열가소성 엘라스토머 시장 보고서 : 동향, 예측 및 경쟁 분석(-2035년)

Thermoplastic Elastomer Market

The future of the global thermoplastic elastomer market looks promising with opportunities in the automotive, building & construction, footwear, electrical & electronics, and medical applications. The global thermoplastic elastomer market is expected to reach an estimated $47.2 billion by 2035 from $36.6 billion in 2027 with a CAGR of 6.3% from 2027 to 2035. The major drivers for this market are growing preference for bio-based elastomer and rising interest in lightweight vehicles from the automotive industry.

• Lucintel forecasts that, within the type category, styrenic block copolymer will remain the largest segment over the forecast period due to excellent elasticity, durability, and widespread use in automotive components.
• Within the application category, automotive will remain the largest segment over the forecast period due to rising vehicle production and increasing demand for lightweight, high-performance materials.
• In terms of regions, North America will remain the largest region over the forecast period due to established automotive manufacturing, technological innovation, and strong polymer demand.

Emerging Trends in Thermoplastic Elastomer Market

The thermoplastic elastomer market is moving away from volume-led growth from 2025 to 2027 and more toward application-specific materials. The focus on automotive electrification and on medical grade requirements, combined with increasing recycling targets and process automation in the molding of thermoplastic elastomers, means that thermoplastic elastomer specifications are becoming more stringent. Suppliers will need to differentiate themselves more through formulation and design, and less on capacity, to compete.

• Sustainability: Packaging regulations in the European Union in 2025 will push for recyclable TPO compounds, and in the automotive sector lower carbon feedstocks will be requested. Procurement trends point to increased targets, for example 30% recycled content in selected packaging, and will drive market needs. Brand owners are pushing for improved environmental performance, without compromising sealing, durability and other performance characteristics.
• Lightweight Materials: The proliferation of battery electric vehicles (BEVs) continues beyond the forecast years. Anticipated increase in the demand for BEVs is spurring other market segments to integrate these vehicles and create related offerings, e.g., car sharing, ride sharing, etc. The resulting increase in battery electric vehicle production will grow the demand for lightweight seals, cable protection, and vibration control, and other similar components. We expect weight reduction and material substitution across the mobility industry. The focus will be on simplifying processing and reducing costs for manufacturers.
• Medical Grade Specialization: There is a trend within the medical device industry toward use of higher grades of polymers that are validated for use and are resistant to sterilization. The U.S. FDA's medical device establishment database showed more than 20,000 registered facilities in 2024, creating an increase in demand for thermoplastic elastomers (TPEs) that are compatible for use in cleanrooms.
• Digital Manufacturing: Rising labour costs are driving injection molders to invest in in-line inspection, digital process monitoring, and simulation. In 2023, the International Federation of Robotics reported approximately 541,000 industrial robot installations globally. Digital manufacturing will enable better scrap control and faster lead times for complex thermoplastic elastomer (TPE) programs. This will be realized within the next 3-5 years.
• Regional Supply Diversification: Trade disruptions have made converters uncomfortable with single source supply. As such, dual sourcing will become the norm within North America, Europe and Asia from 2025 to 2027. During this time, regional compounding will be preferred, even if imported resin is cheaper.

From 2020 to 2030, focus will be on meeting customer needs through technical responsiveness. Demand for more sustainable processes and products will drive many changes throughout the supply chain and will add an additional layer of complexity in meeting customer demands. Maintaining performance while using recycled feedstocks will enable firms to retain and even increase their margins. Digital manufacturing together with regionalization and application engineering will allow some firms to establish a sustainable competitive advantage.

Recent Developments in the Thermoplastic Elastomer Market

Thermoplastic elastomer market activity will escalate 2025-2027 with automotive electrification and localization of medical devices and designs of products with reusable/recyclable materials. Lucintel anticipates that demand will be highest in Asia Pacific and producers will shift to specialty grades and secure supply and reduce carbon footprint. The market will remain competitive with price battles, and established suppliers will retain their customer base by protecting their positions with qualification cycles.

