Canada Thermoplastic Elastomers Market Size & Outlook
Canada thermoplastic elastomers market, 2018-2030 (US$M)
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Canada thermoplastic elastomers market highlights
- The Canada thermoplastic elastomers market generated a revenue of USD 1,351.3 million in 2023 and is expected to reach USD 2,215.4 million by 2030.
- The Canada market is expected to grow at a CAGR of 7.3% from 2024 to 2030.
- In terms of segment, automotive was the largest revenue generating application in 2023.
- Medical is the most lucrative application segment registering the fastest growth during the forecast period.
Thermoplastic elastomers market data book summary
| Market revenue in 2023 | USD 1,351.3 million |
| Market revenue in 2030 | USD 2,215.4 million |
| Growth rate | 7.3% (CAGR from 2023 to 2030) |
| Largest segment | Automotive |
| Fastest growing segment | Medical |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Automotive, Electrical & Electronics, Industrial, Medical, Consumer Goods |
| Key market players worldwide | Basf SE, Arkema SA, DuPont de Nemours Inc, Covestro AG, China Petrochemical Development, Dynasol Group, Ems-Chemie Holding AG, Evonik Industries AG, LG Chem, LCY Chemical, The Lubrizol Corp, LyondellBasell Industries NV Class A, Tosoh Corp, Avient Corp, Teknor Apex, Dow Chemical, TSRC,Inc/dba Frank Parsons Co |
Other key industry trends
- In terms of revenue, Canada accounted for 5.4% of the global thermoplastic elastomers market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. thermoplastic elastomers market is projected to lead the regional market in terms of revenue in 2030.
- Mexico is the fastest growing regional market in North America and is projected to reach USD 1,403.7 million by 2030.
Automotive was the largest segment with a revenue share of 34.26% in 2023. Horizon Databook has segmented the Canada thermoplastic elastomers market based on automotive, electrical & electronics, industrial, medical, consumer goods covering the revenue growth of each sub-segment from 2018 to 2030.
The automotive industry in Canada is expected to witness significant demand for TPEs in the coming years, owing to their excellent elasticity, tensile strength, and tear & impact resistance. Automotive manufacturing is one of the largest industrial sectors in the country.
It accounted for 12% of the gross domestic product (GDP) of Canada as of 2022. According to the International Organization of Motor Vehicle Manufacturers, the total production of vehicles in the country increased from 1,228,735 units in 2022 to 1,553,026 units in 2023, thereby implying the increased demand for vehicles.
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Thermoplastic Elastomers Market Scope
Thermoplastic Elastomers Market Companies
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Canada thermoplastic elastomers market size, by application, 2018-2030 (US$M)
Canada Thermoplastic Elastomers Market Outlook Share, 2023 & 2030 (US$M)
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