Meticulous Research®, a leading global market research firm, has released a comprehensive report titled, 'Thermoplastic Elastomers (TPE) Market by Type (Styrenic Block Copolymers, Thermoplastic Polyurethane, Polyether Block Amide, Thermoplastic Vulcanizates, Others), Sector (Automotive, Footwear, Medical Devices, Others), Geography - Global Forecast to 2031’.
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According to this latest publication by Meticulous Research®, the thermoplastic elastomers market is projected to exceed $40.6 billion by 2031, growing at a CAGR of 6.4% from 2024 to 2031. The market growth is driven by the increasing use of TPE in medical devices and the automotive industry. Additionally, rapid industrialization and the rising use of TPE in the building and construction sector are expected to provide further growth opportunities. However, the high cost of TPE materials and low melting temperature pose challenges to market growth. Nonetheless, the growing demand for bio-based TPE represents a significant market trend.
The thermoplastic elastomers market is segmented by type and sector, with an evaluation of industry competitors and analysis at regional and country levels.
By type, the market is divided into styrenic block copolymers (SBC/TPE-S), thermoplastic polyurethane elastomers (TPE-U/TPU), thermoplastic vulcanizates (TPE-V/TPV), thermoplastic copolyester elastomers (COPE/TEEE/TPE-E), polyether block amide (TPE-A), and thermoplastic polyolefin elastomers (TPO). In 2024, the styrenic block copolymers segment is expected to hold the largest market share due to its rubber-like properties, thermal stability, and diverse applications across various industries such as sporting goods, footwear, and medical applications.

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The thermoplastic polyurethane elastomers segment is anticipated to record the highest CAGR during the forecast period, driven by its rising use in the automotive and footwear industries and increasing demand for biodegradable plastics.
In terms of sector, the market is segmented into automotive, building & construction, medical devices, electrical & electronics, footwear, sports & leisure, packaging, food & beverage, transportation & logistics, and other sectors. The automotive sector is expected to dominate the market in 2024 due to TPE’s flexibility, wear resistance, chemical and electrical resistance, and UV stability. The footwear sector is projected to experience the highest growth rate, driven by demand for durable, comfortable shoes and increased use of TPE in footwear manufacturing.
Geographically, the market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Asia-Pacific is expected to lead the market in 2024, driven by demand from the automotive, construction, and consumer goods industries. This region is also projected to grow at the highest CAGR during the forecast period, supported by market players expanding their presence.
Key players in the thermoplastic elastomers market include Arkema S.A. (France), BASF SE (Germany), Dow Inc. (U.S.), Covestro AG (Germany), Huntsman Corporation (U.S.), Teknor Apex (U.S.), The Lubrizol Corporation (U.S.), Tosoh Corporation (Japan), Kraton Corporation (U.S.), China Petroleum and Chemical Corporation (China), Mitsubishi Chemical Group Corporation (Japan), DuPont (U.S.), Evonik Industries (Germany), Asahi Kasei Corporation (Japan), and Zeon Corporation (Japan).
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Key Questions Answered in the Report:
• What are the high-growth market segments based on type and sector?
• What was the historical market for thermoplastic elastomers?
• What are the market forecasts and estimates for 2024–2031?
• What are the major drivers, restraints, and opportunities in the thermoplastic elastomers market?
• Who are the major players, and what shares do they hold in the thermoplastic elastomers market?
• How is the competitive landscape in the thermoplastic elastomers market?
• What are the recent developments in the thermoplastic elastomers market?
• What strategies are adopted by the major players in the thermoplastic elastomers market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the global thermoplastic elastomers market, and how do they compete with other players?
About Meticulous Research®
Founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013, Meticulous Research® has established itself as a leading provider of premium market intelligence across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. With a strong focus on detailed data collection, interpretation, and analysis, the company offers market research reports, custom studies, and consulting solutions designed to address business challenges and promote sustainable growth.
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