Thermoplastic Elastomer Market Size, Forecast and Outlook (2024-2031)
Global Thermoplastic Elastomer Market reached US$ 26.5 Billion in 2023 and is expected to reach US$ 40.7 Billion by 2031, growing with a CAGR of 5.5% during the forecast period 2024-2031.
Ongoing research to aggressively reduce weight of hybrid and electric vehicles will have a major impact on the demand for thermoplastic elastomers (TPEs). Some thermoplastic elastomers offer higher impact resistance for nearly 20 to 30% less weight as compared to other conventional plastic compounds. TPEs are likely to finder mainstream applications within the automotive industry over the next few years.