Thermoplastic elastomer market <b>Report Data</b>Null

Thermoplastic Elastomer Market Size, Share, Growth Analysis, By product type(styrene block copolymers, thermoplastic polyolefin, thermoplastic olefins), By application(automotive, building and construction, electrical and electronics), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15E2162 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 63 | Figures: 75

Thermoplastic Elastomer Market Regional Insights

North America dominated the market and accounted for a revenue share of over 35.0% in 2021. The North American region is one of the largest consumers of plastics owing to high demand in the automotive, electrical and electronics, packaging, and construction sectors.

Due to their various benefits, easy molding, and desired shape formation,  The TPE and other polymers have many applications in each industry . Many automobile manufacturers prefer using plastic parts in their vehicles, which helps them to achieve low-cost production and increase their profits. The region has a slow-growing market because there are already too many companies selling the same type of products there and the population is smaller than in Asia Pacific.

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Thermoplastic Elastomer Market size was valued at USD 22.37 billion in 2019 and is poised to grow from USD 24.26 billion in 2023 to USD 46 billion by 2031, growing at a CAGR of 8.32% in the forecast period (2024-2031).

The players in the thermoplastic elastomer market are investing in mergers & acquisitions. They are also collaborating with other companies to expand their consumer base. Investing in research and development activities are providing them with an edge over their competitors as they expand their product portfolio. 'BASF SE', 'Kraton Corporation', 'DuPont de Nemours, Inc.', 'Dow Chemical Company', 'ExxonMobil Corporation', 'Arkema S.A.', 'LCY Chemical Corp.', 'Huntsman Corporation', 'Polyone Corporation', 'Dynasol Elastomers', 'Teknor Apex Company', 'Evonik Industries AG', 'Mitsubishi Chemical Corporation', 'Celanese Corporation', 'Lubrizol Corporation', 'Covestro AG', 'KURARAY CO., LTD.', 'Sinopec Corporation', 'Asahi Kasei Corporation', 'Kraton Polymers LLC'

The increasing adoption of thermoplastic elastomers by the end-user verticals such as the automotive, building and construction, electrical and electronics, household appliances, medical,adhesive, sealants and coatings, footwear, HVAC and others across the globe is estimated to carve a way for the growth of the market.  Thermoplastic elastomers are used largely in the healthcare industry to create medical equipment, like catheters, medication delivery tubes, surgical tool grips, and various implants. Thermoplastic elastomers are more and more popular for a variety of reasons, including their superior performance qualities. This trend is likely to continue, as awareness of their benefits grows. This will benefit the market overall. Due to their eco-friendliness, cheap energy costs in production, and ease of molding, processing, and recycling, thermoplastic elastomers are becoming more popular, which will bolster the market growth. The growth in construction activities and infrastructure development will help increase the growth rate of the thermoplastic elastomers market.

TPE facilitates increased fuel efficiency in automotive applications by lowering car weight and density by substituting conventional components inside and around the vehicle. To reduce environmental and human health impacts from carbon emissions, various regulatory bodies have put in place stringent regulations.

North America dominated the market and accounted for a revenue share of over 35.0% in 2021. The North American region is one of the largest consumers of plastics owing to high demand in the automotive, electrical and electronics, packaging, and construction sectors.

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Thermoplastic elastomer market <b>Report Data</b>Null

Report ID: SQMIG15E2162

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