Thermoplastic Elastomers Market by Type (SBC, TPU, TPO, TPV, COPE, PEBA), End-Use Industry (Automotive, Building & Construction, Footwear, Wire & Cable, Medical, Engineering), Region (North America, Europe, APAC, South America, MEA) - Global Forecast to 2

Thermoplastic Elastomers Market by Type (SBC, TPU, TPO, TPV, COPE, PEBA), End-Use Industry (Automotive, Building & Construction, Footwear, Wire & Cable, Medical, Engineering), Region (North America, Europe, APAC, South America, MEA) - Global Forecast to 2028

The global TPE market size was USD 26.9 billion in 2023 and is projected to reach USD 35.4 billion by 2028, at a CAGR of 5.6% between 2023 and 2028. TPEs are a unique class of materials that combine the flexibility and resilience of elastomers with the processability and recyclability of thermoplastics. These versatile materials have gained traction in automotive, consumer goods, medical devices, construction, and various other sectors due to their ability to provide a cost-effective, sustainable, and performance-driven alternative to traditional rubber and rigid plastics. In recent years, advancements in material science, evolving consumer preferences, and a growing emphasis on environmentally friendly solutions have all contributed to the thriving TPE market.

“Automotive: the fastest-growing end use industry of TPE.”

Automotive is the largest application in the TPE market. The growth of the electric vehicle market has had a significant impact on TPE demand. EVs require lightweight materials to maximize battery efficiency and range. TPEs are used in EV battery seals, cable insulation, and gaskets. Moreover, EVs often have unique design considerations, such as thermal management and noise reduction, where TPEs can be advantageous. As automakers transition toward more sustainable practices and materials, TPEs are favored for their recyclability and reduced environmental impact. EV manufacturers, in particular, often prioritize sustainability, aligning with TPEs' eco-friendly characteristics.

“APAC is estimated to be the fastest-growing market for TPE.”

APAC accounted for the largest share in terms of volume and value of the TPE market in 2022, followed by North America and Europe. TPEs are favored in the region for their cost-effective manufacturing processes. Methods like injection molding and extrusion are efficient and economical, aligning with the cost-conscious approach of many businesses in the APAC region. Moreover, ongoing infrastructure development, including construction, urbanization, and transportation projects, necessitates materials that offer durability, weather resistance, and ease of installation. TPEs are well-suited for applications like roofing materials, gaskets, and seals in the construction and infrastructure sectors

Extensive primary interviews were conducted to determine and verify the market size for several segments and sub segments and information gathered through secondary research.

The break-up of primary interviews is given below:

By Company Type - Tier 1 – 40%, Tier 2 – 20%, and Tier 3 – 40%

By Designation – C level – 20%, Director level – 20%, and Others* – 60%

By Region – North America– 40%, Europe – 40%, APAC – 15%, South America– 3%, and Middle East & Africa- 2%

Notes: Others include sales, marketing, and product managers.

Tier 1: >USD 1 Billion; Tier 2: USD 500 million–1 Billion; and Tier 3:

The companies profiled in this market research report include are Arkema S.A (France), Asahi Kasei Corporation (Japan), BASF SE (Germany), The Dow Chemical Company (The U.S), Covestro AG (Germany), Huntsman Corporation (The U.S), Teknor Apex Company (The U.S), Lubrizol Corporation (The U.S), Tosh Corporation (Japan), Kraton Corporation (The U.S), China Petroleum and Chemical Corporation (China), Mitsubishi Chemical Company (Japan), DuPont (The U.S), SIBUR (Russia), Evonik Industries AG (Germany), Dynasol Elastomers (Spain).

Research Coverage:

This research report categorizes the TPE market on the basis of type, end use industry and region. The report includes detailed information regarding the major factors influencing the growth of the TPE market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into business overviews, products & services, key strategies, expansions, new product developments, agreements, and recent developments associated with the market.

Research Coverage

The market study covers the pet food packaging market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on type, end use industry and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the TPE market.

Key Benefits of Buying the Report

The report is projected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall pet food packaging market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.