (U.S.), Tosoh Corporation (Japan), Kraton Corporation (U.S.), China Petroleum and Chemical Corporation (China), Mitsubishi Chemical Group Corporation (Japan), DuPont (U.S.), Evonik Industries (Germany), Asahi Kasei Corporation (Japan) and Zeon Corporation (Japan).
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