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

Thermoplastic Elastomer Market Drivers

Demand from Various End User Industries to Bolster Market Growth

• 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.

Thermoplastic Elastomer Market Restraints

High Cost to Hinder Market Growth

• The volatility or fluctuations in the prices of raw materials will create hindrances for the growth of the thermoplastic elastomers market. The thermoplastic elastomers business will be hampered by a lack of skilled workers, which will have a negative impact on the industry. The lack of advanced technology in low and middle-income economies will mean that there will be very little scientific progress. These factors will limit the growth of the thermoplastic elastomers market.