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Thermoplastic elastomers market value chain analysis, 2022

North America accounts for over 35% of the TPO product consumption market. The rising demand for the product in the construction & industrial sector is likely to propel market growth. The industrial growth in the region is based on increased application scope coupled with high R&D activities by local companies. The increased production in the automotive sector in Mexico and US coupled with the growth of consumer & construction industries is likely to have a positive impact on the TPE demand during the analysis period.

Competitive Insights

The global TPE market is highly fragmented with the major four companies contributing to over 45% of the market share. These major companies include Lyondell Basell, Sinopec, Kraton Polymers, and Dow Chemical Company. The other key players include Kraton, Evonik, Dynasol Elastomers, Bayer Material Science, and Arkema.

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The key companies are changing their production to the emerging markets in India, China, Southeast Asia, and Brazil. This production shift can be characterized by favorable production conditions including low labor, raw material & operational costs. The presence of local suppliers in Japan and China is likely to increase the competition.

The major manufacturers Zeon and Muller Kunstsoffe are expanding to Japan and China. In addition, Mitsubishi is engaged in R&D for developing eco-friendly bio-based TPU and improving manufacturing processes by the elimination of phosgene toxics.

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