What is the current size and projected growth of the global thermoplastic elastomer market?

The global thermoplastic elastomer market reached US$ 26.5 Billion in 2023 and is expected to reach US$ 40.7 Billion by 2031, with a CAGR of 5.5% during the forecast period 2024-2031.

What challenges hinder the global market growth of thermoplastic elastomers?

Difficulties in raising production capacity and high capital costs are major hindrances to market growth. Limited production leads to high prices, restricting wider adoption of TPEs.

What alternatives to PVC are being developed for medical applications?

Thermoplastic elastomers are being explored as bio-compatible alternatives to PVC and latex in medical equipment. Manufacturers like Teknor Apex and Elasto Sweden are developing TPE compounds for medical use.

What key developments are shaping the global thermoplastic elastomer market?

Partnerships for product improvement, advancements in recycled TPEs, and acquisitions by major players are key developments. For instance, Eastman Chemical Company partnered with Lubrizol Corporation to improve TPE adhesion strength.