UK Thermoplastic Elastomers Market Size & Outlook
UK thermoplastic elastomers market, 2018-2030 (US$M)
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UK thermoplastic elastomers market highlights
- The UK thermoplastic elastomers market generated a revenue of USD 959.5 million in 2023 and is expected to reach USD 1,351.0 million by 2030.
- The UK market is expected to grow at a CAGR of 5% from 2024 to 2030.
- In terms of segment, automotive was the largest revenue generating application in 2023.
- Electrical & Electronics 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 959.5 million |
| Market revenue in 2030 | USD 1,351.0 million |
| Growth rate | 5% (CAGR from 2023 to 2030) |
| Largest segment | Automotive |
| Fastest growing segment | Electrical & Electronics |
| 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, UK accounted for 3.8% 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 Europe, Germany thermoplastic elastomers market is projected to lead the regional market in terms of revenue in 2030.
- France is the fastest growing regional market in Europe and is projected to reach USD 1,078.0 million by 2030.
Automotive was the largest segment with a revenue share of 37.23% in 2023. Horizon Databook has segmented the UK 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 the UK is poised for a period of significant technological innovation, which is expected to drive growth in the foreseeable future. Initiatives focused on developing new products, such as driverless cars, Electric Vehicles (EVs), and hybrid cars, are likely to attract increased investments.
The push to reduce vehicle emissions and create cleaner cars is another factor accelerating the development of electric vehicles. With the presence of favorable government policies aimed at reducing greenhouse gas emissions, such as the goal of manufacturing zero-emission vehicles by 2040 implementing ultra-low emission standards in 40% of new van sales & up to 50% of new car sales by 2030, and expanding the Clean Vehicle Retrofit Accreditation Scheme (CVRAS) to include cars and vans, the market will witness increased adoption of TPEs.
These materials are increasingly used for manufacturing lightweight components in the automotive sector, contributing to improved fuel efficiency and reduced emissions in the coming years. These factors are expected to positively impact the automotive industry, consequently boosting the demand for TPEs over the forecast period.
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Thermoplastic Elastomers Market Scope
Thermoplastic Elastomers Market Companies
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UK thermoplastic elastomers market size, by application, 2018-2030 (US$M)
UK Thermoplastic Elastomers Market Outlook Share, 2023 & 2030 (US$M)
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