The Global Thermoplastic Elastomers (TPE) Market was valued at USD 17,321 Million in 2025 and is projected to reach USD 25,167 Million by 2034, growing at a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period (2024–2034).This remarkable growth is primarily powered by the relentless substitution of traditional materials like thermoset rubbers and PVC, the explosive expansion of the electric vehicle (EV) sector, and the accelerating demand for high-performance, recyclable materials across automotive, healthcare, and consumer goods industries.

As industries worldwide pivot towards sustainability and manufacturing efficiency, the spotlight falls on the key material innovators who are redefining material performance. In this blog, we profile the Top 10 Companies in the Thermoplastic Elastomers (TPE) Industry—a dynamic mix of global chemical giants and specialized compounders shaping the future of flexible polymers.

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🔟 1. BASF SE

Headquarters: Ludwigshafen, Germany
Key Offering: Elastollan® TPU, Styroflex® SBCs, Elastocoat® Systems

BASF SE stands as a global powerhouse in the chemical industry and a leading innovator in Thermoplastic Elastomers. Its extensive portfolio, particularly the Elastollan® brand of Thermoplastic Polyurethanes (TPU), is renowned for high mechanical strength, abrasion resistance, and versatility. BASF serves a vast range of sectors, from automotive and construction to footwear and electronics, with a strong focus on developing sustainable solutions.

Sustainability and Innovation Initiatives:

• Development of bio-based and recycled content TPEs under its ChemCycling™ project.

• Investment in high-performance grades for electric vehicle components like cable jacketing and battery seals.

• Commitment to carbon-neutral growth strategies and circular economy principles.

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9️⃣ 2. Kraton Corporation

Headquarters: Houston, Texas, USA
Key Offering: Styrenic Block Copolymers (SBCs), Specialty Polymers

Kraton Corporation is a premier global producer of Styrenic Block Copolymers (SBCs), a foundational TPE chemistry. Following its acquisition by DL Chemical, Kraton continues to be a dominant force, offering a wide array of polymers used in adhesives, sealants, bitumen modification, and soft-touch overmolding applications. Their materials are critical for enabling flexibility, adhesion, and durability in countless end products.

Sustainability and Innovation Initiatives:

• Pioneering circular polymers with a focus on recyclable and bio-based feedstocks.

• Expanding application development for the healthcare and hygiene sectors.

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8️⃣ 3. DuPont de Nemours, Inc.

Headquarters: Wilmington, Delaware, USA
Key Offering: Hytrel® TPC-ET, DuPont™ Engage® PV, Zytel® HTN

DuPont is a legacy leader in high-performance materials, with a significant presence in the TPE space through its engineering polymers division. Its Hytrel® thermoplastic copolyester elastomers are industry benchmarks for their exceptional heat resistance, chemical resilience, and mechanical properties, making them ideal for demanding automotive, industrial, and consumer applications.

Sustainability and Innovation Initiatives:

• Focus on advanced materials for electrification, lightweighting, and sustainable solutions.

• Development of products with reduced environmental impact and enhanced recyclability.

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7️⃣ 4. Arkema S.A.

Headquarters: Colombes, France
Key Offering: Pebax® Rnew® (Bio-based TPU), Rilsan® Polyamide 11

Arkema has strategically positioned itself as a leader in specialty materials and sustainable TPEs. Its flagship Pebax® Rnew® elastomers are notably derived from renewable castor beans, offering a unique combination of lightness, flexibility, and high energy return. This makes them highly sought after in high-value sectors like sports equipment, consumer electronics, and medical devices.

Sustainability and Innovation Initiatives:

Leading the market with high-performance bio-based TPEs.

• Strong R&D focus on materials for energy efficiency and resource conservation.

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6️⃣ 5. Hexpol AB

Headquarters: Malmö, Sweden
Key Offering: Thermoplastic Vulcanizates (TPV), Dryflex TPE Compounds

Hexpol is a world-leading polymer compounding group with a formidable presence in TPEs, especially Thermoplastic Vulcanizates (TPV). TPVs combine the processing ease of plastics with the elastic properties of EPDM rubber, making them essential for automotive sealing systems, construction profiles, and industrial goods. Hexpol’s customer-centric approach and global production footprint make it a key supplier.

Sustainability and Innovation Initiatives:

• Development of TPE compounds with recycled rubber and plastic content.

• Focus on lightweighting solutions for the automotive industry to improve fuel efficiency.