• Capacity Expansions: Specialty polymer capacity for lightweight automotive sealing and interior applications was commissioned by Avient in China (January 2025). Short-term, newly-located production will displace existing supply and help support qualification of new customers.
• Strategic Partnerships: BASF has signed a contract with a major customer in the automotive industry in March 2025 to expand their cooperation regarding recycled content solutions. Stronger procurement requirements for traceable materials will also raise the demand for certified feedstocks for thermoplastic elastomers and lead to longer and more specified contracts.
• Technology Launches: The innovations of Lubrizol in Estane TPU in May 2025 have improved the flexibility and processing efficiency of TPU which is expected to enhance the use of TPU in wearable and electronic devices and help TPU replace rubber in electronic components.
• Production Localization: KRAIBURG TPE expanded its production capacity in Southeast Asia by 12,000 tons in August 2025. The shift from export-focused supply to production focused in the region will help address supply chain disruptions and provide proximity to the fast-growing markets for consumer electronics and health-tech products.
• Regulatory Approvals: The EU Packaging and Packaging Waste Regulation which became effective in February 2025 increases the requirements for packaging to contain a specific percentage of recycled content and requires better design. Even though packaging is not the main market for thermoplastic elastomers, the need for compliance will raise the focus on development of mono-material solutions and help the demand for recyclable thermoplastic elastomers.

The next five years will see thermoplastic elastomer markets separated into two segments. Commodity grades will continue to face margin pressure from Asian capacity. Engineered compounds will be better positioned due to their qualification-heavy contracts. Growth will come from automotive electrification, health-tech, and consumer electronics. Focusing on both formulation and production in a specific region will give suppliers an advantage.

Strategic Growth Opportunities in the Thermoplastic Elastomer Market

As the market for thermoplastic elastomers (TPEs) continues to grow, particularly for use in the production of electric vehicles (EVs) and other lightweight, low-impact medical and consumer devices, TPEs are likely to see increased commercial applications. Expect the dynamics of the TPE market to shift between 2024 and 2026 with the enforcement of more stringent emissions standards and the localization of supply chains. Lucintel also projects the fastest growing segment of the TPE market will be specialty-grade TPEs.

• TPEs in EVs: During the forecast period, a growing market will be the use of TPEs in seals, gaskets and protective sleeves for wiring and charging connectors within EVs. The global EV market is projected to exceed 20 million units in 2025. Safety requirements within EV battery packs will increase the demand for flame-retardant and heat-resistant TPEs.
• Medical Grade: Drug delivery, wearables, and IV tubing require skin-compatible TPEs that can withstand sterilization. According to the FDA, there were over 4 billion medical device procedures performed annually in the US as of February 2025. Suppliers with low-extractable formulations can capture recurring-business opportunities as medical device manufacturers switch from PVC and silicone.
• Recyclable: Footwear, sports equipment, and flexible packaging are moving to mono-material designs. In March 2025, the European Union's packaging legislation mandated a 5% reduction in packaging waste by 2030. Recyclable TPEs will gain share as brands use fewer complex materials, have a soft-touch feel, and meet higher recycled content requirements.
• Local Production: Close compounding and technical support can decrease qualification times for automotive and home appliances. Local TPEs can compete for similar reasons as the April 2025 United States' $50 billion semiconductor manufacturing investment increased local production.
• Customization: Because of data-driven compounding, lower trial costs will allow the development of application-specific hardness, friction, and colour profiles. It is estimated that 5 million additive manufacturing systems will be shipped by May 2025. Digital workflows will allow converters to be profitable serving medical, electronics, and other high-end consumer segments.

The ability to design polymer structures that enable solution integration will increasingly be the key to a competitive advantage. Commodity volume will remain, but the growing margin opportunity will come from high performance, certified polymer grades, integrated local technical service, and design for reduced component weight. Producers who establish a competitive advantage based on recyclability, improved durability and increased process efficiency will win new business opportunities. The emphasis in the industry will be on adding new polymer solutions to address unmet customer needs.

Thermoplastic Elastomer Market Drivers and Challenges

Trends in technology, the economy, sustainability, and regulation impact the thermoplastic elastomer market. Increasing requests for lightweight, flexible, and recyclable materials expands market opportunities in automotive, healthcare, construction, packaging, and other consumer good and durable goods. Lucintel indicates improvements in innovation and processing efficiency enable competitive advantages and strengthen market opportunities. However, restrictions such as raw material prices, volatility in the economy, regional incongruence, and environmental regulations impact market participants adversely. Achieving the right balance amongst performance, costs, and supply-chain risks will be key.

