North America Thermoplastic Elastomer Market Size
| 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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North America Thermoplastic Elastomer Market Analysis
The North America thermoplastic elastomer market is estimated to witness a healthy growth, at an estimated CAGR of over 3.5%, over the forecast period. The major factors driving the growth of the market studied are extensive demand from the automotive industry and growing demand from construction industry.
- Growing demand for bio-based thermoplastic elastomers are likely to create opportunities for the market in the coming years.
- Market saturation in applications are expected to hinder the market demand in the future.
- United States is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
North America Thermoplastic Elastomer Market Trends
This section covers the major market trends shaping the North America Thermoplastic Elastomer Market according to our research experts:
Increasing Usage in the Automotive and Transportation Applications
- Thermoplastic elastomers (TPE) are high-performance materials, whose application in the automotive industry is rapidly increasing. TPE serve the automotive industry in a myriad of applications, some of which include the manufacturing of high-quality automotive instrument panels, wheel covers, dashboard components, pillar trims, door liners and handles, seat backs, and seat belt components, among others.
- The automotive industry places particularly high requirements on the materials used. Under extreme stresses, the materials must be dimensionally stable and must not warp, even when faced with great temperature variations.
- TPEs are special types of plastic, which are not only cheaper than metals but also help to make automobiles more energy-efficient by reducing the weight, in addition to providing durability, corrosion resistance, toughness, design flexibility, resiliency, and high performance at low cost. The light weight of TPE enables more fuel-efficient vehicles. Every 10% reduction in vehicle weight is estimated to result in a 5-7% reduction in fuel usage.
- Growing demand for lightweight and high-performance plastics in the automotive industry, to provide increased efficiency and design flexibility, is primarily responsible for the growth of the TPE market. High-performance thermoplastic elastomers offer manufacturers advantages of design and the comparable strength of steel, which help in reducing the weight and controlling greenhouse gas emissions.
- All the aforementioned factors, in turn, are expected to drive the demand for thermoplastic elastomer during the forecast period.
United States to Dominate the Market
- In the North America region, United States dominated the TPE market. United States is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country's manufacturing sector is one of the major contributors to the country's economy.
- Various automotive manufacturers are planning to invest during the coming years, amid threats from the government to increase levies on auto imports from Mexico. This factor is expected to positively impact the automotive industry in the country in the coming years, thereby increasing the consumption of TPE in the automotive industry through the forecast period.
- The construction industry in the United States continued to expand, owing to a strong economy and positive market fundamentals for commercial real estate, along with an increase in federal and state funding for public works and institutional buildings.
- The US residential sector's growth is slower than the non-residential sector. In the country, the growing population is expected to boost the demand for housing. Furthermore, about 20 million households are projected to be constructed over the next decade. The US commercial construction sector is expected to witness growth in the next few years.
- Owing to the aforementioned factors, the market for thermoplastic elastomer in the country is expected to witness huge demand in the coming years.
North America Thermoplastic Elastomer Industry Overview
The North America thermoplastic elastomer market is consolidated in nature. The key players in the market include DuPont, BASF SE, Covestro AG, and KRATON CORPORATION, among others.
North America Thermoplastic Elastomer Market Leaders
DuPont
BASF SE
Covestro AG
KRATON CORPORATION
*Disclaimer: Major Players sorted in no particular order
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North America Thermoplastic Elastomer Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Drivers
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4.1.1 Extensive Demand from the Automotive Industry
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4.1.2 Growing Demand from Construction Industry
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4.2 Restraints
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4.2.1 Market Saturation in Applications
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4.3 Industry Value-Chain Analysis
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4.4 Porter's Five Forces Analysis
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4.4.1 Bargaining Power of Suppliers
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4.4.2 Bargaining Power of Consumers
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4.4.3 Threat of New Entrants
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4.4.4 Threat of Substitute Products and Services
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4.4.5 Degree of Competition
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5. MARKET SEGMENTATION
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5.1 Product Type
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5.1.1 Styrenic Block Copolymer (TPE-S)
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5.1.2 Thermoplastic Olefin (TPE-O)
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5.1.3 Elastomeric Alloy (TPE-V or TPV)
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5.1.4 Thermoplastic Polyurethane (TPU)
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5.1.5 Thermoplastic Copolyester
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5.1.6 Thermoplastic Polyamide
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5.2 Application
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5.2.1 Automotive & Transportation
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5.2.2 Building & Construction
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5.2.3 Footwear
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5.2.4 Electricals & Electronics
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5.2.5 Medical
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5.2.6 Household Appliances
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5.2.7 HVAC
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5.2.8 Adhesive, Sealant & Coating
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5.2.9 Other Applications
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5.3 Geography
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5.3.1 United States
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5.3.2 Canada
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5.3.3 Mexico
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5.3.4 Rest of North America
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Market Share Analysis**
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6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
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6.4.1 Arkema Group
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6.4.2 Asahi Kasei Corporation
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6.4.3 BASF SE
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6.4.4 Covestro AG
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6.4.5 DuPont
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6.4.6 Evonik Industries AG
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6.4.7 Exxon Mobil Corporation
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6.4.8 Huntsman International LLC
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6.4.9 KRATON CORPORATION
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6.4.10 KURARAY CO., LTD.
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6.4.11 LANXESS
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6.4.12 Mitsubishi Chemical Corporation
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6.4.13 Mitsui Chemicals, Inc.
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6.4.14 SABIC
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6.4.15 The Lubrizol Corporation
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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7.1 Growing Demand for Bio-based Thermoplastic Elastomers
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7.2 Increasing Applications in the Medical Industry
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North America Thermoplastic Elastomer Industry Segmentation
The North America thermoplastic elastomer market report includes:
| Product Type | |
| Styrenic Block Copolymer (TPE-S) | |
| Thermoplastic Olefin (TPE-O) | |
| Elastomeric Alloy (TPE-V or TPV) | |
| Thermoplastic Polyurethane (TPU) | |
| Thermoplastic Copolyester | |
| Thermoplastic Polyamide |
| Application | |
| Automotive & Transportation | |
| Building & Construction | |
| Footwear | |
| Electricals & Electronics | |
| Medical | |
| Household Appliances | |
| HVAC | |
| Adhesive, Sealant & Coating | |
| Other Applications |
| Geography | |
| United States | |
| Canada | |
| Mexico | |
| Rest of North America |
North America Thermoplastic Elastomer Market Research FAQs
What is the current North America Thermoplastic Elastomer (TPE) Market size?
The North America Thermoplastic Elastomer (TPE) Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in North America Thermoplastic Elastomer (TPE) Market?
DuPont, BASF SE, Covestro AG and KRATON CORPORATION are the major companies operating in the North America Thermoplastic Elastomer (TPE) Market.
What years does this North America Thermoplastic Elastomer (TPE) Market cover?
The report covers the North America Thermoplastic Elastomer (TPE) Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Thermoplastic Elastomer (TPE) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Thermoplastic Elastomer Industry Report
Statistics for the 2024 North America Thermoplastic Elastomer market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Thermoplastic Elastomer analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