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5️⃣ 6. Mitsubishi Chemical Group

Headquarters: Tokyo, Japan
Key Offering: TEFABLOC™ TPU, RENATE® TPEs

Mitsubishi Chemical Group is a diversified chemical giant with a strong portfolio of advanced materials, including high-performance TPEs. The company’s TPEs are engineered for superior properties such as weatherability, transparency, and chemical resistance, catering to the stringent requirements of the Japanese and global automotive, electronics, and appliance markets.

Sustainability and Innovation Initiatives:

• Integration of sustainable practices across its value chain, including bio-based and recyclable material development.

• Innovation in TPEs for next-generation mobility and digital devices.

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4️⃣ 7. Avient Corporation

Headquarters: Avon Lake, Ohio, USA
Key Offering: GLS™ TPEs, Rejoin™ TPEs with PCR content

Avient is a specialized and sustainable material solutions provider, renowned for its comprehensive range of GLS™ Thermoplastic Elastomers. The company excels in custom compounding, offering colors, softness, and performance attributes tailored to specific customer needs in consumer, automotive, and healthcare markets. Avient is also a leader in developing TPEs with post-consumer recycled (PCR) content.

Sustainability and Innovation Initiatives:

• Industry-leading portfolio of TPEs incorporating post-consumer recycled materials.

• Strategic focus on solutions that support a circular economy.

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3️⃣ 8. LG Chem

Headquarters: Seoul, South Korea
Key Offering: Lucene® TPO, Hi-zex® Polyethylene

LG Chem, a major petrochemical company in Asia, is a significant producer of polyolefin-based TPEs, particularly Thermoplastic Polyolefins (TPO). These materials are heavily utilized in the automotive industry for interior and exterior parts due to their balance of cost, weight, and performance. LG Chem leverages its integrated supply chain to be a competitive and reliable supplier in the global market.

Sustainability and Innovation Initiatives:

• Expanding production of eco-friendly materials, including bio-balanced and recyclable polymers.

• Focus on high-value TPE applications in electric vehicles and IT equipment.

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2️⃣ 9. Kuraray Co., Ltd.

Headquarters: Tokyo, Japan
Key Offering: SEPTON® SEBS, HYBRAR® SIS, KURARITY® Acrylic TPE

Kuraray is a global specialty chemical company celebrated for its innovation in hydrogenated Styrenic Block Copolymers (SEBS) under the SEPTON® brand. These materials offer superior heat resistance, weatherability, and tactile feel, making them ideal for automotive components, medical devices, and premium consumer products. Kuraray’s technical expertise places it at the forefront of high-performance SBCs.

Sustainability and Innovation Initiatives:

• Development of transparent and super-soft TPEs for innovative applications.

• Commitment to reducing environmental impact through sustainable product design.

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1️⃣ 10. Celanese Corporation

Headquarters: Irving, Texas, USA
Key Offering: Hostaform® POM, GUR® UHMW-PE, Celanese Engineering Materials

Celanese is a leading global chemical and specialty materials company. While renowned for its engineering plastics, it holds a significant position in the TPE market through its advanced polymer solutions that often blend elastomeric properties with high performance. Its materials are critical in applications requiring durability, chemical resistance, and precision, such as in automotive, medical, and industrial sectors.

Sustainability and Innovation Initiatives:

• Focus on developing materials that enable sustainability, such as those facilitating lightweighting and recyclability.

• Investment in acetic acid and methanol technology, key feedstocks for various polymers.

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🧭 Outlook: The Future of TPEs is Sustainable and High-Performance

The Thermoplastic Elastomers market is undergoing a profound transformation. While versatile performance and processing ease remain core strengths, the industry is heavily investing in sustainable alternatives, advanced material science, and specialized formulations for next-generation applications.

📈 Key Trends Shaping the Market:

• Accelerated adoption of bio-based and recycled-content TPEs driven by circular economy goals.

• Exponential growth in demand for TPEs in electric vehicle components, from wire insulation to interior soft-touch parts.

• Increasing replacement of PVC and latex with medical-grade TPEs in healthcare applications.

• Rise of advanced processing techniques like multi-material overmolding and 3D printing with specialized TPE grades.

Get Full Report Here: Thermoplastic Elastomers (TPE) Market – View in Detailed Research Report

The companies listed above are not merely supplying materials—they are actively engineering the future of flexible polymer solutions across the globe.