diff --git a/src/PhpWord/StyleMerger.php b/src/PhpWord/StyleMerger.php
new file mode 100644
index 0000000000..8cd8e78ac1
--- /dev/null
+++ b/src/PhpWord/StyleMerger.php
@@ -0,0 +1,102 @@
+<?php
+
+/**
+ * This file is part of PHPWord - A pure PHP library for reading and writing
+ * word processing documents.
+ *
+ * PHPWord is free software distributed under the terms of the GNU Lesser
+ * General Public License version 3 as published by the Free Software Foundation.
+ *
+ * For the full copyright and license information, please read the LICENSE
+ * file that was distributed with this source code. For the full list of
+ * contributors, visit https://github.com/PHPOffice/PHPWord/contributors.
+ *
+ * @see         https://github.com/PHPOffice/PHPWord
+ *
+ * @license     http://www.gnu.org/licenses/lgpl.txt LGPL version 3
+ */
+
+declare(strict_types=1);
+
+namespace PhpOffice\PhpWord;
+
+final class StyleMerger
+{
+
+    /**
+     * @var \DOMElement $styleElement
+     */
+    private $styleElement;
+
+    /**
+     * @var array<string, \DOMElement>
+     */
+    private $elements = [];
+
+    public function __construct(string $style)
+    {
+        $this->styleElement = $this->createStyleElement($style);
+        foreach ($this->styleElement->childNodes as $node) {
+            if ($node instanceof \DOMElement) {
+                $this->elements[$node->tagName] = $node;
+            }
+        }
+    }
+
+    public static function mergeStyles(string $style, string ...$styles): string
+    {
+        $styleMerger = new self($style);
+        foreach ($styles as $styleToMerge) {
+            $styleMerger->merge($styleToMerge);
+        }
+
+        return $styleMerger->getStyleString();
+    }
+
+    public function merge(string $style): self
+    {
+        $styleElement = $this->createStyleElement($style);
+        foreach ($styleElement->childNodes as $node) {
+            if ($node instanceof \DOMElement) {
+                // @todo Do we need recursive merging for some elements?
+                if (!isset($this->elements[$node->tagName])) {
+                    $importedNode = $this->styleElement->ownerDocument->importNode($node, TRUE);
+                    if (!$importedNode instanceof \DOMElement) {
+                        throw new \RuntimeException('Importing node failed');
+                    }
+
+                    $this->styleElement->appendChild($importedNode);
+                    $this->elements[$node->tagName] = $importedNode;
+                }
+            }
+        }
+
+        return $this;
+    }
+
+    private function createStyleElement(string $style): \DOMElement
+    {
+        if (NULL === $style = preg_replace('/>\s+</', '><', $style)) {
+            throw new \RuntimeException('Error processing style');
+        }
+
+        $doc = new \DOMDocument();
+        $doc->loadXML(
+            '<root xmlns:w="http://schemas.openxmlformats.org/wordprocessingml/2006/main">' . $style . '</root>'
+        );
+
+        foreach ($doc->documentElement->childNodes as $node) {
+            if ($node instanceof \DOMElement) {
+                return $node;
+            }
+        }
+
+        throw new \RuntimeException('Could not create style element');
+    }
+
+    public function getStyleString(): string
+    {
+        return $this->styleElement->ownerDocument->saveXML($this->styleElement);
+    }
+
+}
diff --git a/src/PhpWord/TemplateProcessor.php b/src/PhpWord/TemplateProcessor.php
index 8aee40c546..faffd439ea 100644
--- a/src/PhpWord/TemplateProcessor.php
+++ b/src/PhpWord/TemplateProcessor.php
@@ -315,6 +315,64 @@ public function setComplexBlock($search, Element\AbstractElement $complexType):
         $this->replaceXmlBlock($search, $xmlWriter->getData(), 'w:p');
     }
 