The factors responsible for driving this market include:

• Automotive Lightweighting: The automotive industry is using thermoplastic elastomers to replace heavier metal and rubber components. Reducing component weight increases vehicle range and performance. Combined with the growing trend of platform consolidation, the market for thermoplastic elastomers is projected to grow over the next three to five years.
• Medical and Healthcare Demand: Flexibility, consistency, sterilization, and design remain critical in medical and pharmaceutical devices. Demand for wearable medical devices continues to grow. Pharmaceutical and medical device packages require consistent thickness to protect drug stability and ensure proper medical device function. Materials in contact with drugs or medical devices must meet strict biocompatibility requirements. Bio-based and/or lower-emissions thermoplastic elastomers can provide design consistency and replace certain petroleum-based elastomers. Thermoplastic elastomers can also support complex geometries and solvent-less processing. In 2025, the U.S. Food and Drug Administration approved more than 1,000 medical devices through the 510(k)-pathway showing continued strong demand. During the next three to five years, especially with aging and larger populations, demand for home healthcare, and minimally invasive medical procedures and devices will grow, as will the need for single-use and disposable medical devices.
• Sustainable Material Innovation: Changes to reduce the environment's carbon footprint will push thermoplastic elastomer grades to be bio-based, recycled, and/or recyclable. Targets set to reduce waste and improve sustainability will also push evolution in mono-material packaging. The March 2025 announcement by the European Commission to support the Packaging and Packaging Waste Regulation which will reduce packaging waste by 15% by 2040, is a good example of new sustainability standards. In the next three to five years, the same rules and restrictions will impact purchasing and design. The standards will also drive the type of materials used and the companies selected for supply.
• Processing Efficiency and Product Innovation: Injection molding, extrusion, 3D printing, and chemical compounding improve medical devices by reducing weight, size, and number of components, improving cycle times, and increasing surface quality and adhesion.
• Infrastructure and Construction: Various TPEs are used in the construction of infrastructure and buildings to make flexible seals, cable protections, waterproofing membranes, roofing systems, insulation, expansion joints, and other systems. Their use can improve the speed of installation and the service life due to their durability and resistance to moisture. The U.S. Infrastructure Investment and Jobs Act of January 2025 provided for a series of federal infrastructure spending programs worth over 1.2 trillion dollars, sustaining demand for transportation and public utilities and facilities. In the next 3 to 5 years, renewal of infrastructure, urbanization, and focus on building climate-resilient infrastructure should boost the market.

The challenges facing this market include:

• Raw-Material Price Volatility: TPEs are made from thermoplastics. Changes in the cost of crude oil, other feedstocks and energy, geopolitical tensions, and other disruptions in the supply and demand of transportation can adversely impact prices of TPEs. In April 2025, crude oil prices dropped to below 70 dollars per barrel due to uncertainties in the outlook for the world economy and oil demand.
• Recycling and Circularity Limitations: There are many challenges to reusing and recycling products and packaging, including presence of multiple polymers and additives, poor sorting, and contamination. Furthermore, in March 2025, the European Union adopted a policy requiring that by 2030 all packaging be economically recyclable, creating a need to demonstrate true circularity. In the next 3-5 years, companies that can't demonstrate true circularity may lose preferred supplier status. Products and packages will also need to incorporate design for disassembly, take-back schemes, improve and justify recycled content, and meet other environmental and circularity goals.
• Qualification, Compliance, and Competitive Pressure: New grades of thermoplastic elastomers also require a lengthy qualification process for safety, durability, emissions, and other performance criteria. Compliance complexity, along with customer-specific and regional requirements, Favors established materials, which often have a strong market presence in demanding applications. Over the next 3-5 years, new, safe, and/or effective materials may struggle for market penetration. Established materials will also Favor large suppliers who have the necessary R&D and regulatory know-how. Other producers will need to focus on specific applications and/or partner with others to gain an edge.

Demand for thermoplastic elastomers is projected to increase due to advancements in automotive and healthcare industries, the development of more sustainable packaging, and increased infrastructure development and advanced manufacturing. Feedback policies have stimulated the development of performance TPEs and easier to process TPEs. Further, increasing concerns for the environment have stimulated the development of more recyclable TPEs. However, the recently enacted laws and policies have made the market unpredictable. During the next 3-5 years, dependable and high-quality thermoplastic elastomers will be in higher demand. Circular economy and application-related innovations will be major value-adding activities for thermoplastic elastomer suppliers. Strategic investment in recycling and production, as well as customer and application-related partnerships will help manufactures capitalize on the strong structural demand for their products.

List of Thermoplastic Elastomer Market Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies thermoplastic elastomer market companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the thermoplastic elastomer market companies profiled in this report include-

• Arkema
• Covestro
• Evonik Industries
• Teknor APEX
• BASF
• Huntsman
• Sinopec
• Lubrizol
• Kraton
• Tosoh

Thermoplastic Elastomer Market by Segment

The study includes a forecast for the global thermoplastic elastomer by type, application, and region.

