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3. Arkema S.A (France) and Asahi Kasei Corporation (Japan) are Leading Players in the Thermoplastic Elastomers Market

The global TPE market size was USD 26.9 billion in 2023 and is projected to reach USD 35.4 billion by 2028, at a CAGR of 5.6% between 2023 and 2028. The recovery of automotive sector across the world is driving the thermoplastic elastomers market during the forecast period.

Thermoplastic elastomers are a class of polymers having properties of both thermoplastics and elastomers. They are obtained by linking thermoplastics with elastomeric rubbers. Thermoplastic elastomers provide advantages of both plastics and rubber, and hence the new form created by their combination is adaptable in many applications. The high impact and tear strength of thermoplastic elastomers have increased their demand in the automotive and building & construction industries. Thermoplastic elastomers are recyclable, environment-friendly, and safe to use in medical and food packaging applications.

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The TPE market is segmented on the basis of application as automotive, building & construction, footwear, wire & cables, medical, engineering, and others. In automotive sector, TPE is used in exterior filler for panels, wipers, rocker panels, body seals, automotive gaskets, door & window handles, other under-the-hood applications. In building & construction, TPE is mainly used as roofing membrane, bitumen modification, roofing membranes, weather-stripping, waterproofing, carpeting, wall coverings, window & weather seals.

Thermoplastic elastomers can be broadly classified into styrene block copolymer (SBC), thermoplastic polyurethane (TPU), thermoplastic polyolefin (TPO), thermoplastic vulcanizate (TPV), polyester ether elastomer (COPE), and polyether block amide (PEBA). Thermoplastic elastomers are among the most innovative products in the elastomers market as they have the functional properties of thermoset rubber and possess the strength of thermoplastics.

The major industry players are adopted acquisitions, expansions, joint venture, and new product development as growth strategies in the last four years. The leading players in the market are Arkema S.A (France), Asahi Kasei Corporation (Japan), BASF SE (Germany), The Dow Chemical Company (The U.S), Covestro AG (Germany), Huntsman Corporation (The U.S), Teknor Apex Company (The U.S), Lubrizol Corporation (The U.S), Tosh Corporation (Japan), Kraton Corporation (The U.S), China Petroleum and Chemical Corporation (China), Mitsubishi Chemical Company (Japan), DuPont (The U.S), SIBUR (Russia), Evonik Industries AG (Germany), Dynasol Elastomers (Spain).

New product development accounted for the largest share of all the strategic developments that took place in the thermoplastic elastomers market. Key players such as Arkema SA, Asahi Kasei Corporation, BASF SE, Huntsman Corporation, DOW Chemical Company, Exxon Mobil Corporation, Mitsubishi Chemical Group Corporation have adopted these strategies to strengthen their business portfolios and presence in the thermoplastic elastomers industry.

Arkema SA

Arkema SA is involved in the manufacturing and sales of various chemical products that find applications in consumer goods, paints & coatings, building & construction, automotive & transportation, electronics, energy, and other industries. The company operates its business through four segments, namely, Adhesive Solutions, Advanced Materials, Coating Solutions, and Intermediates. It offers thermoplastic elastomers under the Advanced Materials division. Arkema has 148 production facilities and presence across 55 countries. The company has a geographical presence in Europe, Asia Pacific, North America, South America, and Middle East & Africa.

ASAHI KASEI CORPORATION

Asahi Kasei Corporation is a group of companies offering products under three categories, namely, Materials, Homes, and Healthcare. The Materials category is further divided into basic material, performance product, specialty solutions, and electronics. The company offers thermoplastic elastomers through the performance product segment. It has more than 211 subsidiaries across 20 countries. The company offers different grades of thermoplastic elastomers under its brands, Asaflex, Tufpren and Asapren T, S.O.E, and Tuftec. The company has a geographical presence in Europe, Asia Pacific, North America, South America, and Middle East & Africa.

BASF SE

BASF SE engages in the provision of chemical products. It operates through the following segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition and Care, and Agricultural Solutions, and others. The Chemicals segment supplies petrochemicals and intermediates. The Materials segment includes isocyanates and polyamides as well as inorganic basic products and specialties for the plastics and plastics processing industries. The Industrial Solutions segment develops and markets ingredients and additives for industrial applications such as polymer dispersions, pigments, resins, electronic materials, antioxidants, and additives. The Surface Technologies segment bundles chemical solutions for surfaces with the catalysts and coating divisions. The Nutrition and Care segment consists of ingredients and solutions for consumer applications in the areas of nutrition, home, and personal care. The Agricultural Solutions segment refers to fungicides, herbicides, insecticides, and biological crop protection products, as well as seeds and seed treatment products. It produces thermoplastic elastomers under the performance materials division in the Materials segment. The company has a geographical presence in Europe, Asia Pacific, North America, South America, and Middle East & Africa.

Huntsman Corporation

Huntsman Corporation offers a wide range of products that serve various industries such as transportation, home life, construction, energy and fuel, clothing, and footwear. The company has three segments, namely, Polyurethanes, Advanced Materials, and Performance Products. The company operates 60 manufacturing, research and development, and operations facilities in 30 countries across Europe, Asia Pacific, Middle East & Africa, North America, and South America. It offers thermoplastic elastomers through the Polyurethanes segment for various end-use industries such as automotive, building & construction, and footwear. IROGRAN, AVALON, KRYSTALGRAN and IROSTIC are the four main TPU brands produced by the polyurethanes division of Huntsman.

Related Reports:

Thermoplastic Elastomers Market by Type (SBC, TPU, TPO, TPV, COPE, PEBA), End-Use Industry (Automotive, Building & Construction, Footwear, Wire & Cable, Medical, Engineering), Region (North America, Europe, APAC, South America, MEA) - Global Forecast to 2028

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