According to a new report, published by KBV research, The Global Thermoplastic Elastomer Market size is expected to reach $40.6 billion by 2030, rising at a market growth of 6.9% CAGR during the forecast period. In the year 2022, the market attained a volume of 6,869.9 Kilo Tonnes, experiencing a growth of 5.4% (2019-2022).
The Polystyrenes segment is leading the Global Thermoplastic Elastomer Market by Material in 2022; thereby, achieving a market value of $14 billion by 2030. Polystyrenes are compatible with various polymer matrices, making them suitable for blending with other polymers to create TPE formulations. This compatibility contributes to the versatility of TPEs, allowing manufacturers to tailor material properties for specific applications. Polystyrenes can serve as the hard segments in TPE formulations, especially in styrenic block copolymers (SBCs) like styrene-butadiene-styrene (SBS) and styrene-isoprene-styrene (SIS). These aspects will help in the expansion of the segment.
The Medical segment is registering a CAGR of 7.9% during (2023 - 2030). TPEs are chosen in medical applications for their excellent biocompatibility and safety. These materials are designed to be compatible with the human body, making them suitable for medical devices, implants, and other healthcare products without causing adverse reactions or harm to patients. TPEs' flexibility and soft-touch properties are particularly advantageous in medical applications where patient comfort is a priority. Owing to these factors, there will be increased demand in the segment.
The Asia Pacific region dominated the Global Thermoplastic Elastomer Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $16 billion by 2030. The North America region is anticipating a CAGR of 6.3% during (2023 - 2030). Additionally, The Europe region is expected to witness a CAGR of 6.6% during (2023 - 2030).
Full Report:https://www.kbvresearch.com/thermoplastic-elastomer-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Arkema S.A., BASF SE, China Petrochemical Corporation (Sinopec Group), Evonik Industries AG (RAG-Stiftung), Huntsman Corporation, The Dow Chemical Company, Covestro AG, Mitsubishi Chemical Holdings Corporation, DuPont de Nemours, Inc., and Asahi Kasei Corporation
By Material (Volume, Kilo Tonnes, USD billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD billion, 2019-2030)
Companies Profiled
Unique Offerings 
