U.S. Thermoplastic Elastomers Market Size & Outlook
U.S. thermoplastic elastomers market, 2018-2030 (US$M)
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U.S. thermoplastic elastomers market highlights
- The U.S. thermoplastic elastomers market generated a revenue of USD 6,538.4 million in 2023 and is expected to reach USD 9,910.2 million by 2030.
- The U.S. market is expected to grow at a CAGR of 6.1% 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 6,538.4 million |
| Market revenue in 2030 | USD 9,910.2 million |
| Growth rate | 6.1% (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, U.S. accounted for 26.0% 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 36.86% in 2023. Horizon Databook has segmented the U.S. 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 U.S. held the largest revenue share of the TPE market in North America in 2023. The country is a hub of technological innovations in the automotive, healthcare, and electronics industries. The wellestablished technological infrastructure drives research & development (R&D) activities in the U.S., thereby promoting the usage of TPE in different innovations.
The increasing geriatric population in the country is resulting in the growth of the healthcare industry. By 2030, all baby boomers who represent a significant portion of the population in the U.S. will be over 65 years of age.
This demographic shift is expected to lead to an increased requirement for healthcare facilities, particularly to take care of age-related conditions. According to the United Nations (UN), the U.S. median age is forecasted to be 39.7 years by 2030.
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Thermoplastic Elastomers Market Scope
Thermoplastic Elastomers Market Companies
| Name | Profile | # Employees | HQ | Website |
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U.S. thermoplastic elastomers market size, by application, 2018-2030 (US$M)
U.S. Thermoplastic Elastomers Market Outlook Share, 2023 & 2030 (US$M)
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