+    /**
+     * Replaces a search string (macro) with a set of rendered elements, splitting
+     * surrounding texts, text runs or paragraphs before and after the macro,
+     * depending on the types of elements to insert.
+     *
+     * @param \PhpOffice\PhpWord\Element\AbstractElement[] $elements
+     * @param bool $inheritStyle
+     *   If TRUE the style will be inherited from the paragraph/text run the macro
+     *   is inside. If the element already contains styles, they will be merged.
+     *
+     * @throws \PhpOffice\PhpWord\Exception\Exception
+     */
+    public function setElementsValue(string $search, array $elements, bool $inheritStyle = FALSE): void {
+        $search = static::ensureMacroCompleted($search);
+        $elementsDataList = [];
+        $hasParagraphs = FALSE;
+        foreach ($elements as $element) {
+            $elementName = substr(
+                get_class($element),
+                (int) strrpos(get_class($element), '\\') + 1
+            );
+            $objectClass = 'PhpOffice\\PhpWord\\Writer\\Word2007\\Element\\' . $elementName;
+
+            // For inline elements, do not create a new paragraph.
+            $withParagraph = \PhpOffice\PhpWord\Writer\Word2007\Element\Text::class !== $objectClass;
+            $hasParagraphs = $hasParagraphs || $withParagraph;
+
+            $xmlWriter = new XMLWriter();
+            /** @var \PhpOffice\PhpWord\Writer\Word2007\Element\AbstractElement $elementWriter */
+            $elementWriter = new $objectClass($xmlWriter, $element, !$withParagraph);
+            $elementWriter->write();
+            $elementsDataList[] = preg_replace('/>\s+</', '><', $xmlWriter->getData());
+        }
+        $blockType = $hasParagraphs ? 'w:p' : 'w:r';
+        $where = $this->findContainingXmlBlockForMacro($search, $blockType);
+        if (is_array($where)) {
+            /** @phpstan-var array{start: int, end: int} $where */
+            $block = $this->getSlice($where['start'], $where['end']);
+            $paragraphStyle = '';
+            $textRunStyle = '';
+            $parts = $hasParagraphs
+                ? $this->splitParagraphIntoParagraphs($block, $paragraphStyle, $textRunStyle)
+                : $this->splitTextIntoTexts($block, $textRunStyle);
+            if ($inheritStyle) {
+                $elementsDataList = preg_replace_callback_array([
+                    '#<w:pPr/>#' => fn() => $paragraphStyle,
+                    '#<w:pPr.*</w:pPr>#' => fn (array $matches) => StyleMerger::mergeStyles($matches[0], $paragraphStyle),
+                    // <w:pPr> may contain <w:rPr> itself so we have to match for <w:rPr> inside of <w:r>
+                    '#<w:r><w:rPr/>.*</w:r>#' => fn(array $matches) => str_replace('<w:rPr/>', $textRunStyle, $matches[0]),
+                    '#<w:r>.*(<w:rPr.*</w:rPr>).*</w:r>#' => fn (array $matches) =>
+                    preg_replace('#<w:rPr.*</w:rPr>#', StyleMerger::mergeStyles($matches[1], $textRunStyle), $matches[0]),
+                ], $elementsDataList);
+            }
+            $this->replaceXmlBlock($search, $parts, $blockType);
+            $this->replaceXmlBlock($search, implode('', $elementsDataList), $blockType);
+        }
+    }
+
     /**
      * @param mixed $search
      * @param mixed $replace
@@ -1440,28 +1498,101 @@ protected function findXmlBlockEnd($offset, $blockType)
     }
 
