Thermoplastic Elastomers Market Size Projected to Hit $40.9 billion, Globally, by 2030- Exclusive Study by The Research Insights

CHICAGO, June 18, 2025 /PRNewswire/ -- The global thermoplastic elastomers market is projected to be valued at USD 26.6 billion in 2024 and reach USD 40.9 billion by 2030, growing at a CAGR of 7.4% according to a new report by The Research Insights. The automotive industry's escalating demand serves as one of the primary factors stimulating growth in the thermoplastic elastomers market. Automakers across the globe now focus on lightweight materials because they must meet strict fuel efficiency standards while reducing carbon emissions. Thermoplastic elastomers (TPEs) combine rubber-like flexibility with thermoplastic processing capabilities to replace heavier materials that lack sustainability. Manufacturers use TPEs to lower vehicle weight while maintaining performance standards alongside safety and aesthetic qualities.

The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the thermoplastic elastomers market growth of 7.4% comprises application, material, processing method and geography which are expected to register strength during the coming years.

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Market Overview and Growth Trajectory:

Thermoplastic Elastomers Market Growth: According to an exhaustive report by The Research Insights, the Thermoplastic Elastomers Market is undergoing significant growth, driven by rising use as replacements for standard rubber and PVC across many industrial sectors. Businesses search for materials that deliver high performance while making manufacturing processes easier and minimizing ecological harm. Thermoplastic elastomers check all these boxes—and more. Standard plastic processing techniques such as injection molding and extrusion enable TPEs to be shaped much faster than traditional rubber which needs lengthy curing processes.

Expansion of Medical Applications: The healthcare industry experiences a transformative shift due to increased use of thermoplastic elastomers (TPEs) which leads to substantial growth in the thermoplastic elastomers market. TPEs demonstrate a soft and flexible yet durable character that makes them the preferred option for medical applications which demand high standards of patient safety and cleanliness. TPEs naturally do not contain allergens or plasticizers and other dangerous plastic additives which distinguishes them from traditional materials like latex and PVC. Their inherent properties make TPEs the preferred option for products that will touch human skin or mucous membranes. TPEs maintain superior biocompatibility which ensures their use in medical equipment does not lead to irritation or adverse reactions. The trend of using disposable and single-use medical devices aligns effectively with the properties of TPEs. The materials enable sophisticated part designs to reduce assembly requirements and support efficient high-volume production while maintaining patient safety. The thermoplastic elastomers market within the medical sector shows strong growth which is expected to accelerate as TPEs become more significant in healthcare systems that emphasize quality, safety, and cost-efficiency.

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Focus on Circular Economy: The circular economy framework transforms industrial processes of material design, production, and disposal while sustainability becomes a serious business focus in today's world. Thermoplastic elastomers (TPEs) represent a flexible and environmentally-friendly core material in this transformative process. The ability to recycle and reuse thermoplastic elastomers aligns manufacturing processes with circular economy principles which drives substantial market growth for these materials. TPEs stand apart from traditional rubbers and thermoset composites because they function without the need for curing which enables them to be melted and reshaped multiple times while maintaining their fundamental properties. TPE-based products from automotive components to medical devices enable collection and reprocessing into production cycles which helps reduce virgin material use and minimize waste. Industries experiencing increased pressure from both regulators and consumers to lower their environmental impact now see TPEs as an essential solution. Their combination of superior performance capabilities with environmental stewardship makes them essential materials for companies who prioritize sustainable practices. The thermoplastic elastomers market serves as a major force driving progress in the worldwide circular economy initiative.

Automotive Sector Steers Demand with Lightweighting and Sustainability Goals: The automotive industry commands the largest portion of the thermoplastic elastomers market because manufacturers are shifting towards producing vehicles that are lightweight and fuel-efficient while also being environmentally sustainable. Automakers now often choose TPEs to replace conventional rubber and PVC in parts like weather seals and airbag covers because this helps minimize vehicle weight and ensures compliance with strict emission standards. TPEs combine flexibility with durability and recyclability so they become the material of choice for conventional and electric vehicles. TPEs gain strong preference in automotive manufacturing because their easy molding process works well with multi-material systems which allows efficient high-volume and precision production. The automotive industry will sustain the expansion of the thermoplastic elastomers market as sustainable mobility emerges as an essential worldwide goal.

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Geographical Insights: The automotive sector's advanced technology combined with strict environmental regulations and an increasing need for sustainable materials in medical and consumer products establishes North America's strong market position. TPEs have become widely adopted in automotive interiors and medical devices in the U.S. because of its rigorous quality and compliance standards. The Asia Pacific region leads the global thermoplastic elastomers market volume-wise because of industrialization acceleration and automotive manufacturing growth along with a thriving footwear and consumer goods sector in China, India, and Southeast Asia. Market growth accelerates as the region maintains cost-effective production capabilities while electric vehicle demand continues to climb. Europe stands out as a critical innovation center for bio-based and recyclable TPEs due to its commitment to sustainability and advanced engineering practices.

