Thermoplastic Elastomer Market Size

Thermoplastic Elastomer Market size was over USD 28.47 Billion in 2023 and is expected to exceed USD 92.63 Billion by the end of 2036, growing at over 9.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of thermoplastic elastomer is evaluated at USD 30.9 Billion. The growth of the market can be attributed to the increasing demand from consumer-based industries such as automotive, construction, and consumer electronics and the growing demand for sustainable and eco-friendly materials. It has been estimated that in the past five years, the popularity of internet searches for sustainable goods and materials has increased by 70% around the world. Thermoplastic elastomers are a type of material that are biodegradable and have a lower environmental impact than other materials such as PVC, rubber, and polyethylene. This makes them attractive to manufacturers who are looking to reduce their environmental footprint and make their products more sustainable.

In addition to these, factors that are believed to fuel the market growth of thermoplastic elastomers include growing demand for lightweight yet resilient materials for automotive applications and increasing demand for thermoplastic elastomer from the footwear industry are two of the key factors expected to drive the market growth of thermoplastic elastomer. Footwear is a major consumer of thermoplastic elastomer, as it is used for shoe soles to provide cushioning, flexibility and durability. It is also used in the production of shoe uppers and insoles. TPE offers a unique combination of properties that makes it ideal for many shoe applications. Thus, the increasing production of footwear is projected to drive market growth. For instance, global production and exports increased by 8.6% and 7.4%, respectively in 2021. The world exported 13 billion pairs of footwear in 2021, along with 22 billion pairs produced worldwide.