Global Thermoplastic Elastomers Market Growth Accelerated by Thermoplastic Elastomers Wide Applications

Thermoplastic Elastomers Market


Thermoplastic elastomers are widely used in the automotive, food, packaging and construction industries due to their thermoplastic properties and elasticity. Thermoplastic elastomers can be easily processed like conventional plastics while exhibiting elastic behavior and properties similar to vulcanized rubbers. These polymers provide advantages such as recyclability, custom fabrication and low temperature impact resistance.

The global thermoplastic elastomers market is estimated to be valued at US$ 28.8 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing automotive production worldwide is one of the major factors driving the growth of the thermoplastic elastomers market. Thermoplastic elastomers are widely used in automotive interior, exterior, electrical cables, hoses and wiring applications due to their high elasticity, heat and aging resistance and design flexibility. According to the International Organization of Motor Vehicle Manufacturers (OICA), around 100 million vehicles were produced globally in 2022 indicating a significant demand for thermoplastic elastomers. New grades of thermoplastic elastomers such as styrenic block copolymers (TPE-S) and thermoplastic polyurethanes (TPU) are also gaining popularity owing to their recyclability, custom fabrication and mechanical properties. The development of bio-based and recyclable thermoplastic elastomers using renewable feedstocks is expected to present lucrative opportunities over the forecast period.

Segment Analysis
The global Thermoplastic Elastomers market is dominated by Styrenic Block Copolymers (SBC) segment which holds around 35% market share. SBC is widely used in applications like footwear, healthcare, consumer electronics among others owing to its superior flexibility, resilience and easy processability properties. It provides durability as well as flexibility like rubber and is recyclable like plastics.

Key Takeaways
Global Thermoplastic Elastomers Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The global thermoplastic elastomers market is estimated to be valued at US$ 28.8 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030.

Regional analysis:
North America region currently dominates the global market and is expected to maintain its dominance during the forecast period. This is attributed to high demand from industries like automotive, medical and consumer goods in the region. Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rapid industrialization and infrastructural development in emerging economies like China and India.

Key players:
Key players operating in the Thermoplastic Elastomers market are Graebel Companies, SIRVA, Relocation Management Company (RMC), Crown Worldwide, Santa Fe Group, FIDI Global Alliance, MSI Global Talent Solutions, Cartus, Atlas Van Lines, Allied Van Lines, NorthAmerican Van Lines, Arpin Van Lines, Wheaton World Wide Moving, United Van Lines, Mayflower Transit, Bekins, Beltmann Relocation Group, Corrigan Moving Systems, Clark & Reid, Eclipse Relocation.

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