Mexico Thermoplastic Elastomers Market Size & Outlook
Mexico thermoplastic elastomers market, 2018-2030 (US$M)
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Mexico thermoplastic elastomers market highlights
- The Mexico thermoplastic elastomers market generated a revenue of USD 828.2 million in 2023 and is expected to reach USD 1,403.7 million by 2030.
- The Mexico 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.
Thermoplastic elastomers market data book summary
| Market revenue in 2023 | USD 828.2 million |
| Market revenue in 2030 | USD 1,403.7 million |
| Growth rate | 7.8% (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, Mexico accounted for 3.3% 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 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 41.13% in 2023. Horizon Databook has segmented the Mexico 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 TPE market in Mexico is expected to benefit from the expanding automotive sector on account of electric vehicles (EVs) and a shift in consumer purchase behavior toward lightweight cars in the coming years.
Automobile companies are increasingly manufacturing EVs, due to the favorable government policies and rising awareness regarding sustainability. Tesla, Inc., BYD Auto Co., Ltd., and Audi AG are some of the companies that are setting up their EV manufacturing plants in the country.
In February 2024, Volkswagen AG announced the second phase of its USD 1 billion investment in the EV market in Mexico. Moreover, in April 2024, Tesla, Inc. announced its plans to expand in Mexico and India by establishing manufacturing plants. This expansion is likely to create a demand for TPEs in automotive applications.
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Thermoplastic Elastomers Market Scope
Thermoplastic Elastomers Market Companies
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Mexico thermoplastic elastomers market size, by application, 2018-2030 (US$M)
Mexico Thermoplastic Elastomers Market Outlook Share, 2023 & 2030 (US$M)
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