According to the report, the global thermoplastic elastomer market is likely to grow from USD 27.9 Billion in 2025 to USD 53.7 Billion in 2035 at a highest CAGR of 6.1% during the time period. The growing demand in the different sectors such as automotive, medical, consumer goods and electronics is driving global growth of the thermoplastic elastomer (TPE) market.
TPEs provide a rare mix of thermoplastics ease and elasticity, and are used in those applications that demand durability, stretchability and recyclability. Arkema S.A. released a new series of high-performance TPEs in 2024 to be used in the interior of a vehicle, which illustrates the flexibility of the material and its increased use in the automotive sector. Also, technology had improved in production technology, through injection molding and 3D printing, making the application of TPEs to large-scale and bespoke products to be very common.
The rising popularity of sustainability and demand of lightweight materials also add to the further spread of TPEs, as they are a more environmentally friendly alternative to traditional materials. The trend is being noticed in the construction and the packaging industry where TPEs are being used due to its durability and recyclability.
An excellent driver in the global thermoplastic elastomer (TPE) market is the increasing use of electric vehicles (EVs), which demand light and flexible, and sturdy materials to use in battery casings, wiring insulation, and interior parts. In 2024, BASF also sold its Elastollan TPE grades to a major European EV producer to make cable management and protective seals, which illustrates the fact that EV growth is a direct driver of TPE demand.
The major limitation is that the prices of raw materials employed in the manufacture of TPE including styrene, butadiene, and polypropylene vary significantly. In 2023-2024, the fluctuating prices of crude oil made significant suppliers of TPE products (such as Lanxess) change the prices of TPE products, making them less cost-efficient in applications where consumer goods and packaging are considered the cost factors.
One of the new opportunities is in the field of healthcare and wearable medical equipment, where the biocompatibility, flexibility and soft touch of TPEs make them allow more elaborate designs. In 2024, medical device manufacturer Medtronic incorporated TPE components in insulin delivery pens and catheter tubing, indicating the possibility of increasing TPE applications in high-value, safety-critical applications.
Prominent players operating in the global thermoplastic elastomer market are Arkema SA, Asahi Kasei Corporation, Avient Corporation, BASF SE, Celanese Corporation, Covestro AG, DIC Covestro Polymer, DuPont de Nemours, Inc., Evonik Industries AG, Exxon Mobil Corporation, Huizhou LCY Elastomers Corp, Huntsman Corporation, INOAC CORPORATION, Kolon Plastics Inc, KRAIBURG, Kraton Corporation, Kuraray America, Inc., LCY CHEMICAL CORP., LG Chem Ltd., Mitsui Chemicals, Inc., RTP Company, Inc., SABIC, SIBUR, Sinopec Group, Taro Plast S.p.a., Teknor Apex, Tosoh Corporation, Zylog Plastalloys, and Other Key Players.
MarketGenics is a global market research and management consulting company empowering decision makers from startups, Fortune 500 companies, non-profit organizations, universities and government institutions. Our main goal is to assist and partner organizations to make lasting strategic improvements and realize growth targets. Our industry research reports are designed to provide granular quantitative information, combined with key industry insights, aimed at assisting sustainable organizational development.
We serve clients on every aspect of strategy, including product development, application modeling, exploring new markets and tapping into niche growth opportunities.
800 N King Street Suite 304 #4208 Wilmington, DE 19801 United States.
+1(302)303-2617
info@marketgenics.co
3rd floor, Indeco Equinox, Baner Road, Baner, Pune, Maharashtra 411045 India.
sales@marketgenics.co
Table of Contents
Note* - This is just tentative list of players. While providing the report, we will cover more number of players based on their revenue and share for each geography
We will customise the research for you, in case the report listed above does not meet your requirements.
Get 10% Free Customisation