The United States thermoplastic elastomer market is a rapidly growing sector owing to its myriad applications across various end use industries such as automotive, footwear, construction, and consumer goods. Thermoplastic elastomers provide advantages such as recyclability, flexibility, high tensile strength and customizable properties, enabling their use in seals, hoses, belts, protective coatings, cables, adhesives, and footwear over conventional rubber.
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.
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. The thermoplastic elastomer market is witnessing growing demand owing to its enhanced performance, sustainability credentials and recyclability. These properties have led to increased preference over conventional rubbers across industries. Furthermore, companies are focusing their expansion strategies on developed as well as emerging nations to cater to the rising global demand for thermoplastic elastomers.
Market Key Trends
One of the major trends gaining traction in the United States thermoplastic elastomer market is the rising demand for bio-based and sustainable thermoplastic elastomers. Environmentally conscious consumers andindustry regulations favoring eco-friendly products are propelling companies to develop alternatives derived from renewable plant-based sources such as orange peels, pineapple leaves and soy. These bio-based thermoplastic elastomers provide comparable properties to traditional oil-based variants along with benefits such as carbon negativity. Their increasing adoption would aid in reducing dependency on fossil fuels and plastic waste in landfills.
Porter’s Analysis
Threat of new entrants: The thermoplastic elastomer market in the US has moderate barriers for new entrants due to high capital requirements and strong brand loyalty by customers.
Bargaining power of buyers: Buyers have moderate bargaining power in this market due to the availability of substitutes and undifferentiated products.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the presence of many raw material suppliers in the market.
Threat of new substitutes: The threat of substitutes is moderate as other materials can be used instead of thermoplastic elastomers for certain applications.
Competitive rivalry: The competition is high among the existing players due to their strong distribution channels and brand recognition.
Geographical Regions
The United States accounts for the largest share of the thermoplastic elastomer market in terms of value. This is attributed to factors such as increasing demand from the automotive and construction industries and presence of leading market players in the country.
The Asia Pacific region is projected to record the fastest growth rate during the forecast period. This is due to rapid industrialization, growing population, and rising disposable income in emerging economies such as China and India. Increasing use of thermoplastic elastomers in various sectors including automotive, construction and medical will drive the market growth in the region.
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?
About Author - Alice Mutum
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