Thermoplastic Elastomer Market

Analysis by Type (SBC, TPU, TPO, COPE, PEBA); by End User (Automotive, Building & Construction, Footwear, Wire & Cable, Medical, Engineering); and by Material (Polystyrenes, Polyurethanes, Polyolefins, Polyesters, Polyether imides, and Polyamides) – Global Supply & Demand Analysis & Opportunity Outlook 2023 – 2033

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Report ID: 4529 | Published On: Mar 24, 2023
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Global Thermoplastic Elastomer Market Size, Forecast, Trend Highlights Over 2023 – 2033

The global thermoplastic elastomer market is estimated to garner a revenue of ~USD 34 Billion by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 25 Billion in the year 2022. The rising and aging world population is estimated to boost market growth during the forecast period. The population of people aged 60 years and older is estimated to double and reach 2.1 billion by 2050 across the world. Growing consumption in various industries including automotive, electrical and electronics, footwear, industrial, medical, and engineering is to drive the global market share in the forecast period. Increasing demand in automotive component manufacturing is expected to be a major factor that will drive the growth of the thermoplastic elastomer market in the future times.


Also, increasing consumer preference for high-performance cars is expected to fuel the growth of the market during the forecast period. Sports car sales in 2022 reached 830K vehicles as per estimations. These factors have led to growing thermoplastic consumption in end-user industries. Thermoplastic elastomers consist of both chemical and physical properties as compared to properties of thermosets, thereby gaining more preference in terms of application benefits. The high replacement rate of TPU and TPO as an alternative to ethylene propylene diene monomer in building materials is expected to drive the global thermoplastic elastomer market in the forecast period. TPEs are eco-friendly thermoplastics that can be reshaped and molded into any shape or size, therefore eliminating the wastage of materials. TPE offers more fuel efficiency in automobiles by lowering the car weight and density by substituting conventional components in and around the vehicle.

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Global Thermoplastic Elastomer Market: Key Insights

Base Year


Forecast Year




Base Year Market Size

~USD 25 billion

Forecast Year Market Size

~USD 34 billion

Regional Scope

  • North America (U.S. & Canada)
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe)
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa)

Global Thermoplastic Elastomer Market: Growth Drivers and Challenges

Growth Drivers

  • Elevating Preference for Lightweight Vehicles – Lightweight vehicles are in demand owing to reduced fuel consumption. The replacement of cast iron with thermoplastic elastomers decreases the weight of the vehicle thereby increasing the efficiency of engines. The reduction of 10% weight of vehicles is estimated to enhance global fuel economy by 6-8%.

  • Increasing Automotive Industry – According to studies manufacturing of motor vehicles and parts in North America raised from ~USD 961 million in 2021 to USD 992.3 million in 2022.

  • High Use of Electronics and Electricals – The exported value of electrical machinery and equipment and parts in 2021 was approximate ~USD 3,594,456,634.

  • Reduction of Carbon Emission – The annual CO2 emissions raised from 35.45 billion tons in 2016 increased to 36.65 billion tons in 2018.

  • Rising Thermoplastic Consumption – The exported value of plastics across the world in 2021 was worth USD 799,110,485.


  • Price Volatility of Raw Materials – The exhaustion of raw materials such as fossil fuels resources along with indefinite crude oil prices performs as the biggest challenge for the market growth. This would restrict the production of raw materials for TPEs, therefore affecting the market growth. Additionally, strict regulations by governments and usage of non-renewable resources will pose a risk to the supply chain which will again hinder market growth.
  • High Cost of Thermoplastic Elastomers
  • Lack of Technical Expertise

Global Thermoplastic Elastomer Market Segmentation

The global thermoplastic elastomer market is segmented and analyzed for demand and supply by type into SBC, TPU, TPO, TPV, COPE, and PEBA. The TPV segment is anticipated to hold the largest market share by the end of 2035. This can be attributed to its eco-friendly and easy-to-recycle nature. Ethylene propylene diene monomer or polypropylene thermoplastic vulcanizate are the most similar kind of TPV. As per a report, about 60% of consumers are focusing on using eco-friendly and sustainable purchases globally

The global thermoplastic elastomer market is segmented and analyzed for demand and supply by application into automotive, building & construction, footwear, wire & cable, medical, and engineering. Among these, the automotive segment is projected to have the highest CAGR in the forecast period. Thermoplastic elastomers are utilized in the production of wipers, exterior filler panels, rocker panels, body seals, automotive gaskets, door and window, and vibration-damping pads of automobiles.

