Thermoplastic Elastomers Systems Market Size, Share, Growth, Trends, and Global Industry Analysis:  By Type (Styrenic Block Copolymers, Thermoplastic Polyurethane, Thermoplastic Vulcanizates, Thermoplastic Polyolefins, Copolyester Elastomers, and Others), By Application (Automotive, Building & Construction, Footwear, Electrical & Electronics, Medical, and Others), and Region Forecast 2020-2031

Thermoplastic Elastomers Systems Market size was valued at size was valued at US$ 24.0 billion in 2024 and is expected to reach US$ 39.1 billion by 2031, growing at a significant CAGR of 7.2% from 2025-2031. Thermoplastic elastomers are referred to as thermoplastic rubbers, they are the class of copolymers or a physical mix of polymers which consist of both thermoplastic and elastomers. It is widely used due to profitable properties such as heat stability, smoothness, wear resistance, and stretch resistance. The extensive utilization in automotive, building and construction, and footwear consequences a high demand for thermoplastic elastomers in the market which drives the market.

Biobased elastomers are developed from renewable resources such as fatty acids and vegetable oils and give equivalent properties as traditional elastomers which are mainly used for footwear, electronic goods, and sports equipment creating lucrative opportunities in the market. the production process of thermoplastic elastomers requires high temperatures and expert skilled professionals along with high investment which hinders the market growth. The automotive sector holds a major market sector to produce various parts such as body seals, exterior filler panels, wipers, automotive gaskets, door & and window handles, and other applications which accelerate the demand for thermoplastic elastomer in the market. By region, Asia Pacific held the major market share in 2022 and is expected to dominate the global Thermoplastic Elastomers (TPE) market in the forecasted years.

Facts & Figures

• TPEs are being increasingly integrated into automotive interiors for ergonomic and aesthetic benefits.
• In footwear manufacturing, TPEs offer better cushioning and design flexibility than conventional rubbers.
• The medical industry is shifting from latex to TPEs due to allergy concerns and sterilization advantages.
• Consumer electronics are leveraging TPEs for flexible cables, grips, and wearable-friendly enclosures.

Key Developments:

• In June 2025, BASF announced new bio-based TPE compounds for automotive interiors, focusing on odor-neutral and recyclable grades.
• In May 2025, Teknor Apex expanded its manufacturing plant in Thailand to meet growing TPE demand across Southeast Asia.
• In February 2025, Mitsubishi Chemical launched soft-touch TPE grades for wearable medical devices and flexible electronics.
• In January 2025, Dow partnered with automotive OEMs to co-develop lightweight TPE-based wire insulation solutions for EVs.

Thermoplastic Elastomers Systems Market Segmentation:

Based on the type:

• Styrenic Block Copolymers
• Thermoplastic Polyurethane
• Thermoplastic Vulcanizates
• Thermoplastic Polyolefins
• Copolyester elastomers
• Others

Styrenic block copolymers are the most widely used TPE type due to their cost-effectiveness, ease of processing, and broad application versatility. SBCs offer excellent elasticity and adhesion, making them suitable for adhesives, personal care products, and packaging. Their ability to blend with other polymers enhances functional properties without compromising recyclability. As regulatory pressures increase around phthalates and VOC emissions, SBCs continue to serve as a flexible alternative that supports safer product formulations. Their dominance in consumer and industrial segments alike highlights their adaptability. Moreover, the demand for lightweight, low-cost elastomers further strengthens SBCs’ position as the leading

Based on the application:

• Automotive
• Building & Construction
• Footwear
• Electrical & Electronics
• Medical
• Others

Automotive is not just the top application but also the largest end-user of TPEs. The sector depends on high-performance elastomers that meet stringent safety and design specifications. TPEs provide the balance between lightweight flexibility and structural stability that automakers seek in both functional and decorative parts. From sealing systems to seat components and under-the-hood applications, TPEs are becoming integral to automotive innovation. Their recyclability also supports automakers’ sustainability goals. As electric vehicles gain traction, the demand for thermally resistant, vibration-absorbing elastomers is rising. The automotive sector’s evolving material standards make it a key force driving TPE research, development, and global demand.