Market Size of Europe Thermoplastic Elastomer (TPE) Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 3.50 % |
| Market Concentration | High |
Major Players_Market.webp)
*Disclaimer: Major Players sorted in no particular order |
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Europe Thermoplastic Elastomers Market Analysis
The European thermoplastic elastomer (TPE) market is projected to register a CAGR of over 3.5% during the forecast period.
In 2020, COVID-19 affected the market. The European thermoplastic elastomer market suffered from declining automotive industries and the government-imposed lockdown, which halted construction and automotive manufacturing. Thermoplastic elastomers make gaskets, plastics, pipes, coatings, belts, and hoses. However, the market recovered in 2021 with the demand for gowns, drapes, gloves, and other thermoplastic elastomer-based medical items.
- Over the short term, the increasing demand for thermoplastic elastomers in the construction industry materials, like rubber-based tool grips, pipes, plastics, and gaskets, is expected to drive the market's growth.
- However, market saturation in the applications of thermoplastic elastomers is expected to hinder the market's growth in the future.
- The growing demand for bio-based thermoplastic elastomers will likely create opportunities for the market in the coming years.
- Germany is expected to dominate the market and will likely witness the highest CAGR during the forecast period.
