We can get the element screenshot by cropping entire page screenshot as below:
driver.get("http://www.google.com");
WebElement ele = driver.findElement(By.id("hplogo"));
// Get entire page screenshot
File screenshot = ((TakesScreenshot)driver).getScreenshotAs(OutputType.FILE);
BufferedImage fullImg = ImageIO.read(screenshot);
// Get the location of element on the page
Point point = ele.getLocation();
// Get width and height of the element
int eleWidth = ele.getSize().getWidth();
int eleHeight = ele.getSize().getHeight();
// Crop the entire page screenshot to get only element screenshot
BufferedImage eleScreenshot= fullImg.getSubimage(point.getX(), point.getY(),
eleWidth, eleHeight);
ImageIO.write(eleScreenshot, "png", screenshot);
// Copy the element screenshot to disk
File screenshotLocation = new File("C:\\images\\GoogleLogo_screenshot.png");
FileUtils.copyFile(screenshot, screenshotLocation);