North America Thermoplastic Elastomers Market Size & Outlook
North America thermoplastic elastomers market, 2018-2030 (US$M)
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North America thermoplastic elastomers market highlights
- The North America thermoplastic elastomers market generated a revenue of USD 8,717.9 million in 2023.
- The market is expected to grow at a CAGR of 6.5% 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, Mexico is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 8,717.9 million |
| Market revenue in 2030 | USD 13,529.3 million |
| Growth rate | 6.5% (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, North America region accounted for 34.7% 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 36.86% in 2023. Horizon Databook has segmented the North 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 North American thermoplastic elastomer (TPE) market is projected to witness strong growth over the coming years, owing to the developed automotive & electronics industries and the growing aerospace industry in the region.
The presence of prominent automobile manufacturers, such as Chrysler, Tesla, Ford, and Cadillac, in this region and government initiatives in manufacturing industries are expected to propel the market in the coming years.
Low tariffs and production costs on account of the wide reach of the country’s free-trade agreements are also expected to contribute to market growth. TPEs are widely incorporated in the automotive and medical industries, as they offer a unique combination of flexibility, durability, and ease of processing.
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Thermoplastic Elastomers Market Scope
Thermoplastic Elastomers Market Companies
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North America thermoplastic elastomers market size, by country, 2018-2030 (US$M)
North America Thermoplastic Elastomers Market Outlook Share, 2023 & 2030 (US$M)
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