Austin, Aug. 05, 2025 (GLOBE NEWSWIRE) -- The Thermoplastic Elastomers Market was valued at USD 25.44 billion in 2024 and is projected to reach USD 41.97 billion by 2032, expanding at a compound annual growth rate (CAGR) of 6.46% from 2025 to 2032.
Thermoplastic elastomers also have sustainability advantages because they can be recycled, and they reduce the environmental impact versus thermoset rubbers by being reusable in reshaping processes. TPEs take the place of traditional rubber and metal parts in automotive because they are lighter, more fuel-efficient and easier to mold into shape. In healthcare, medical-grade tubing, catheters and seals made from TPEs are growing in significance due to their biocompatibility as well as ability for sterilization. Moreover, the mounting acceptance of TPEs in a variety of industries backed up by worldwide conversion towards sustainability and circular economy magnify the overall growth potential for the market.
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The U.S. thermoplastic elastomers market size was USD 7.27 billion in 2024 and is expected to reach USD 12.54 billion by 2032 and grow at a CAGR of 7.04% over the forecast period of 2025-2032. It is due to due to an established industrial base, high automotive production, and advanced infrastructure across key end-use industries such as healthcare, construction, electronics, and consumer goods. As the country supports top TPE manufacturers and R&D sites, these innovators provide creative solutions to adapt their products to ever-changing performance and sustainability requirements.
Key Players:
- BASF SE
- Arkema S.A.
- DuPont
- Covestro AG
- Evonik Industries
- LG Chem
- Kraton Corporation
- Lubrizol Corporation
- Huntsman Corporation
- Teknor Apex Company
Thermoplastic Elastomers Market Report Scope:
| Report Attributes | Details |
| Market Size in 2024 | USD 25.44 Billion |
| Market Size by 2032 | USD 41.97 Billion |
| CAGR | CAGR of 6.46% From 2025 to 2032 |
| Base Year | 2024 |
| Forecast Period | 2025-2032 |
| Historical Data | 2021-2023 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Styrene Block Copolymer, Thermoplastic Polyurethane, Thermoplastic Polyolefin, Thermoplastic Vulcanizate, Polyether Block Amide Elastomer, and Copolyester Ether Elastomer) • By End Use (Automotive, Building & Construction, Footwear, Wires & Cables, Medical, Engineering, and Others) |
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By Type
Styrenic Block Copolymers (SBCs) was the largest segment of polymer foam market by value in 2024 with a share of 32%. The attraction of SBCs, which are employed extensively because they combine low cost with easy processing and superior mechanical properties. Among elastomers, these elastomers are popular across adhesives, footwear and packaging and will remain dominant through the forecast period as well because of sustained demand from construction and personal care sectors.
By End Use
The automotive sector topped the thermoplastic elastomers market volume charts, by accounting for 28% of global revenue in 2024. Owing to the light weight, UV stability and extended life in service of TPEs it represents an ideal material for automakers hide weather seals, bumpers, interior trims, airbag covers and under-the-hood components. Owing to the growing adoption of electric vehicles (EVs), demand for lightweight and flexible materials are also increasing which in turn is pushing the TPE market.
Regional Analysis
North America held about 38.04% of the market share for Thermoplastic Elastomers (TPE) in 2024. This primacy is mainly driven by the automotive, healthcare, construction and consumer goods industries where TPEs are enormously adopted because of their malleability, toughness and recyclability that they render. The U.S. is the biggest contributor in this region and serves as a significant automotive manufacturing and medical device innovation hub, which essentially depend on advanced material solutions like TPEs.
Recent Developments
- In March 2025, Mitsui Chemicals, Inc. announced an expansion of its TPE production capacity at its Osaka plant to meet rising demand from the automotive and medical industries in Southeast Asia.
- In October 2024, Kraiburg TPE launched a new line of recyclable and bio-based thermoplastic elastomers targeted at sustainable packaging and personal care applications.
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Unique USPs of the Thermoplastic Elastomers Market
- Sustainability Advantage – TPEs are 100% recyclable and reduce reliance on thermoset rubber, aligning with global green manufacturing trends.
- Cross-industry flexibility – Processability and performance in automotive, sports gear sculpting etc. (over 10+ end-use sectors).
- Medical-Grade Applications – Biocompatible and sterilizable grades are used more in the medical field as well as wearable technologies.
- EV Boom Catalyst – Essential components in electric vehicle must be efficient & designed with lightweight & sustainable material.
- Bio-Based TPEs Gain Prominence – Growing advancement in bio-based TPEs, which are more sustainable and maintain mechanical strength.
- Cost-Effective Production – Allows for high-volume injection molding and faster cycle times than traditional elastomers.
- Design & Aesthetic Versatility – The general consumer products are available in a lot of color configurations, with ancillary soft-touch surfaces, aesthetic designs and free-form geometries.
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