     /**
-     * Splits a w:r/w:t into a list of w:r where each ${macro} is in a separate w:r.
+     * Adds output parameter for extracted style.
      *
      * @param string $text
+     * @param string $extractedStyle
+     *   Is set to the extracted text run style (w:rPr).
      *
      * @return string
+     * @throws \PhpOffice\PhpWord\Exception\Exception
      */
-    protected function splitTextIntoTexts($text)
-    {
+    protected function splitTextIntoTexts($text, string &$extractedStyle = '') {
+        if (NULL === $unformattedText = preg_replace('/>\s+</', '><', $text)) {
+            throw new Exception('Error processing PhpWord document.');
+        }
+
+        $matches = [];
+        preg_match('/<w:rPr.*<\/w:rPr>/i', $unformattedText, $matches);
+        $extractedStyle = $matches[0] ?? '';
+
         if (!$this->textNeedsSplitting($text)) {
             return $text;
         }
-        $matches = [];
-        if (preg_match('/(<w:rPr.*<\/w:rPr>)/i', $text, $matches)) {
-            $extractedStyle = $matches[0];
-        } else {
-            $extractedStyle = '';
+
+        $result = str_replace(
+            ['<w:t>', '${', '}'],
+            [
+                '<w:t xml:space="preserve">',
+                '</w:t></w:r><w:r>' . $extractedStyle . '<w:t xml:space="preserve">${',
+                '}</w:t></w:r><w:r>' . $extractedStyle . '<w:t xml:space="preserve">',
+            ],
+            $unformattedText
+        );
+
+        $emptyTextRun = '<w:r>' . $extractedStyle . '<w:t xml:space="preserve"></w:t></w:r>';
+
+        return str_replace($emptyTextRun, '', $result);
+    }
+
+    /**
+     * Splits a w:p into a list of w:p where each ${macro} is in a separate w:p.
+     *
+     * @param string $extractedParagraphStyle
+     *   Is set to the extracted paragraph style (w:pPr).
+     * @param string $extractedTextRunStyle
+     *   Is set to the extracted text run style (w:rPr).
+     *
+     * @throws \PhpOffice\PhpWord\Exception\Exception
+     */
+    public function splitParagraphIntoParagraphs(
+        string $paragraph,
+        string &$extractedParagraphStyle = '',
+        string &$extractedTextRunStyle = ''
+    ): string {
+        if (NULL === $paragraph = preg_replace('/>\s+</', '><', $paragraph)) {
+            throw new Exception('Error processing PhpWord document.');
         }
 
-        $unformattedText = preg_replace('/>\s+</', '><', $text);
-        $result = str_replace([self::$macroOpeningChars, self::$macroClosingChars], ['</w:t></w:r><w:r>' . $extractedStyle . '<w:t xml:space="preserve">' . self::$macroOpeningChars, self::$macroClosingChars . '</w:t></w:r><w:r>' . $extractedStyle . '<w:t xml:space="preserve">'], $unformattedText);
+        $matches = [];
+        preg_match('#<w:pPr.*</w:pPr>#i', $paragraph, $matches);
+        $extractedParagraphStyle = $matches[0] ?? '';
+
+        // <w:pPr> may contain <w:rPr> itself so we have to match for <w:rPr> inside of <w:r>
+        preg_match('#<w:r>.*(<w:rPr.*</w:rPr>).*</w:r>#i', $paragraph, $matches);
+        $extractedTextRunStyle = $matches[1] ?? '';
+
+        $result = str_replace(
+            [
+                '<w:t>',
+                '${',
+                '}',
+            ],
+            [
+                '<w:t xml:space="preserve">',
+                sprintf(
+                    '</w:t></w:r></w:p><w:p>%s<w:r><w:t xml:space="preserve">%s${',
+                    $extractedParagraphStyle,
+                    $extractedTextRunStyle
+                ),
+                sprintf(
+                    '}</w:t></w:r></w:p><w:p>%s<w:r>%s<w:t xml:space="preserve">',
+                    $extractedParagraphStyle,
+                    $extractedTextRunStyle
+                ),
+            ],
+            $paragraph
+        );
+
+        // Remove empty paragraphs that might have been created before/after the
+        // macro.
+        $emptyParagraph = sprintf(
+            '<w:p>%s<w:r>%s<w:t xml:space="preserve"></w:t></w:r></w:p>',
+            $extractedParagraphStyle,
+            $extractedTextRunStyle
+        );
 
-        return str_replace(['<w:r>' . $extractedStyle . '<w:t xml:space="preserve"></w:t></w:r>', '<w:r><w:t xml:space="preserve"></w:t></w:r>', '<w:t>'], ['', '', '<w:t xml:space="preserve">'], $result);
+        return str_replace($emptyParagraph, '', $result);
     }
 
     /**