Thermoplastic Elastomers Market Segmentation and Geographical Insights:

• Based on application, the thermoplastic elastomers market is divided into automotive, electrical & electronics, industrial, medical, consumer goods and others. The automotive segment held the largest share of the thermoplastic elastomers market in 2024.
• Based on material, the thermoplastic elastomers market is divided into poly styrenes, poly olefins, poly ether imides, poly urethanes, poly esters and poly amides. The poly styrenes segment held the largest share of the thermoplastic elastomers market in 2024.
• Based on processing method, the thermoplastic elastomers market is divided into injection molding, blow molding, extrusion, compression molding, thermoforming and 3D printing. The injection molding segment accounted for a larger share of the thermoplastic elastomers market in 2024.
• The thermoplastic elastomers market is segmented into five major regions: North America; Europe; Asia Pacific; Latin America; Middle East & Africa.

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Key Players and Competitive Landscape:

The Thermoplastic Elastomers Market is characterized by the presence of several major players, including:

• BASF SE
• Arkema
• DuPont
• Covestro AG
• China Petrochemical Corporation
• Dynasol Elastomerss
• EMS-CHEMIE HOLDING AG
• Evonik Industries
• LG Chem
• LCY Chemical Corporation
• Lubrizol Corporation
• LyondellBasell Industries
• Tosoh Corporation
• Avient Corporation
• Teknor APEX Company
• The Dow Chemical Company
• TSRC Corporation

These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.

Thermoplastic Elastomers Market Recent Developments and Innovations:

• In April 2024, Lubrizol Corporation and Eastman collaborated to enhance the adhesion strength of TPEs over-molded onto Eastman's Tritan copolyester, demonstrating sustainable product improvements.
• In March 2024, KRAIBURG TPE Americas collaborated with APTA Resinas to expand the distribution of TPE in Brazil and South America, successfully increasing market presence and availability in the region.
• In September 2023, The Dow Chemical Company began operations at its MDI distillation and prepolymers facility in Freeport, Texas.

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Key Questions Addressed:

1. What is the key opportunity in the thermoplastic elastomers market?
   TPEs are increasingly compatible with additive manufacturing, especially in custom-fit and wearable applications.
2. What is the expected market size for thermoplastic elastomers market by 2030?
   The expected market size for thermoplastic elastomers is USD 40.9 Billion in 2030.
3. Which are the major application where thermoplastic elastomers is used?
   Major application includes automotive, electrical & electronics, industrial, medical, consumer goods and others.
4. Which material segment for thermoplastic elastomers market has the potential to register the highest market share?
   Poly styrenes segment for thermoplastic elastomers market is expected to register highest market share of 32% in 2024.
5. Which region is estimated to witness a high demand for thermoplastic elastomers over the forecast period?
   Asia Pacific is estimated to witness a high demand for avionics growing at a CAGR of 9.1% over the forecast period
6. Who are the key players in thermoplastic elastomers market?
   The key players in the market are BASF SE, Arkema, DuPont, Covestro AG, China Petrochemical Corporation, Dynasol Elastomerss, EMS-CHEMIE HOLDING AG, Evonik Industries, LG Chem, LCY Chemical Corporation, Lubrizol Corporation, LyondellBasell Industries, Tosoh Corporation, Avient Corporation, Teknor APEX Company, The Dow Chemical Company and TSRC Corporation.

Conclusion:

Performance advantages together with environmental benefits and growing application areas are driving the thermoplastic elastomers market toward continuous expansion. TPEs have become the materials of choice for global industries because they deliver flexibility, durability, and recyclability compared to traditional rubber and PVC. The automotive industry continues to lead market growth because TPEs help achieve lighter vehicle weight and better fuel efficiency while meeting strict emission standards. The medical industry is increasingly implementing TPEs as biocompatible and sterilizable materials for tubing and syringe components while also developing wearable devices. Global sustainability movements boost market growth since TPEs match circular economy objectives through their capability to be repeatedly recycled while maintaining functionality. The advancement of TPE blends together with functionalized grades together with heightened environmental awareness positions the thermoplastic elastomers market for rapid growth. Thermoplastic elastomers will become essential in material innovation across different industries because they deliver unmatched combinations of performance capabilities and sustainable processing characteristics.

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The report from The Research Insights, therefore, provides several stakeholders—including raw material suppliers, TPE manufacturers, distributors and end users —with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

With projected growth to US$ 40.9 billion by 2030, the Thermoplastic Elastomers Market represents a significant opportunity for raw material suppliers, TPE manufacturers, distributors, end-users, investors, industry stakeholders, and others. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.

Check out more related studies published by The Research Insights:

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• Automotive Elastomers Market - The global automotive elastomers market size is expected to reach USD 51.3 billion by 2030, according to a new report by The Research Insights. It is projected to expand at a CAGR of 5.4% from 2022 to 2030. The driving forces behind this trend are the rising demand for new vehicles and increasing consumer spending power.
• Thermoplastic Polyester Elastomer Market - The global thermoplastic polyester elastomer market size is anticipated to reach USD 2.28 billion by 2030 and is projected to grow at a CAGR of 5.34% from 2023 to 2030, according to a new report by The Research Insights. One key factor contributing to this growth is the increasing adoption of lightweight products across various industries, including automotive, medical, and consumer goods. This trend is not only driving innovation but also creating new opportunities for TPEE-based solutions.

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