Thermoplastic Elastomers Market worth $38.94 billion by 2030- Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., June 6, 2025 /PRNewswire/ -- The report "Thermoplastic Elastomers Market by Type (SBC, TPU, TPO, TPV, COPE, PEBA), End-use Industry (Automotive, Building & Construction, Footwear, Wire & Cable, Medical, Engineering), Region - Global Forecast to 2030", is expected to reach USD 38.94 billion by 2030 from USD 30.83 billion in 2025, at a CAGR of 4.8%.

The thermoplastic elastomers market is expanding rapidly globally, owing to rising demand in the automotive, consumer goods, medical, and construction industries. Thermoplastic elastomers are popular in the automobile sector due to their lightweight, recyclable, and long-lasting qualities, which help promote fuel efficiency and sustainability. Thermoplastic elastomers' biocompatibility and subsequent sterilization capability have further enhanced their use in pharmaceutical packaging and medical device applications. Their flexibility and versatile design potential will drive demand in consumer electronics and footwear. 

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Thermoplastic polyolefins to be the second fastest-growing segment in the market

Thermoplastic polyolefins (TPOs) are emerging as the second fastest-growing category of thermoplastic elastomers, mainly due to their excellent performance, low price, and recyclability. TPOs are commonly used in automotive applications such as dashboards, interior trims, and bumpers. They excel in protective applications because of their good impact resistance, UV stability, and low density. Increased TPO adoption can also be attributed to a growing desire for sustainable materials and the desire for more fuel-efficient vehicles. Besides automotive applications, TPOs are used in consumer goods, roofing membranes, and packaging as they are resistant to weather exposure and easy to process. TPOs are gaining acceptance globally, partly due to technological advancements and associated regulatory pressure for environmentally friendly materials.

Automotive holds the largest share in the thermoplastic elastomers market

The automotive industry was the largest share of the thermoplastic elastomers market in 2024, as it increasingly shifts toward using lighter, more durable, and recyclable materials. Thermoplastic elastomers find their way into various composite vehicle components, such as seals and gaskets, bumpers, trim, and parts located under the hood. With the growing production of electric and hybrid vehicles, the demand has increased for high-performance materials that provide efficiency and reduce vehicle weight. Increased regulation surrounding sustainability and fuel efficiency also pushes automotive manufacturers to use thermoplastic elastomers instead of other materials.

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Asia Pacific accounted for the largest share of the market.

The automotive, construction, and consumer goods industries' strong demand for thermoplastic elastomers contributed to Asia Pacific's dominant market share in 2024. Thermoplastic elastomers' consumption has been significantly impacted by rapid industrialization, urbanization, and increased vehicle manufacturing in countries like China, India, and Japan. Additionally, several government policies and regulations emphasizing recyclable and sustainable materials are contributing to the growth of the thermoplastic elastomers market. For example, the "Made in China 2025" program and China's increasing environmental standards encourage the adoption of advanced and sustainable materials like thermoplastic elastomers. The region will continue to be driven by ongoing infrastructure projects and rising consumer demand.

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The Thermoplastic Elastomers market comprises major players such as Arkema SA (France), Asahi Kasei Corporation (Japan), BASF SE (Germany), The Dow Chemical Company (US), Covestro AG (Germany), Huntsman Corporation (US), Exxon Mobil Corporation (US), Lubrizol Corporation (US), Mitsubishi Chemical Company (Japan), and DuPont de Nemours, Inc (US).

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