The United States thermoplastic elastomer market is at the forefront with respect to development in the thermoplastic elastomer industry. Thermoplastic elastomers (TPEs), also known as thermoplastic rubbers (TPRs), provide key advantages like superior elasticity and flexibility, and easier recyclability over conventional rubbers. TPEs find widespread applications in automotive components, wires & cables, medical devices, footwear and other consumer goods due to benefits such as greater design flexibility, shorter production time and lower cost of production.
US Thermoplastic Elastomer Market is estimated to be valued at US$ 1.77 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the United States thermoplastic elastomer market are Girard Rubber Corp, Aero Rubber Company, Inc, Dunnage Engineering, Alliance Rubber Company, Alpine Elastomer Products, LLC, CS Hyde Company, Ames Rubber Manufacturing Company, VIP Rubber and Plastic, and WARCO. Growing demand from the automotive industry and advancement in 3D printing technologies are fueling market growth.
The automotive industry accounts for over 30% of the thermoplastic elastomers consumption in the US. TPEs are widely utilized in manufacturing exterior and interior automobile components that require high flexibility and elasticity such as bumpers, handles and trims.
3D printing filament manufacturers are focusing on developing new 3D printing filaments made from thermoplastic elastomers. TPE filaments offer high ductility, abrasion and tear resistance along with flexibility and elasticity. The ability to 3D print complex parts with soft and flexible aspects is expected to boost TPE filament demand in the coming years.
Market Trends
Customization is a key trend gaining traction in the United States thermoplastic elastomer market. Market players are focused on developing custom compound formulations to meet the specific performance requirements of different end-use industries. Another major trend is the rising demand for bio-based and recyclable thermoplastic elastomers. The increasing focus on sustainability is prompting manufacturers to develop bio-derived and recyclable thermoplastic elastomers.
Market Opportunities
Growing demand from the healthcare industry for medical devices and rising consumption in 3D printing presents major opportunities for thermoplastic elastomer suppliers. The ability of TPEs to be molded into complex parts with flexible characteristics makes them suitable for a diverse range of medical components. Meanwhile, the development of advanced performance TPE filaments for 3D printing opens up new application avenues.
Impact Of COVID-19 On United States Thermoplastic Elastomer Market Growth
The COVID-19 pandemic has significantly impacted the growth of the United States thermoplastic elastomer market. During the initial months of the pandemic in 2020, strict lockdown measures imposed across various states brought industrial and economic activities to a standstill. This led to a steep decline in the demand for thermoplastic elastomers from key end-use industries such as automotive, consumer goods, construction, medical, and others. Supply chain disruptions and workforce shortages also posed major challenges for manufacturers. However, with gradual lifting of restrictions and resumption of industrial activities from mid-2020, the market witnessed signs of recovery.
The demand further picked up momentum in 2021 as major economies reopened completely and vaccination drives progressed well. Still, challenges around raw material price volatility and labor shortages continue to hamper full-fledged market recovery. Looking ahead, the United States thermoplastic elastomer market is expected to get back on its growth trajectory in the coming years, driven by infrastructure development initiatives, expansion of healthcare sector capabilities, and rebound in automobile sales post pandemic. Future market growth will also depend on manufacturers' ability to improve supply chain resilience and production flexibility.
Geographical Concentration Of United States Thermoplastic Elastomer Market
In terms of value, the Midwestern region accounts for the largest share in the United States thermoplastic elastomer market currently. This is mainly ascribed to the dense presence of key end-use industries such as automotive, industrial machinery, construction, and medical equipment manufacturing hub in states like Ohio, Illinois, Indiana, and Michigan. The automotive industry constitutes the major consumer of thermoplastic elastomers for use in applications such as bumpers, hoses, belts, seals, and gaskets. The Western states of California, Washington, and Oregon follow next in terms of market share.. The medical sector in this region has been key to market growth with rising usage of TPEs in devices, implants, tubing, and medical equipment.
Fastest Growing Region In United States Thermoplastic Elastomer Market
The Southern region, primarily led by states like Texas, Florida, North Carolina is expected to witness the fastest growth in the United States thermoplastic elastomer market over the forecast period. Rapid industrialization and infrastructure expansion activities have augmented the demand from various end-use sectors here. For instance, several automotive and consumer goods companies are setting up new manufacturing plants in these states. Further, the booming construction industry driven by strong residential and commercial construction projects acts as a major demand generator. Population growth, rising disposable incomes, and favorable business environment have also attracted many medical devices players to establish production facilities in the Southern region. All these factors are anticipated to drive high growth for the thermoplastic elastomer market in this geography.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. (LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )
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