According to the latest market research report on Thermoplastic Elastomers, published by IndustryARC, Thermoplastic Polyurethane (TPU) is estimated to experience the fastest CAGR of 6.61% during the forecast period of 2023-2028. Thermoplastic Polyurethane (TPU) has the biggest share among all types of thermoplastic elastomers owing to the growing demand for flexible and biodegradable plastics in the footwear sector and is expected to drive the market due to the adoption of the product will be aided by the many manufacturers’ continuing innovation.

The Thermoplastic Elastomers research report is segmented By Type (Styrenic Block Copolymer (TPE-S), Thermoplastic Olefin (TPE-O), Elastomeric Alloy (TPE-V or TPV), Thermoplastic Polyurethane (TPU), Thermoplastic Copolyester, Thermoplastic Polyamide, and Others), By Production Process (Extrusion, Injection Molding, Blow Molding, Rotational Molding, and Others), By End Use Industry (Automotive & Transportation, Building & Construction, Footwear, Electricals & Electronics, Healthcare, Consumer Goods, and Others) and By Geography, which provides a comprehensive analysis of global market & industry forecast (2023 – 2028).

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APAC Anticipated to Show the Fastest Growth in the Market:

The Asia Pacific region, which produces about 48.5% of the world’s manufacturing output, is one of the manufacturing hubs of the globe. As Industry 4.0 expands, additional nations in the region are now building skills in sophisticated manufacturing. The market for thermoplastic elastomers will grow throughout the forecast period owing in large part to these developing technologies.

Thermoplastic Elastomers 2023-2028: Scope of the Report

Report Metric


Base Year Considered


Forecast Period




Market Size in 2028

37.05 billion

Segments Covered

By Type, By Production Process, By End User, and Region

Geographies Covered

North America (the USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America) and Rest of the World (the Middle East and Africa).

Key Market Players

1.      Mitsubishi Chemical Corporation

2.      BASF SE

3.      ExxonMobil Chemical (Advanced Elastomer Systems LP)

4.      Huntsman Corporation

5.      Covestro AG

6.      Lubrizol Corporation

7.      Bayer MaterialScience LLC

8.      Evonik Industries

9.      Dow

10.  LG Chemicals


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Thermoplastic Elastomers Report – Key Takeaways:

  • Thermoplastic Polyurethane (TPU) is Leading the Market

Due to the increasing demand for flexible and biodegradable plastics in the footwear industry, thermoplastic polyurethane (TPU) has the largest market share of all thermoplastic elastomers and is predicted to continue to lead the market due to manufacturers’ constant innovation. Each European produces, on average, more than 180 kilograms of packaging waste annually, according to the European Environment Agency (EEA). In the EU, packaging accounts for 50% of paper consumption and 40% of plastic consumption. Without any action, packaging waste in the EU would rise by another 19% and plastic packaging waste by 46% by 2030.

  • High Cost of TPE Hampers the Market’s Growth

The high cost of thermoplastic elastomer materials compared to conventional plastics, rubbers, and thermoset materials would limit the usage of TPE as fillers for applications requiring a huge number of materials at a cheap cost. For example, In the first quarter of 2023, TPE prices surged in India, with prices hovering around INR 210286/ton (US$2567/ton) to INR 224770 (US$2745/ton) at Ex-Delhi NCR. The prices of upstream feedstock Polypropylene and Propylene remained stable, ranging from INR 119320/ton (US$1457/ton) for Polypropylene Raffia 3 MFI CFR- JNPT and INR 100650/ton (US$1229/ton) for Propylene Chemical Grade(spot) Ex-Mumbai respectively.

  • APAC dominated the Thermoplastic Elastomers market

APAC dominated the Thermoplastic Elastomers market in 2022. The Asia Pacific region, which produces about 48.5% of the world’s manufacturing output, is one of the manufacturing hubs of the globe. As Industry 4.0 expands, additional nations in the region are now building skills in sophisticated manufacturing. The market for thermoplastic elastomers will grow throughout the forecast period owing in large part to these developing technologies. The market for elastomers in Europe is closely examined in relation to nations like the United Kingdom, France, Germany, Italy, and others. Because of its expertise in the automotive and aerospace industries, this region is expected to expand.

  • Increasing incorporation of TPOs in both interior and exterior automotive components

In addition, the automotive industry places a lot of attention on lighting vehicles to increase their fuel efficiency. As a result of the rising demand for TPO in automobiles, the metal and alloy parts in vehicles are swapped out for polymer and thermoplastic elastomers. TPO can help lower the weight of conventional automobile parts by 20% to 25%. According to the American Chemistry Council (ACC), the average amount of TPO used in light commercial vehicles in the US is more than 36 pounds, and because of its distinctive qualities and strength, consumption is anticipated to rise.