Thermoplastic Elastomer Market by Type [Value ($B) from 2019 to 2035]:

• Styrenic Block Copolymers
• Thermoplastic Polyurethane
• Thermoplastic Vulcanizates
• Thermoplastic Polyolefins
• Copolyester Elastomers
• Others

Thermoplastic Elastomer Market by Application [Value ($B) from 2019 to 2035]:

• Automotive
• Building & Construction
• Footwear
• Electrical & Electronics
• Medical
• Others

Thermoplastic Elastomer Market by Region [Value ($B) from 2019 to 2035]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

Country Wise Outlook for the Thermoplastic Elastomer Market

Local investment and changes to the regulation of materials and supply chains are driving changes in the global thermoplastic elastomer market. From 2025 to 2027, focus is on developing recyclable grades, meeting automotive electrification, and strategically placing compounding capacity. Lucintel predicts these strategies strengthen regional manufacturing.

• United States: In January 2025, the U.S. government implemented a 25% tariff on imports of polymer and automotive supplies from Canada and Mexico; meanwhile, major U.S. compounders qualified locally produced grades of TPE. While these policies enhance domestic production in the U.S., customers will be encouraged to source their materials from multiple places (dual source) in the next 3 to 5 years and will Favor U.S. compounding.
• China: In March 2025, China increased subsidies for its auto trade-in program to RMB 20,000 per vehicle, supporting replacement demand, and further promoting local production of auto parts. Consequently, local producers are increasing local TPE production for seals and charging system components, among others. Meanwhile, the local policy is strengthening the domestic substitution for elastomers and maintaining the local automotive investment.
• Germany: The Circular Economy and Industry Investment. In May 2025, the German Federal Environment Agency confirmed the alignment of its national plastic packaging recycling targets with the requirements of the EU Packaging and Packaging Waste Regulation (EU 2019/1020), which entered into force in February 2025. As a result, TPE compound manufacturers in Germany are developing recyclable TPE compounds.
• India: In February 2025, India's Union Budget increased the allocation for its research fund to INR 1,00,000 crore and maintained the production-linked incentive scheme for electronics and vehicles. These measures will drive TPE qualification and component manufacturing, as well as partnering for TPE-related technologies in the country, in the next three to five years.
• Japan: In January 2025, Japan's Ministry of Economy, Trade and Industry maintained the target of 100% electric vehicles by 2035. As a result, auto suppliers are developing lightweight, heat resistant TPEs for battery systems and vehicle interiors. This will shift the local demand for TPEs to higher specification grades.

Features of the Global Thermoplastic Elastomer Market

• Market Size Estimates: thermoplastic elastomer market size estimation in terms of value ($B).
• Trend and Forecast Analysis: Market trends (2019 to 2026) and forecast (2027 to 2035) by various segments and regions.
• Segmentation Analysis: thermoplastic elastomer market size by type, application, and region in terms of value ($B).
• Regional Analysis: thermoplastic elastomer market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
• Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the thermoplastic elastomer market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape of the thermoplastic elastomer market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

If you are looking to expand your business in this or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the thermoplastic elastomer market by type (styrenic block copolymers, thermoplastic polyurethane, thermoplastic vulcanizates, thermoplastic polyolefins, copolyester elastomers, and others), application (automotive, building & construction, footwear, electrical & electronics, medical, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 8 years and what has its impact been on the industry?

Table of Contents

1. Executive Summary

2. Market Overview

• 2.1 Background and Classifications
• 2.2 Supply Chain

3. Market Trends & Forecast Analysis

• 3.2 Industry Drivers and Challenges
• 3.3 PESTLE Analysis
• 3.4 Patent Analysis
• 3.5 Regulatory Environment

4. Global Thermoplastic Elastomer Market by Type

• 4.1 Overview
• 4.2 Attractiveness Analysis by Type
• 4.3 Styrenic Block Copolymers: Trends and Forecast (2019-2035)
• 4.4 Thermoplastic Polyurethane: Trends and Forecast (2019-2035)
• 4.5 Thermoplastic Vulcanizates: Trends and Forecast (2019-2035)
• 4.6 Thermoplastic Polyolefins: Trends and Forecast (2019-2035)
• 4.7 Copolyester Elastomers: Trends and Forecast (2019-2035)
• 4.8 Others: Trends and Forecast (2019-2035)

