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 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).

Thermoplastic elastomers provide the properties of both plastics and elastomers. The products are commonly used to provide a range of properties in end-user industries, such as easy moldability, heat stability, smoothness, wear resistance, and scratch resistance.

There are different types of computers, each with its own strengths and weaknesses. Some are more expensive, but offer better performance. The demand for thermoplastic elastomers is projected to increase in the future as a result of the recovery of several end use industries, such as automotive and construction, from the COVID-19 pandemic and the increasing penetration of electric vehicles (EVs) worldwide.

The growing demand from the automotive industry, the environmentally friendly properties of thermoplastic elastomers, and the recent advances in the thermoplastic elastomer processing industry are all contributing factors to the growth of thermoplastic elastomers. The global industry has grown thanks to increasing consumption in various applications.

Growing demand for auto parts manufacturing is expected to be a major factor driving the global industry during the forecast period. The increased regulation of carbon emissions has forced major automotive OEMs to use plastics in place of metal and alloy parts. This change has led to a decrease in the use of metals and alloys in automotive components, which in turn has led to a decrease in emissions.

US Thermoplastic Elastomer Market is poised to grow at a sustainable CAGR for the next forecast year.