Latin America Thermoplastic Elastomers Market Size & Outlook
Latin America thermoplastic elastomers market, 2018-2030 (US$M)
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Latin America thermoplastic elastomers market highlights
- The Latin America thermoplastic elastomers market generated a revenue of USD 1,218.5 million in 2023.
- The market is expected to grow at a CAGR of 7.8% 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.
- Country-wise, Brazil is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 1,218.5 million |
| Market revenue in 2030 | USD 2,058.5 million |
| Growth rate | 7.8% (CAGR from 2023 to 2030) |
| Largest segment | Automotive |
| Fastest growing segment | Medical |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 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, Latin America region accounted for 4.8% of the global thermoplastic elastomers market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 14,813.0 million by 2030.
Automotive was the largest segment with a revenue share of 43.53% in 2023. Horizon Databook has segmented the Latin America 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 market in Central & South America (CSA) is expected to witness substantial growth, driven by increasing investments in the automotive sector. The rising trend toward lightweight vehicles in countries such as Argentina, Brazil, and Colombia is anticipated to boost the demand for thermoplastic elastomers (TPEs) over the forecast period.
TPEs are being widely adopted in automotive applications, due to their flexibility, durability, and ability to reduce vehicle weight, enhancing fuel efficiency and performance. Growing governmental initiatives, such as the digitalization of the Unified Health System in Brazil aimed at improving public healthcare infrastructure, are expected to significantly impact industry applications such as medical components, wound care, and implants.
The versatility, biocompatibility, and ease of sterilization of TPEs make them ideal for use in these medical applications, driving demand in the region. Additionally, the region's transition toward green energy sources, supported by its favorable geographic conditions for solar power, is expected to contribute to the growth of the TPE market.
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Thermoplastic Elastomers Market Scope
Thermoplastic Elastomers Market Companies
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Latin America thermoplastic elastomers market size, by country, 2018-2030 (US$M)
Latin America Thermoplastic Elastomers Market Outlook Share, 2023 & 2030 (US$M)
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