Thermoplastic Elastomers (TPE) Market to be Worth $40.6 Billion by 2031

Thermoplastic Elastomers (TPE) Market by Type (Styrenic Block Copolymers, Thermoplastic Polyurethane, Polyether Block Amide, Thermoplastic Vulcanizates, Others), Sector (Automotive, Footwear, Medical Devices, Others), Geography - Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Thermoplastic Elastomers (TPE) Market by Type (Styrenic Block Copolymers, Thermoplastic Polyurethane, Polyether Block Amide, Thermoplastic Vulcanizates, Others), Sector (Automotive, Footwear, Medical Devices, Others), Geography - Global Forecast to 2031’

According to this latest publication from Meticulous Research^®, the thermoplastic elastomers market is projected to reach above $40.6 billion by 2031, at a CAGR of 6.4% from 2024 to 2031. The growth of this market is driven by the rising use of TPE in medical devices and the increasing use of thermoplastic elastomers TPE in the automotive industry. In addition, rapid industrialization and the rising use of TPE in the building and construction sector are expected to provide opportunities for market growth. However, the high cost of TPE materials can restrain the growth of the market. Low melting temperature poses challenges for market growth. However, Growing demand for bio-based TPE is a trend in the thermoplastic elastomers market.

The thermoplastic elastomers market is segmented by type and sector. The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on type, the thermoplastic elastomers market is broadly segmented into styrenic block copolymers (SBC/TPE-S), thermoplastic polyurethane elastomers (TPE-U/TPU), thermoplastic 8vulcanizates (TPE-V/TPV), thermoplastic copolyesters elastomers (COPE/TEEE/TPE-E), polyether block amide (TPE-A), and thermoplastic polyolefin elastomers (TPO). In 2024, the styrenic block copolymers (SBC/TPE-S) segment is expected to account for the largest share of the global thermoplastic elastomers market. The large market share of this segment is attributed to the product’s rubber-like elastic properties, excellent thermal stability combined with excellent softness, and growing applications of SBC in various industries, such as sporting goods and footwear, consumer goods, mobility, electronics, and medical applications.

However, the thermoplastic polyurethane elastomers (TPE-U/TPU) segment is expected to record the highest CAGR during the forecast period. The growth in this segment is driven by the rising use of thermoplastic polyurethane in the automotive industry, increasing demand for TPU from the footwear industry, and growing demand for biodegradable plastic to reduce environmental pollution.

In addition, the rising focus of market players on product development and enhancement is expected to drive segment growth. For instance, in September 2023, Trinseo (U.S.), a specialty materials solutions provider, launched a new transparent thermoplastic elastomer (TPE) grade for footwear applications. The APILON™ 52 XB-75A CRISTALLO is Trinseo’s first ester-based transparent thermoplastic polyurethane (TPU) and an important addition to the company’s growing portfolio of solutions for fashion & footwear.

Based on sector, the thermoplastic elastomers market is segmented into automotive, building & construction, medical devices, electrical & electronics, footwear, sports & leisure, packaging, food & beverage, transportation & logistics, and other sectors. In 2024, the automotive segment is expected to account for the largest share of the global thermoplastic elastomers market. The large market share of this segment is attributed to the rising use of TPE in automotive applications due to its flexibility, excellent wear, chemical and electrical resistance, and UV stability, increasing demand for lightweight material in the automotive industry to increase fuel efficiency, growth of electric vehicles (EV) and hybrid electric vehicles (HEV) and rising focus of market players to launch TPE for automotive applications.

For instance, in September 2023, KRAIBURG TPE (Germany), a global manufacturer of thermoplastic elastomer materials, launched its revolutionary TPE compound series, tailored exclusively for automotive exterior applications.

However, the footwear segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by the rising demand for durable and comfortable shoes, rising consumer spending on footwear, the increasing focus of manufacturers on using thermoplastic elastomers in footwear manufacturing, and the increasing focus of market players on launching TPE for footwear applications. For instance, in September 2023, Trinseo (U.S.) launched a new transparent thermoplastic elastomer (TPE) grade for footwear applications.

Based on geography, the thermoplastic elastomers market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of the thermoplastic elastomers market. The large market in this region is attributed to the rising demand for thermoplastic elastomers from the automotive, construction, and consumer goods industries, rising infrastructure developments, rapid industrialization, increasing household income, rising urbanization, and growing footwear and apparel production.

Moreover, the Asia-Pacific region is expected to record the highest CAGR during the forecast period. The rising focus of market players to expand their presence in the region is expected to drive market growth in the region. For instance, in February 2023, Covestro AG (Germany) announced an investment to build its largest TPU site in China. The new site is to be built in Zhuhai, South China, with an annual capacity of 120,000 tons of TPU per year after the final phase of expansion.

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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Key questions answered in the report:

Which are the high-growth market segments based on type and sector?
What was the historical market for thermoplastic elastomers?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, and opportunities in the thermoplastic elastomers market?
Who are the major players, and what shares do they hold in the thermoplastic elastomers market?
How is the competitive landscape in the thermoplastic elastomers market?
What are the recent developments in the thermoplastic elastomers market?
What are the different strategies adopted by the major players in the thermoplastic elastomers market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global thermoplastic elastomers market, and how do they compete with the other players?

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