India Thermoplastic Elastomers Market Size & Outlook
India thermoplastic elastomers market, 2018-2030 (US$M)
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India thermoplastic elastomers market highlights
- The India thermoplastic elastomers market generated a revenue of USD 1,084.4 million in 2023 and is expected to reach USD 2,372.2 million by 2030.
- The India market is expected to grow at a CAGR of 11.8% 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 1,084.4 million |
| Market revenue in 2030 | USD 2,372.2 million |
| Growth rate | 11.8% (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, India accounted for 4.3% 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 Asia Pacific, China thermoplastic elastomers market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 2,372.2 million by 2030.
Automotive was the largest segment with a revenue share of 44.2% in 2023. Horizon Databook has segmented the India 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 thermoplastic elastomer market in India is expanding rapidly, driven by the country's growing automotive industry, construction sector, and increasing consumer demand for electronics and household goods.
The government's initiatives, such as "Make in India" and infrastructure development programs, have spurred domestic manufacturing, which, in turn, has elevated the demand for TPEs. Moreover, the shift toward lightweight materials in automotive applications, along with a growing focus on EVs, is encouraging the use of TPEs due to their recyclability, durability, and ability to reduce overall vehicle weight.
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Thermoplastic Elastomers Market Scope
Thermoplastic Elastomers Market Companies
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India thermoplastic elastomers market size, by application, 2018-2030 (US$M)
India Thermoplastic Elastomers Market Outlook Share, 2023 & 2030 (US$M)
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