The Global Thermoplastic Elastomer (TPE) and Thermoplastic Polyurethane (TPU) Market was valued at USD 23.5 Billion in 2024 and is projected to reach USD 34.8 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period (2024–2030). This robust growth is propelled by increasing demand from the automotive, medical, and consumer goods sectors, coupled with the accelerating adoption of sustainable and high-performance material solutions.

As industries worldwide pivot towards lightweighting, durability, and eco-friendly alternatives, the focus intensifies on the leading material scientists and manufacturers driving polymer innovation. In this blog, we profile the Top 10 Companies in the TPE and TPU Industry—a blend of chemical giants, specialty compounders, and regional leaders defining the future of advanced polymers.

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🔟 1. BASF SE

Headquarters: Ludwigshafen, Germany
Key Offering: Elastollan® TPU, Elastopan® TPE

BASF is a global chemical powerhouse and a leading innovator in polyurethane and elastomer technologies. Its Elastollan and Elastopan brands are renowned for high-performance applications across automotive, footwear, and industrial sectors, with a strong commitment to developing bio-based and recycled content solutions.

Innovation & Sustainability Initiatives:

• Development of partially bio-based TPU grades

• Investment in circular economy models and chemical recycling

• Global R&D network focused on material performance enhancement

Download FREE Sample Report: TPE and TPU Market – View in Detailed Research Report

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9️⃣ 2. The Lubrizol Corporation

Headquarters: Wickliffe, Ohio, USA
Key Offering: Estane® TPU, Isoplast® Engineering Thermoplastic

Lubrizol, a Berkshire Hathaway company, is a premier global supplier of TPU. Its Estane® TPU portfolio caters to a vast array of demanding applications, including automotive interiors, wire and cable jacketing, and high-performance films, known for exceptional abrasion resistance and clarity.

Innovation & Sustainability Initiatives:

• Pioneering TPU solutions for electric vehicle (EV) components

• Introduction of TPUs with recycled content and biodegradable options

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8️⃣ 3. Covestro AG

Headquarters: Leverkusen, Germany
Key Offering: Desmopan® TPU, Bayflex® TPE

Covestro is a world-leading supplier of high-performance polymers, with a significant footprint in the TPU market through its Desmopan® brand. The company provides material solutions that offer a unique combination of rubber-like elasticity and thermoplastic processability.

Innovation & Sustainability Initiatives:

• Launch of carbon footprint-reduced TPU grades using alternative raw materials

• Focus on circularity with projects for chemically recycling TPU waste

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7️⃣ 4. Wanhua Chemical Group Co., Ltd.

Headquarters: Yantai, Shandong, China
Key Offering: Wanthane® TPU

Wanhua Chemical has emerged as a dominant force in the global polyurethane market, including TPUs. With massive production scale and competitive pricing, Wanthane® TPUs are widely used in apparel, automotive, and industrial applications, significantly influencing market dynamics.

Innovation & Sustainability Initiatives:

• Rapid expansion of TPU production capacity to meet global demand

• Investment in R&D for bio-based TPU and specialty grades

Download FREE Sample Report: TPE and TPU Market – View in Detailed Research Report

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6️⃣ 5. Huntsman Corporation

Headquarters: The Woodlands, Texas, USA
Key Offering: Irogran® TPU, Avalon® TPE

Huntsman’s Advanced Materials division is a key global player in TPUs, offering a diverse portfolio under the Irogran® brand. These materials are engineered for applications requiring toughness, flexibility, and resistance to oils and chemicals, particularly in automotive and construction.

Innovation & Sustainability Initiatives:

• Development of non-phthalate plasticizer solutions for sensitive applications

• Strategic focus on sustainability through product and process innovation

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5️⃣ 6. Kuraray Co., Ltd.

Headquarters: Tokyo, Japan
Key Offering: SEPTON® TPE (SEBS), KURARITY® acrylic TPE

Kuraray is a leading global supplier of specialty TPEs, particularly known for its hydrogenated styrenic block copolymers (SEBS) under the SEPTON® brand. These materials offer superior weather resistance and soft touch, making them ideal for automotive seals, consumer products, and medical devices.

Innovation & Sustainability Initiatives:

• Expansion of bio-based and recyclable TPE offerings

• Development of high-performance grades for next-generation mobility

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4️⃣ 7. Hexpol AB

Headquarters: Malmö, Sweden
Key Offering: Dryflex TPE, Meliflex TPE

Hexpol is one of the world’s largest compounders of TPEs, serving a diverse customer base with custom-formulated solutions. The company’s strength lies in its ability to develop application-specific TPE compounds for industries ranging from automotive and construction to consumer goods.

Innovation & Sustainability Initiatives:

• Focus on TPE compounds with high recycled content

• Development of lightweighting solutions for automotive applications

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3️⃣ 8. Avient Corporation

Headquarters: Avon Lake, Ohio, USA
Key Offering: GLS™ TPEs, reSound™ Biopolymers

Avient is a premier provider of specialized and sustainable material solutions. Its GLS TPE division is renowned for overmolding technologies, creating soft-touch grips and seals for tools, electronics, and medical devices. The company is a leader in color and additive technologies.

Innovation & Sustainability Initiatives:

• Extensive portfolio of bio-based, biodegradable, and recycled content TPEs

• Strategic acquisitions to bolster technology and global reach

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2️⃣ 9. Trinseo PLC

Headquarters: Berwyn, Pennsylvania, USA
Key Offering: Calprene® TPE (SBS/SIS), Emerge™ Advanced Recycled Resins

Trinseo is a global materials solutions provider with a strong position in styrenic block copolymers (SBCs), a key type of TPE. Its Calprene® materials are widely used in adhesives, footwear, and bitumen modification, with a growing focus on sustainable alternatives.

Innovation & Sustainability Initiatives:

• Launch of TPE solutions incorporating mechanically and advanced recycled materials

• Commitment to achieving 100% sustainable product portfolio ambitions

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1️⃣ 10. COIM Group

Headquarters: Milan, Italy
Key Offering: Pearlthane® TPU, Pearlbond® TPU

COIM Group is a significant international producer of TPUs and polyester polyols. The company’s Pearlthane® and Pearlbond® TPUs are recognized for their quality and performance in sectors like footwear, automotive, and technical textiles, with a strong presence in Europe and the Americas.

Innovation & Sustainability Initiatives:

• Development of water-based TPU dispersions for eco-friendly coatings

• Focus on bio-based and compostable TPU formulations

Get Full Report Here: TPE and TPU Market – View in Detailed Research Report

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🌍 Outlook: The Future of TPE and TPU is Sustainable and High-Performance

The TPE and TPU market is experiencing a fundamental transformation. While standard grades continue to see high volume demand, the industry is channeling significant investment into bio-based alternatives, circular economy models, and materials engineered for next-generation applications like electric vehicles and advanced medical devices.

📈 Key Trends Shaping the Market:

• Accelerated demand for lightweight, durable materials in automotive, especially for EV interiors and components

• Stringent regulatory push for phthalate-free, non-toxic, and recyclable materials in consumer and medical products

• Growth in advanced recycling technologies enabling the incorporation of post-consumer and post-industrial recycled content into TPE/TPU

• Increasing material substitution favoring TPEs and TPUs over traditional PVC and vulcanized rubber due to process efficiency and sustainability benefits

Get Full Report Here: TPE and TPU Market – View in Detailed Research Report

The companies profiled above are not just suppliers of polymers—they are enablers of innovation, providing the material foundation for a lighter, more durable, and more sustainable future across countless industries.