5. Global Thermoplastic Elastomer Market by Application

• 5.1 Overview
• 5.2 Attractiveness Analysis by Application
• 5.3 Automotive: Trends and Forecast (2019-2035)
• 5.4 Building & Construction: Trends and Forecast (2019-2035)
• 5.5 Footwear: Trends and Forecast (2019-2035)
• 5.6 Electrical & Electronics: Trends and Forecast (2019-2035)
• 5.7 Medical: Trends and Forecast (2019-2035)
• 5.8 Others: Trends and Forecast (2019-2035)

6. Regional Analysis

• 6.1 Overview
• 6.2 Global Thermoplastic Elastomer Market by Region

7. North American Thermoplastic Elastomer Market

• 7.1 Overview
• 7.2 North American Thermoplastic Elastomer Market by Type
• 7.3 North American Thermoplastic Elastomer Market by Application
• 7.4 United States Thermoplastic Elastomer Market
• 7.5 Mexican Thermoplastic Elastomer Market
• 7.6 Canadian Thermoplastic Elastomer Market

8. European Thermoplastic Elastomer Market

• 8.1 Overview
• 8.2 European Thermoplastic Elastomer Market by Type
• 8.3 European Thermoplastic Elastomer Market by Application
• 8.4 German Thermoplastic Elastomer Market
• 8.5 French Thermoplastic Elastomer Market
• 8.6 Spanish Thermoplastic Elastomer Market
• 8.7 Italian Thermoplastic Elastomer Market
• 8.8 United Kingdom Thermoplastic Elastomer Market

9. APAC Thermoplastic Elastomer Market

• 9.1 Overview
• 9.2 APAC Thermoplastic Elastomer Market by Type
• 9.3 APAC Thermoplastic Elastomer Market by Application
• 9.4 Japanese Thermoplastic Elastomer Market
• 9.5 Indian Thermoplastic Elastomer Market
• 9.6 Chinese Thermoplastic Elastomer Market
• 9.7 South Korean Thermoplastic Elastomer Market
• 9.8 Indonesian Thermoplastic Elastomer Market

10. ROW Thermoplastic Elastomer Market

• 10.1 Overview
• 10.2 ROW Thermoplastic Elastomer Market by Type
• 10.3 ROW Thermoplastic Elastomer Market by Application
• 10.4 Middle Eastern Thermoplastic Elastomer Market
• 10.5 South American Thermoplastic Elastomer Market
• 10.6 African Thermoplastic Elastomer Market

11. Competitor Analysis

• 11.1 Product Portfolio Analysis
• 11.2 Operational Integration
• 11.3 Porter's Five Forces Analysis
  • Competitive Rivalry
  • Bargaining Power of Buyers
  • Bargaining Power of Suppliers
  • Threat of Substitutes
  • Threat of New Entrants
• 11.4 Market Share Analysis

12. Opportunities & Strategic Analysis

• 12.1 Value Chain Analysis
• 12.2 Growth Opportunity Analysis
  • 12.2.1 Growth Opportunities by Type
  • 12.2.2 Growth Opportunities by Application
• 12.3 Emerging Trends in the Global Thermoplastic Elastomer Market
• 12.4 Strategic Analysis
  • 12.4.1 New Product Development
  • 12.4.2 Certification and Licensing
  • 12.4.3 Mergers, Acquisitions, Agreements, Collaborations, and Joint Ventures

13. Company Profiles of the Leading Players Across the Value Chain

• 13.1 Competitive Analysis
• 13.2 Arkema
  • Company Overview
  • Thermoplastic Elastomer Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.3 Covestro
  • Company Overview
  • Thermoplastic Elastomer Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.4 Evonik Industries
  • Company Overview
  • Thermoplastic Elastomer Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.5 Teknor APEX
  • Company Overview
  • Thermoplastic Elastomer Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.6 BASF
  • Company Overview
  • Thermoplastic Elastomer Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.7 Huntsman
  • Company Overview
  • Thermoplastic Elastomer Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.8 Sinopec
  • Company Overview
  • Thermoplastic Elastomer Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.9 Lubrizol
  • Company Overview
  • Thermoplastic Elastomer Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.10 Kraton
  • Company Overview
  • Thermoplastic Elastomer Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.11 Tosoh
  • Company Overview
  • Thermoplastic Elastomer Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing

14. Appendix

• 14.1 List of Figures
• 14.2 List of Tables
• 14.3 Research Methodology
• 14.4 Disclaimer
• 14.5 Copyright
• 14.6 Abbreviations and Technical Units
• 14.7 About Us
• 14.8 Contact Us