The global thermoplastic elastomers (TPE) market size is projected to reach USD 40.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. The automotive industry is witnessing a notable increase in TPE usage, especially in the production of lightweight and fuel-efficient vehicles. TPEs are extensively utilized in bumpers, seals, and interior components due to their superior lightweight characteristics, flexibility, and durability.

TPE adoption is also accelerating in the consumer electronics industry, driven by the growing demand for technologically advanced devices. Their flexibility, durability, and aesthetic finish make TPEs ideal for use in mobile phone cases, cables, connectors, and various electronic components. The ongoing trend toward compact and lightweight electronic devices further encourages manufacturers to use TPEs, which offer smooth surfaces, resistance to damage, and ease of processing.

Sustainability is becoming a significant influence on the market, with rising interest in bio-based TPEs that align with environmental protection goals. The Asia-Pacific region is expected to dominate global TPE consumption, supported by a strong manufacturing infrastructure and fast-paced market development. Furthermore, ongoing technological improvements in production methods and material innovation are enhancing the performance and appeal of TPEs across multiple industries.

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Thermoplastic Elastomers Market Report Highlights

• The automotive segment held the largest market share in 2023, accounting for 40.7% of total revenue, driven by increasing usage of TPEs in vehicle components.

• The medical sector is expected to experience the highest growth in TPE demand, with a CAGR of 9.0% over the forecast period, due to the expanding demand for medical devices.

• By material, polystyrenes led the market in 2023 with a 31.6% revenue share, attributed to their adaptability across packaging, consumer goods, and automotive applications, offering a cost-effective blend of flexibility and durability.

• Polyamides are projected to witness the fastest CAGR of 8.8% during the forecast period, owing to their robust mechanical and thermal properties, as well as their rigidity and flexibility, particularly in industrial applications.

Leading Companies in the Thermoplastic Elastomers Market

• BASF SE

• Arkema

• DuPont

• Covestro AG

• China Petrochemical Corporation

• Dynasol Elastomers

• EMS-CHEMIE HOLDING AG

• Evonik Industries

• Kraton Polymers LLC

• LG Chem

• LCY Chemical Corporation

• Lubrizol Corporation

• LyondellBasell Industries

• Tosoh Corporation

• Avient Corporation

• Teknor APEX Company

• The Dow Chemical Company

• TSRC Corporation

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