The thermoplastic elastomers market is estimated to be valued at USD 15.34 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031. Thermoplastic elastomers, also known as thermoplastic rubbers, are a class of copolymers or a physical mix of thermoplastics and elastomers. They differ from conventional elastomers/rubbers in that they can be melted and reshaped on heating unlike conventional elastomer which decomposes on heating. Thermoplastic elastomers find applications in durable goods like automotive components, footwear, medical devices, and various consumer and industrial goods owing to their properties of elasticity and flexibility similar to rubber but can be processed and recycled like thermoplastics. Rising demand from end-use industries along with growth in global automotive production is expected to drive the growth of the thermoplastic elastomers market in the coming years.

 Market Dynamics:

The global thermoplastic elastomers market is driven by factors such as growing demand from the automotive industry for lightweight and durable components, increasing demand for footwear, and rising consumption of consumer goods. Thermoplastic elastomers are widely used in the automotive industry to manufacture bumpers, door panels, instrument panels, and other components owing to their ability to withstand mechanical impact. According to International Organization of Motor Vehicle Manufacturers, the global vehicle production increased from around 83 million units in 2015 to over 95 million units in 2019. Growth in vehicle production is expected to propel the demand for thermoplastic elastomers in the coming years. However, volatility in raw material prices due to supply demand gaps is expected to restrain the market growth. The development of bio-based thermoplastic elastomers presents tremendous opportunity for sustainable growth of the market in the upcoming decade.

 Key Features of the Study:

• This report provides an in-depth analysis of the global thermoplastic elastomers market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global thermoplastic elastomers market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include Arkema S.A., Asahi Kasei Corporation, Avient Corporation, Celanese Corporation, Covestro AG, DuPont de Nemours, Inc., Elastron Kimya A.S., Evonik Industries AG, Huntsman International LLC, Mitsui Chemicals, Inc., Kraton Corporation, Eastman Chemical Company, SIBUR, Versalis S.p.A., JSR Corporation, Kuraray Co., Ltd , LCY Chemical Corp, SK Chemicals, Tosoh Corporation, TSRC Corporation, and Interplast.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global thermoplastic elastomers market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global thermoplastic elastomers market.

Detailed Segmentation-

• By Type:
  • Styrene Block Copolymers
  • Thermoplastic Polyolefin
  • Thermoplastic Polyurethanes
  • Thermoplastic Polyamides
  • Others (Thermoplastic Vulcanizates, etc.)
• By Application:
  • Photovoltaic Applications
  • Household Appliances
  • Wire & Cables
  • Adhesives
  • Sealants and Coatings
  • Footwear
  • Others (Tires and Tubes etc.)
• By End Use Industry:
  • Automotive
  • Transportation
  • Building & Construction
  • Electrical and Electronics
  • Medical & Healthcare
  • Others (Consumer Goods etc.)
• By Region:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
  • Arkema S.A.
  • Asahi Kasei Corporation
  • Avient Corporation
  • Celanese Corporation
  • Covestro AG
  • DuPont de Nemours, Inc.
  • Elastron Kimya A.S.
  • Evonik Industries AG
  • Huntsman International LLC
  • Mitsui Chemicals, Inc.
  • Kraton Corporation
  • Eastman Chemical Company
  • SIBUR
  • Versalis S.p.A.
  • JSR Corporation
  • Kuraray Co., Ltd 
  • LCY Chemical Corp
  • SK Chemicals
  • Tosoh Corporation
  • TSRC Corporation
  • Interplast