The Global Bio-based Thermoplastic Vulcanizates (TPV) Market was valued at USD 465.8 Million in 2024 and is projected to reach USD 718.2 Million by 2030, growing at a Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period (2024–2030). This robust growth is primarily driven by escalating demand for sustainable and lightweight materials across the automotive industry, stringent environmental regulations, and increasing consumer preference for bio-based products in consumer goods and healthcare applications.

As industries worldwide intensify their focus on circular economy principles and carbon footprint reduction, the spotlight turns to material innovators developing high-performance, renewable alternatives to conventional plastics. In this blog, we profile the Top 10 Companies in the Bio-based Thermoplastic Vulcanizates (TPV) Industry—a dynamic mix of chemical giants, specialty compounders, and sustainability pioneers shaping the future of advanced materials.

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🔟 1. Mitsui Chemicals Inc.

Headquarters: Tokyo, Japan
Key Offering: MILASTOMER™ TPV series (including bio-based grades)

Mitsui Chemicals is a global leader in advanced materials, with its MILASTOMER brand being a prominent name in TPVs. The company is actively developing grades that incorporate bio-based content, particularly for automotive sealing systems and consumer goods, leveraging its strong R&D capabilities in polymer science.

Sustainability Initiatives:

• Commitment to achieving carbon neutrality by 2050

• Development of biomass-derived monomers for polymer production

• Active participation in global sustainability initiatives like the Responsible Care® program

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9️⃣ 2. Celanese Corporation

Headquarters: Irving, Texas, USA
Key Offering: Hostaform® and Celstran® engineered thermoplastics, including bio-attributed grades

Celanese is a leading global chemical and specialty materials company. Its engineering plastics segment offers solutions that can be tailored with bio-based content. The company focuses on creating high-performance materials that meet stringent automotive and consumer electronics specifications while reducing environmental impact.

Sustainability Initiatives:

• Implementation of the ECO-B product portfolio with certified renewable content

• Investment in carbon capture and utilization technologies

• Partnerships for developing bio-based acetic acid and other key intermediates

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8️⃣ 3. Mitsubishi Chemical Corporation

Headquarters: Tokyo, Japan
Key Offering: Bio-based engineering plastics, TPEs, and compound solutions

Mitsubishi Chemical Group (MCC) has a comprehensive portfolio of polymer solutions, including a strong focus on bio-based alternatives. The company leverages its expertise in bio-PBS (Polybutylene Succinate) and other biopolymers to develop sustainable TPV compounds for diverse applications.

Sustainability Initiatives:

• Group-wide target to achieve carbon neutrality by 2050

• Development of the “KAITEKI” philosophy integrating sustainability into business operations

• Expansion of bio-based and recycled material offerings across its product lines

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7️⃣ 4. Kumho Polychem

Headquarters: Seoul, South Korea
Key Offering: Kumho TPVs, including developmental bio-based grades

As a key player in the Asian synthetic rubber and thermoplastic elastomer market, Kumho Polychem is investing in sustainable material technologies. The company supplies TPVs to the automotive and construction sectors and is actively researching bio-feedstocks to reduce the carbon footprint of its products.

Sustainability Initiatives:

• Focus on developing eco-friendly rubber and plastic materials

• Investment in R&D for biomass-derived elastomers

• Adherence to global environmental standards and certifications

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6️⃣ 5. Trinseo

Headquarters: Berwyn, Pennsylvania, USA
Key Offering: TPV compounds, including solutions with recycled and bio-based content

Trinseo is a global materials solutions provider and manufacturer of plastics, latex binders, and synthetic rubber. The company offers a range of engineered materials, including TPVs, and is committed to incorporating sustainable attributes, such as bio-circular feedstocks certified under the ISCC PLUS scheme.

Sustainability Initiatives:

• 2030 Sustainability Goals focused on sustainable product offerings

• Launch of products containing mass balance attributed bio-based or recycled content

• Commitment to achieving a 30% reduction in CO2 emissions by 2030

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5️⃣ 6. Teknor Apex

Headquarters: Pawtucket, Rhode Island, USA
Key Offering: Sarlink® TPVs, including bio-preferred and recycled content compounds

Teknor Apex is a renowned specialty compounder with a significant presence in the TPV market through its Sarlink® brand. The company is at the forefront of developing sustainable TPV solutions, offering compounds that utilize bio-based EPDM or bio-based polyolefins to meet specific customer sustainability targets.

