The global Thermoplastic Elastomers Market is estimated to be valued at US$ 28.8 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Thermoplastic elastomers are materials that have both thermoplastic and elastomeric properties. They can be recycled like general plastics but also provide rubber-like flexibility and resilience. These materials find wide application in the automotive, medical, construction and other industries due to advantages like excellent flex fatigue resistance and easy recyclability.
Market key trends:
One of the key trends in the thermoplastic elastomers market is the rising demand from the automotive industry. Thermoplastic elastomers are increasingly used in manufacturing interior and exterior automotive parts that require flexibility and vibration damping properties. They are a preferred material for making lightweight bumpers, door panels, dashboard skins and other components. Their use helps in reducing the weight of vehicles and improving fuel efficiency, which is driving their demand from automakers globally.
The global thermoplastic elastomers market is dominated by the styrenic block copolymers (SBC) segment. The SBC segment accounted for more than 35% of the overall market share in 2023 owing to its widespread usage in applications such as footwear, automotive, and medical. The polyurethane (TPU) segment stands at the second position and is expected to witness significant growth during the forecast period due to growing demand from wires & cables and footwear industries.
The global thermoplastic elastomers market is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period, due to increasing demand from the automotive industry.
Asia Pacific dominated the global market with more than 40% share in 2023. The region is anticipated to maintain its leading position during the forecast period attributable to rapid industrialization and growing automotive production in China and India. North America stands at the second position owing to high usage of thermoplastic elastomers in the medical and construction industries in the US and Canada.
Key players operating in the thermoplastic elastomers market are DowDuPont Inc., Arkema Group, Asahi Kasei Corporation, PolyOne Corporation, Elastron Kimya SA, Kraton Corporation, Evonik Industries, Covestro AG., Lubrizol Corporation, Huntsman Corporation, Tosh Corporation, and Teknor Apex Company. The global market is highly consolidated with the top five players accounting for around 50% of the overall revenue.