Our in-depth analysis of the global thermoplastic elastomer market includes the following segments:

         By Type

  • SBC
  • TPU
  • TPO
  • COPE
  • PEBA
  • TVP

       By End User Industry

  • Automotive
  • Building & Construction
  • Footwear
  • Wire & Cable
  • Medical, Engineering

      By Material

  • Polystyrenes
  • Polyurethanes
  • Polyolefins
  • Polyesters
  • Polyether imides
  •  Polyamides


Global Thermoplastic Elastomer Market Regional Synopsis

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 on the account of increasing the replacement of thermoset rubber with thermoplastic elastomers. A decrease in the rubber industry is been observed since COVID-19 and reducing 25 million metric tons every year. The demand for thermoplastic elastomers widely originated from the construction and automotive industry in the Asia Pacific region. China holds the largest market share of the thermoplastic elastomer market followed by Japan and South Korea in 2021. The Asia Pacific region is also anticipated to show the highest CAGR in the thermoplastic elastomer market in the forecast period. In addition, the manufacturing sector in Asia Pacific will increase the demand for TPE compounds in end-user industries such as automotive, packaging, electrical and electronics, and many others.

North America held a market share of 35% in the year 2021. The North America Region is one of the largest consumers of plastic high in demand in the automotive, electronics & electrical, packaging, and construction industry. Owing to thermoplastic elastomer properties such as versatility, easy molding, and customizable shape formation they are crucial for each and every industry. Many automobile companies look for plastic-made products as they are low in cost and they increase the bottom line as well.

The market in Europe is anticipated to hold significant growth in the forecast period. This can be attributed owing to the great demand of Thermoplastic Elastomer (TPE) in the medical sector. Its growing utilization in the medical devices, equipments, surgical instruments and other medical products are driving growth of market in this region. Also due, to high demand for machine parts and accessories in the European region, the market is expect to grow rapidly in this region. 


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Top Featured Companies Dominating the global thermoplastic elastomer market

    • Arkema
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Huntsman International LLC
    • Covestro AG
    • KRAIBURG TPE GmbH & Co. KG
    • Kent Elastomer Products
    • Tosoh America, Inc.
    • The Lubrizol Corporation
    • Teknor Apex Company, Inc.
    • JSR Corporation


In The News

  • April 2022: IBSRELA the first and only NHE3 inhibitor for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults, has been made available by the biopharmaceutical company Ardelyx. The first Ardelyx product to receive approval from the US Food and Drug Administration is IBSRELA.
  • March 2022: Indegene a provider of technology-driven healthcare solutions, & meta Me Health, a maker of Regulora and a Prescription Digital Therapeutics (PDT) business, teamed up to offer Regulora as a remedy for irritable bowel syndrome-related stomach pain (IBS).

Global Economic Impact

Request Insights
Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the thermoplastic elastomer market?

Ans: The increasing automotive industry, high use of electrical and electronics, and reduction of carbon emissions are the major factors driving the growth of the thermoplastic elastomer market

2) What would be the CAGR of thermoplastic elastomer market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the thermoplastic elastomer market growth?

Ans: The high cost of materials and lack of experts are some of the major factors estimate to hinder the growth of the market.

4) Which region will provide more business opportunities for growth of thermoplastic elastomer market in future?

Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the thermoplastic elastomer market?

Ans: The major players in the market are Arkema, Huntsman International LLC, Covestro AG, KRAIBURG TPE GmbH & Co. KG, Kent Elastomer Products, ALTANA AG, Tosoh America, Inc., The Lubrizol Corporation, and more.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the thermoplastic elastomer market?

Ans: The market is segmented by type, end-user, application, and by region.

8) Which segment captures the largest market size in type in the thermoplastic elastomer market?

Ans: The TPV segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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