Thermoplastic Elastomers Market, By Type (Styrene Block Copolymers, Thermoplastic Polyolefin, Thermoplastic Polyurethanes, Thermoplastic Polyamides, and Others), By Application (Photovoltaic Applications, Household Appliances, Wire & Cables , Adhesives, Sealants and Coatings, Footwear, and Others), By End Use Industry (Automotive, Transportation, Building & Construction, Electrical and Electronics, Medical & Healthcare, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Feb 2025

Code : CMI847

Pages :147

Formats :

Excel and PDF

Industry : Specialty and Fine Chemicals

Thermoplastic Elastomers Market Size and Trends

The thermoplastic elastomers market is estimated to be valued at USD 16.48 Bn in 2025 and is expected to reach USD 27.18 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 7.4% from 2025 to 2032.

Thermoplastic Elastomers Market Key Factors

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Thermoplastic elastomers find wide application in the automotive, construction, footwear, and healthcare industries. Their advantages over conventional rubbers like vulcanizates in terms of recyclability and design flexibility are driving the market growth. The market is witnessing high demand from the automotive industry as OEMs emphasize on light-weighting vehicles. Thermoplastic elastomers are replacing other materials in various interior and exterior automotive applications due to advantages such as easy processing, better design flexibility, and cost competitiveness. Rising vehicle production and sales globally is expected to boost the consumption of thermoplastic elastomers in the coming years.

High Demand from Automotive Industry

The automotive industry has shown significant demand for thermoplastic elastomers in recent years. Automakers are under increasing pressure to make vehicles lighter and more fuel efficient in order to meet stringent corporate average fuel economy standards around the world. Thermoplastic elastomers help automakers achieve this goal as they can be utilized to create lighter weight parts that still provide strength and durability. Many newer vehicle models are incorporating more thermoplastic elastomers into components such as bumpers, fascia, interior panels, seals, and cable insulation. Their superior impact resistance properties make them well suited for panels that see everyday abuse like bumpers. Additionally, their design flexibility allows for more complex part consolidation which reduces overall part count. This directly cuts costs for automakers. With fuel efficiency and emission targets expected to become even more stringent, it is likely automakers will continue to increase their usage of thermoplastic elastomers to slim down vehicle weights in the coming years.