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Key Opportunity Analysis:

Biobased thermoplastic elastomers are seeing an increase in demand

The development and commercialization of biobased thermoplastic elastomers have opened up a number of new business prospects for producers of these materials. Additionally, many producers of synthetic thermoplastic elastomers, including BASF and Lubrizol, have moved their emphasis to the creation of environmentally benign and long-lasting goods. For instance, BASF and Lubrizol began producing thermoplastic elastomers made from biomaterials for the textile, automotive, industrial, electronics, and footwear sectors. Biobased Thermoplastic Elastomer is produced using a variety of biopolymers, including castor oil, wheat starch, polyhydroxybutyrate (PHB), polylactide (PLA), and maize starch. Manufacturers now have the chance to produce biobased thermoplastic elastomers thanks to R&D.

Usage is Expanding in Automotive and Transportation Applications

The use of thermoplastic elastomers (TPE), high-performance materials, in the automobile sector is expanding quickly. TPE offers a wide range of services to the automotive sector, including the production of premium instrument panels, wheel covers, dashboard parts, pillar trims, door liners and handles, seat backs, and seat belt components. The materials utilized must meet exceptionally high standards in the automotive industry. The requirement for TPE is met by materials that must be dimensionally stable under high pressures and resist warping even when exposed to wide temperature fluctuations.

The potential to replace PVC and the rising healthcare demand

The demand for design flexibility, the biocompatibility of additives such as phthalates, and the possibility to replace PVC in the medical and healthcare sectors are creating prospects for thermoplastic elastomers. Manufacturers of healthcare and medical products are worried about both the safety of the product in use and the environmental implications of product disposal. The features of thermoplastic elastomers, such as their soft touch and ergonomic grip, also improve the usability of medical devices. Additionally, another expanding market for thermoplastic elastomers is disposable medical equipment. As PVC-free alternatives, thermoplastic elastomers are used in baby bottle teats, pacifiers, cutlery, and cup and mug handles.

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The Report also Covers the Following Areas:

  • Thermoplastic Elastomers Size and Forecast
  • Thermoplastic Elastomers Trends
  • Thermoplastic Elastomers Analysis by Type

Thermoplastic Elastomers 2022-2028: Key Highlights

  • CAGR of the market during the forecast period 2023-2028
  • Value Chain analysis of key stakeholders
  • Detailed analysis of market drivers and opportunities during the forecast period
  • Thermoplastic Elastomers size estimation and forecast
  • Analysis and predictions on end users’ behavior and upcoming trends
  • Competitive landscape and Vendor market analysis including offerings, developments, and financials
  • Comprehensive analysis of challenges and constraints in the Thermoplastic Elastomers

Covid and Ukrainian Crisis Impact:

  • The COVID-19 pandemic has caused significant disruptions in global supply chains which has impacted the availability and cost of raw materials as well as the transportation of finished products. This has resulted in increased lead times, reduced production, and higher costs. Additionally, the pandemic has caused delays in investment in new capacity and infrastructure which could impact the long-term supply and demand dynamics in the market.
  • The Ukraine and Russia conflict led to an increase in prices and a reduction in production which further led to a shortage of Thermoplastic Elastomers. Many companies have shut business in Russia; temporarily shutting down their plants in Ukraine. Additionally, the crisis in Ukraine has also led to a reduction in investments in Thermoplastic Elastomers as companies are hesitant to invest in a region that is facing political and economic instability. This could impact the long-term supply and demand dynamics of the market.

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List of Top Companies in the Thermoplastic Elastomers:

The Global Thermoplastic Elastomers is highly concentrated as the majority share is held by the leading Thermoplastic Elastomers providers. The key companies profiled are listed below:

  • Mitsubishi Chemical Corporation
  • ExxonMobil Chemical (Advanced Elastomer Systems LP)
  • Huntsman Corporation
  • Covestro AG
  • Lubrizol Corporation
  • Bayer MaterialScience LLC
  • Evonik Industries
  • Dow
  • LG Chemicals
  • Asahi Kasei Corporation
  • Arkema Group
  • EMS Group
  • China Petrochemical Corporation

Related Reports:

Carbon Thermoplastic Market – The Carbon Thermoplastic Market is projected to grow at an estimated CAGR of 9.6% by 2028 owing to the rising demand for lightweight automobiles in order to improve fuel efficiency and to reduce the emission of carbon dioxide has led to the growth of the market. Asia-Pacific regions have the highest market share due to its increased and continuous production of automobiles.

Thermoplastic Polyurethane Films Market – The Thermoplastic Polyurethane Films Market is projected to grow at a CAGR of 7.1% by 2028. As a potential replacement for metals, polyurethane elastomers, which have exceptional resilience, are growing in popularity, driving up demand for the approach. APAC, North America, and Europe account for the majority of the global demand for polyurethane. Although the mature markets for element elastomers are in the Americas and Europe, these regions have seen a rise in value and volume in recent years.

 Thermoplastic Vulcanizates Market – The Thermoplastic Vulcanizates Market is projected to grow at a CAGR of 5.6% by 2028. The need for thermoplastic vulcanizates has increased due to the rapidly expanding medical and healthcare sector, which is driving market expansion. Additionally, it is projected that the expanding automotive and transportation sectors will significantly fuel the thermoplastic vulcanizates market during the forecast period.

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