Thermoplastic Elastomer Market Size Worth $40.06 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Oct. 6, 2022 /PRNewswire/ -- The global thermoplastic elastomer market size is expected to reach USD 40.06 billion by 2030, according to a new study by Grand View Research, Inc., expanding at a CAGR of 7.2% from 2022 to 2030. Superior properties of PCTFE and robust growth in end-use industries are some of the key factors that are presumed to drive the regional markets. R&D initiatives to develop superior robust products that have a wide application base across diverse industries offer ample opportunities for industry growth.

Key Industry Insights & Findings from the report:

• North America dominated the overall market in 2021 with a revenue share of over 35.0%
• The automotive application segment held the largest revenue share in 2021 and is also anticipated to maintain dominance over the forecast period.
• Poly styrenes emerged as the largest material segment in 2021 with a revenue share of more than 35.0% and is also anticipated to maintain its lead over the forecast period.

Read 102-page full market research report, "Thermoplastic Elastomer Market Size, Share & Trends Analysis Report By Application (Automotive, Electrical & Electronics, Industrial, Medical, Consumer Goods), By Material, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Thermoplastic Elastomer Market Growth & Trends

Thermoplastic elastomers are unique, eco-friendly thermoplastics that are not only recyclable but can also be re-molded and re-shaped, thereby eliminating wastage quite extensively. These offer various other advantages in terms of physical attributes and characteristics such as resistance to chemicals, UV, oxidation, and providing soft-touch to materials. These properties are increasingly driving rubber and conventional plastic material replacement by TPEs in their respective applications. Several federal bodies such as the FDA and US Pharmacopeia regulate product applications in numerous end-use industries to ensure utmost consumer health and safety. These regulations affirm TPE utilization for commercial applications by providing guidelines for prudent product usage.

Major applications of thermoplastic elastomers include automotive, electrical and electronics, industrial, medical, consumer goods, and others. Automotive dominated the market in 2021 and will continue its lead over the coming years. Prominent thermoplastic elastomer materials include poly styrenes, poly olefins, poly ether imides, poly urethanes, poly esters, poly amides. Poly styrenes led the global market in 2021. Asia Pacific occupied the second-largest revenue share in 2021. Increasing awareness regarding consumer safety and protection in electronics and electrical industries is also expected to drive the global market throughout the forecast period, thereby driving the demand for thermoplastic elastomers in the region.

Thermoplastic Elastomer Market Segmentation

Grand View Research has segmented the global thermoplastic elastomer market on the basis of application, material, and region

TPE Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

• Automotive
• Electrical & Electronics
• Industrial
• Medical
• Consumer Goods
• Others

TPE Material Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

• Poly Styrenes
• Poly Olefins
• Poly Ether Imides
• Poly Urethanes
• Poly Esters
• Poly Amides

TPE Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• U.K.
• Italy
• Asia Pacific
• China
• India
• Japan
• Central & South America
• Brazil
• Middle East & Africa
• Saudi Arabia

List of Key Players of Thermoplastic Elastomer Market

• Advanced Elastomer Systems L.P.
• Arkema S.A.
• BASF SE
• Bayer MaterialScience LLC
• China Petroleum & Chemical Corporation
• Dynasol Elastomers LLC
• EMS Group
• Evonik Industries
• Huntsman Corporation
• Kraton Polymers LLC
• LG Chemicals
• LCY Chemical Corporation
• Lubrizol Corporation
• LyondellBasell Industries
• Nippon Polyurethane Industry Company Ltd.
• Avient Corporation
• Teknor APEX Company
• The Dow Chemical Company
• TSRC Corporation
• Yantai Wanhua Polyurethane Co. Ltd.

Check out more related studies published by Grand View Research:

• North America Flame Retardant Thermoplastics Market - The North America flame retardant thermoplastics market size is expected to reach USD 5.6 billion by 2030, registering a CAGR of 4.8%, during the forecast period, according to a new report by Grand View Research, Inc. Developments in the electrical & electronics and automotive & transportation industry is likely to drive the demand for thermoplastics in these application segments. Increasing use of environment-friendly and energy-saving products is also expected to influence the market, positively.
• Thermoplastic Vulcanizates Market - The global thermoplastic vulcanizates market size is anticipated to reach USD 2.6 billion by 2028, according to a new report by Grand View Research, Inc., registering a CAGR of 6.9% over the forecast period. The growing demand for lightweight, high-performance materials from the automotive industry is expected to drive the global market. Increasing government intervention for improving fuel efficiency has prompted the use of high-performance engineering plastics including thermoplastic vulcanizate (TPV).
• Thermoplastic Polyester Elastomer Market - The global thermoplastic polyester elastomer market size is expected to reach USD 1.49 billion by 2025, according to a new report by Grand View Research, Inc. Progress in plastics technologies & compounding or processing capabilities are expected to complement industry growth over the forecast period.

Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc