The United States thermoplastic elastomer market consists of thermoplastic vulcanizates (TPV), styrenic block copolymers (SBC), copolyester, polyurethane (PU) and others. Thermoplastic elastomers find wide applications in the automotive industry, medical devices, wires & cables, and consumer goods. They offer superior properties such as flexibility, resilience and elasticity. In the automotive industry, TPEs are used in exterior and interior components including bumpers, door seals, instrument panels and airbag covers due to their impact resistance and recyclability. The growing automotive industry in the US owing to recovery from the economic recession is driving the demand for thermoplastic elastomers in the country.
The United States Thermoplastic Elastomer Market is estimated to be valued at USD 1.77 Bn in 2024 and is expected to reach USD 2.21 Bn by 2031, growing at a CAGR of 5.5% from 2024 to 2031.
Key TakeawaysKey players operating in the United States Thermoplastic Elastomer market are Dow Chemical Company, BASF SE, Dynasol Elastomers, LG Chem Ltd., PolyOne Corporation, Asahi Kasei Corporation, Versalis S.p.A., Chevron Phillips, Kumho Petrochemical, ExxonMobil.
The market provides significant opportunities due to growth in end-use industries like automotive, medical and wire & cables. Growth in electric vehicles provides opportunities for lightweight United States Thermoplastic Elastomer Market. Major players are focusing on capacity expansion plans and M&A activities in the country to leverage growth opportunities. For instance, Teknor Apex set up a new plant in Ohio in 2021.
Market DriversIncreased smartphone penetration in the US is driving the demand for protective phone cases. Thermoplastic elastomers are widely used in phone case manufacturing owing to their shock absorption property and flexibility. The US mobile phone case market is estimated to reach $7.1 billion by 2024. This growing market serves as a key driver for the thermoplastic elastomers industry in the country.
PEST AnalysisPolitical: Thermoplastic elastomers market in the US is influenced by trade policies and regulations related to chemical industry and plastics processing. Stringent regulations around the usage of certain chemicals and emission levels impact the production and demand of TPEs.
Economic: The demand for TPEs depends on the economic conditions and performance of key end-use industries such as automotive, medical, construction and footwear. Volatile oil prices also affect the prices of raw materials used in manufacturing TPEs.
Social: Factors such as changing demographics, lifestyle changes and consumer preference for lightweight and flexible materials influence the demand for TPEs. Increasing health awareness boosts the usage of TPEs in medical devices and healthcare applications.
Technological: Advancements in TPE formulation, production technology and 3D printing open up opportunities for innovative applications. Continuous research towards developing bio-based and recycled content TPEs aid in sustainability and waste reduction.
Geographical concentrationThe United States thermoplastic elastomers market is concentrated in the Midwest and Southern states owing to the high density of automotive production facilities in those regions. States like Michigan, Indiana, Ohio, Kentucky, Tennessee and Alabama account for over 40% of the total TPE demand in the country, majorly due to their prominent automotive manufacturing base. The states on the west coast like California and Washington also emerged as important markets backed by the electronics and healthcare industries.
Fastest growing regionThe thermoplastic elastomers market in the southern United States has been witnessing strong growth over the past few years. States like Texas, South Carolina and Georgia experienced double digit CAGR in TPE usage driven by factors such as business friendly policies, low cost of operations and expansions of global automakers and medical device manufacturers. This trend is anticipated to continue with several new production facility announcements providing a boost to long term demand for TPEs in the region.
Get this Report in Japanese Language: 米国の熱可塑性エラストマー市場
Get this Report in Korean Language: 미국 열가소성 엘라스토머 시장
Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
Thermoplastic Elastomers are bendy substances, which may be stretched without completely deforming the shape.
Thermoplastic elastomers are synthetic with the aid of using injection molding and extrusion.
Various vehicle components, along with window handles, gaskets, frame seals, wipers, filler panels, rocker panels, and damping pads are made from thermoplastic elastomers.
The upward thrust in call for safe, mild weight, and less expensive merchandise are a number of the drivers for the boom of the thermoplastic elastomers market.
Expensive uncooked substances and the excessive price of crude oil are the restraint for the thermoplastic elastomer market.
According to International Trade Administration (ITA), a company inside the United States Department of Commerce promotes United States exports of non-agricultural U.S. offerings and goods.
The study will help the market players and consultants to understand the on-going structure of the industry.The thermoplastic polyester elastomer can be known to involve soft and hard segments.
Thermoplastic polyester elastomers have the strength of plastic, flexibility of rubber, and the processibility of thermoplastics.
They can be easily managed by conventional thermoplastic processes like calendaring, injection molding, rotational molding, extrusion, and melt casting.
A thermoplastic elastomer is also utilized to manufacture parts of electrical devices, automobiles, and so forth.This Thermoplastic Polyester Elastomer (TPEE) Market study involved the extensive use of both primary and secondary data sources.
The research report process involved the market dynamic factors affecting the industry such as the historical data, government policy, competitive landscape, technological innovations, market environment, present trends in the Thermoplastic Polyester Elastomer (TPEE) market, upcoming technologies and the technical progress in industry.Get Sample Copy of the Reports: https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-thermoplastic-polyester-elastomer-tpee-marketThe Thermoplastic Polyester Elastomer (TPEE) Industry report provides a basic overview of the market including definition, applications and End Users.
The overview covered in this report also presents the company profile, product specifications, production value, capacity, and market shares for each company.Important Companies Cover in this report are:AshlandA.
