Thermoplastic Elastomer Market Regional Analysis

Thermoplastic Elastomer Market size was valued at USD 24.6 Billion in 2023 and is poised to grow from USD 26.64 Billion in 2024 to USD 50.58 Billion by 2032, growing at a CAGR of 8.3% during the forecast period (2025-2032).

The players in the global thermoplastic elastomer market are investing in mergers & acquisitions. They are also collaborating with other companies to expand their consumer base. Investing in research and development activities are providing them with an edge over their competitors as they expand their product portfolio. 'DuPont ', 'BASF SE ', 'Covestro AG ', 'KRATON Corporation ', 'LCY Group ', 'Dow Inc. ', 'Arkema Group ', 'Asahi Kasei Corporation ', 'ExxonMobil Corporation ', 'Mitsubishi Chemical Corporation ', 'LG Chem ', 'LyondellBasell Industries ', 'Huntsman Corporation ', 'Evonik Industries AG ', 'Sumitomo Chemicals ', 'Celanese Corporation ', 'The Lubrizol Corporation ', 'Grupo Dynasol ', 'Avient Corporation ', 'SABIC'

The increasing adoption of thermoplastic elastomers by the end-user verticals such as the automotive, building and construction, electrical and electronics, household appliances, medical,adhesive, sealants and coatings, footwear, HVAC and others across the globe is estimated to carve a way for the growth of the market.  Thermoplastic elastomers are used largely in the healthcare industry to create medical equipment, like catheters, medication delivery tubes, surgical tool grips, and various implants. Thermoplastic elastomers are more and more popular for a variety of reasons, including their superior performance qualities. This trend is likely to continue, as awareness of their benefits grows. This will benefit the market overall. Due to their eco-friendliness, cheap energy costs in production, and ease of molding, processing, and recycling, thermoplastic elastomers are becoming more popular, which will bolster the market growth. The growth in construction activities and infrastructure development will help increase the growth rate of the thermoplastic elastomers market.

TPE facilitates increased fuel efficiency in automotive applications by lowering car weight and density by substituting conventional components inside and around the vehicle. To reduce environmental and human health impacts from carbon emissions, various regulatory bodies have put in place stringent regulations.

North America dominated the market and accounted for a revenue share of over 35.0% in 2021. The North American region is one of the largest consumers of plastics owing to high demand in the automotive, electrical and electronics, packaging, and construction sectors.