United States Thermoplastic Elastomer Market Is Anticipated To Witness High Growth Owing To Growing Automotive Industry


Thermoplastic elastomers find wide ranging applications in the automotive industry for manufacturing components including dashboard, door panels, bumpers, and others. The need for lightweight and durable materials in the automotive industry along with preference towards recyclable materials is fostering demand for thermoplastic elastomers. The growing automotive production in the United States is augmenting growth of the thermoplastic elastomer market.

The United States 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.

Thermoplastic elastomers provide benefits such as recyclability, flexibility, durability and wide range of processing options over traditional thermoset rubber. Rising demand from various end use industries including automotive, consumer goods, medical, and others is driving growth of the market.

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. Among these, Girard Rubber Corp and Alliance Rubber Company collectively account for over 30% share of the market.

The growing demand for lightweight materials from automotive industry along with stringent regulations regarding fuel efficiency offer significant growth opportunities for thermoplastic elastomer manufacturers. Increasing R&D investments by key players to develop innovative product formulations will further aid market expansion over the forecast period.

Major thermoplastic elastomer manufacturers are focusing on capacity expansion strategies to strengthen their presence across global markets. For instance, Alliance Rubber Company completed capacity expansion at its Ohio facility in 2020 to cater to growing demand from medical industry. Similarly, Girard Rubber Corp has manufacturing plants across the United States, Mexico and Europe to serve the global customer base.

Market Drivers

Growing Automotive Production: The strong automotive manufacturing base in the US is one of the key factors driving growth of the thermoplastic elastomer market. As per OICA statistics, the United States is among the leading vehicle producers globally. Growing preference for thermoplastic elastomers over traditional rubber owing to advantages such as recyclability is augmenting demand from automotive OEMs.

Market Restrains

Volatility in raw material prices: Fluctuations in the prices of raw materials including petroleum based feedstock, plastic resins and rubber processing oils can negatively impact profit margins of thermoplastic elastomer manufacturers. Any increase in raw material costs exerts pressure on manufacturers to hike product prices.

Segment Analysis

The United States thermoplastic elastomer (TPE) market is dominated by the polyolefin sub-segment. This sub-segment accounts for over 40% of the total market share due to excellent chemical resistance, high elasticity and superior mechanical strength of polyolefin TPEs which make them suitable for usage in applications like automotive, sports-equipment, and construction. The automotive sub-segment consumes a majority share within polyolefin TPEs due to increasing need of TPEs in automotive interior, exterior and under-the-hood applications to reduce weight.

Global Analysis

The North America region holds the largest share in the global thermoplastic elastomer market owing to high demand from industries like automotive, construction and healthcare. The United States accounts for over 80% share of the North America TPE market due to high vehicle production and presence of leading automobile manufacturers in the region. The Asia Pacific region is expected to witness highest growth during the forecast period due to increasing number of construction projects, growing automotive sector in China and India along with rapid industrialization.

Get more insights on this topic:  https://www.trendingwebwire.com/united-states-thermoplastic-elastomer-market-to-witness-growth-due-to-rising-application-in-automotive-industry/


 

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 )

 

What Are The Key Data Covered In This United States Thermoplastic Elastomer Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the United States Thermoplastic Elastomer's growth between 2024 and 2031.

:- Accurate calculation of the size of the United States Thermoplastic Elastomer and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- United States Thermoplastic Elastomer Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market's competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of United States Thermoplastic Elastomer vendors

FAQ’s

Q.1 What are the main factors influencing the United States Thermoplastic Elastomer?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top United States Thermoplastic Elastomer companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the United States Thermoplastic Elastomer’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?


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