Market Size of Thermoplastic Elastomer (TPE) Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players_Market.webp)
*Disclaimer: Major Players sorted in no particular order |
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Thermoplastic Elastomers (TPE) Market Analysis
The thermoplastic elastomer market is estimated to witness healthy growth, at an estimated CAGR of greater than 5%, over the forecast period.
Due to the COVID-19 outbreak, nationwide lockdowns around the globe, disruption in manufacturing activities and supply chains, and production halts negatively impacted the market in 2020. However, the conditions started recovering in 2021, restoring the market's growth trajectory during the forecast period.
- The major factors driving the market's growth are extensive demand from the automotive industry and growing applications in the HVAC industry.
- Volatility in raw material prices is expected to hinder future market demand.
- The growing demand for bio-based thermoplastic elastomers will likely create opportunities for the market in the coming years.
- The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
