According to the latest report by Meticulous Research®, the global Thermoplastic Elastomers Market is expected to surpass $40.6 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031. This robust growth is driven by the increasing use of TPE in medical devices, expanding applications in the automotive industry, and its rising demand in the building and construction sectors. However, challenges such as high material costs and the low melting temperature of TPE are potential market restraints.
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