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Meticulous Research® Projects Global Thermoplastic Elastomers (TPE) Market to Surpass $40.6 Billion by 2031

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“Meticulous Research® Projects Global Thermoplastic Elastomers (TPE) Market to Surpass $40.6 Billion by 2031”

 

Meticulous Research®, a premier global market research company, has unveiled its latest report, “Thermoplastic Elastomers (TPE) Market by Type, Sector, and Geography – Global Forecast to 2031.” According to the publication, the global TPE market is expected to soar beyond $40.6 billion by 2031, registering a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.

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1.1.1        Market Drivers and Opportunities

The burgeoning demand for thermoplastic elastomers is primarily driven by their expanding applications in medical devices and the automotive sector. As industrialization accelerates and TPEs find more uses in the construction industry, significant market growth opportunities are anticipated. However, the high cost of TPE materials and their low melting temperatures present challenges. Nonetheless, the growing trend towards bio-based TPEs offers a promising avenue for future development.

1.1.2        Market Segmentation

1.1.2.1           By Type:

The TPE market is segmented into several types:

  • Styrenic Block Copolymers (SBC/TPE-S): Expected to dominate the market in 2024 due to their superior elastic properties, thermal stability, and softness.
  • Thermoplastic Polyurethane Elastomers (TPE-U/TPU): Anticipated to record the highest growth rate, driven by their increasing use in the automotive and footwear industries, and the rising demand for biodegradable plastics.

1.1.2.2           By Sector:

  • Automotive: Projected to hold the largest market share in 2024. This is attributed to the flexibility, wear resistance, and UV stability of TPEs, along with the automotive industry's push for lightweight materials to enhance fuel efficiency.
  • Footwear: Forecasted to grow at the fastest rate, driven by consumer demand for durable, comfortable shoes and manufacturers' focus on innovative TPE applications.

1.1.3        Regional Insights

The Asia-Pacific region is set to lead the global TPE market by 2024, with significant contributions from the automotive, construction, and consumer goods sectors. Factors such as rising infrastructure development, industrialization, increasing household incomes, and urbanization bolster this growth. Additionally, the region is expected to register the highest CAGR, fueled by strategic expansions by market players, such as Covestro AG's new TPU production facility in Zhuhai, China.

1.1.4        Key Market Players

Prominent companies in the TPE 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)
  • Zeon Corporation (Japan)

1.1.5        Innovations and Product Launches

In September 2023, Trinseo launched APILON™ 52 XB-75A CRISTALLO, a transparent thermoplastic elastomer grade designed for footwear applications. Similarly, KRAIBURG TPE introduced a novel TPE compound series specifically for automotive exteriors.

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1.1.6        Conclusion

The thermoplastic elastomers market is poised for robust growth over the next decade, driven by technological advancements and increasing applications across various industries. Meticulous Research® continues to monitor these developments, providing comprehensive insights and forecasts to support strategic decision-making.

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

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