Sustainability Initiatives:

• Development of TPVs with bio-based and post-consumer recycled content

• Active engagement in creating closed-loop material systems

• Focus on material innovation for lightweighting and recyclability

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4️⃣ 7. ExxonMobil

Headquarters: Irving, Texas, USA
Key Offering: Santoprene™ TPVs, with ongoing R&D into bio-based variants

ExxonMobil is one of the world’s largest producers of TPVs under the Santoprene™ brand, which is widely used in automotive, construction, and consumer goods. The company is exploring pathways to incorporate circular and bio-based feedstocks into its advanced polymer production processes to support the industry’s sustainability transition.

Sustainability Initiatives:

• Advanced recycling initiatives to create circular polymers

• Research into bio-based feedstocks for commodity and specialty plastics

• Corporate ambition to achieve net-zero Scope 1 and 2 emissions by 2050

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3️⃣ 8. Zeon Chemicals L.P.

Headquarters: Louisville, Kentucky, USA
Key Offering: Zetpol® and other specialty rubbers for high-performance TPVs

Zeon Chemicals is a global leader in specialty elastomers, providing high-performance rubber materials that serve as the elastomeric phase in sophisticated TPV compounds. The company’s expertise in hydrogenated nitrile rubber (HNBR) and other specialty grades is crucial for demanding applications, with a growing focus on sustainable chemistry.

Sustainability Initiatives:

• Development of eco-friendly elastomers with improved environmental profiles

• Focus on creating durable, long-lifecycle products to reduce waste

• Investment in manufacturing process efficiency to minimize energy consumption

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2️⃣ 9. Alphagary (a division of AVIENT Corporation)

Headquarters: Leominster, Massachusetts, USA
Key Offering: Specialty polymer compounds, including TPVs with sustainable attributes

Alphagary, part of Avient Corporation, is a leading global provider of specialty polymer formulations, including thermoplastic elastomers. Avient has a strong strategic focus on sustainability, offering a range of solutions that incorporate bio-based content, and is actively developing next-generation green materials.

Sustainability Initiatives:

• Avient’s 2030 Sustainability Goals targeting circular and sustainable solutions

• Offering of products with bio-renewable content certified by USDA

• Dedicated R&D for creating polymers from non-food-competing bio-feedstocks

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1️⃣ 10. Ravago

Headquarters: Arendonk, Belgium
Key Offering: Polymer distribution and compounding services, including TPVs and recycled/bio-based compounds

Ravago is one of the world’s largest distributors and compounders of plastics, rubber, and chemicals. Through its manufacturing divisions, the company produces custom-engineered compounds, including TPVs, and is heavily invested in developing circular economy solutions that integrate recycled and bio-based materials.

Sustainability Initiatives:

• Major investments in mechanical and advanced recycling facilities

• Development of “E-Loop” program focusing on circular material solutions

• Strategic partnerships to scale up the production and use of bio-based polymers

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🌍 Outlook: The Future of Bio-based TPVs Is Sustainable and High-Performance

The bio-based TPV market is at a pivotal juncture. While performance and cost traditionally dominated material selection, the sustainability imperative is now a primary driver. The industry is investing significantly in R&D to enhance the bio-content of TPVs without compromising on the mechanical properties, chemical resistance, and durability that make these materials indispensable.

📈 Key Trends Shaping the Market:

• Automotive Lightweighting: Intensifying demand for bio-based TPVs in sealing systems, airbag covers, and interior trim to reduce vehicle weight and lifecycle emissions.

• Regulatory Push: Increasing government regulations and emissions standards favoring sustainable materials, particularly in Europe and North America.

• Circular Economy Integration: Growing momentum for TPVs that combine bio-based content with recyclability, enabling closed-loop systems.

• Consumer Awareness: Rising consumer preference for products made from renewable and environmentally friendly materials in consumer goods and packaging applications.

The companies profiled above are not just supplying materials—they are actively engineering the sustainable foundations for the next generation of automotive, construction, and consumer products. Their innovations are critical for decoupling economic growth from resource depletion and environmental impact.

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Bio-based Thermoplastic Vulcanizates (TPV) Market – View in Detailed Research Report