TPU Elastomers Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2019 - 2027

TPU Elastomers Market – Key Insights

Thermoplastic Polyurethane (TPU) elastomers market grew at a healthy CAGR of 4.7% between 2013 and 2018, on account of growing demand from automotive industry.
In 2019, demand for TPU elastomers is likely to remain high, with demand supported by the construction and footwear industries. The global TPU elastomers market is estimated to reach US$ 2.7 billion by the end of the year.
The TPU elastomers market is on course to grow at a CAGR of 5.9% during the forecast period 2019-2027.
Though the top 5 players in the TPU elastomers market have a strong presence in the Americas and Europe, the Asia Pacific region excluding Japan (APEJ) is the leading market for TPU elastomers. Growing demand for TPU elastomers in a wide range of applications has boosted growth of the TPU elastomers industry in the APEJ region.
On the back of increasing investments by leading stakeholders, the APEJ region is likely to remain a high growth market for TPU elastomers throughout the forecast period.

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What are the Key Growth Drivers of TPU Elastomers Market?

High-performance mechanical properties of TPU elastomers, such as high tensile strength and resistance to chemicals and oil, are widening the range of their applications, in turn, boosting growth of the TPU elastomers industry.
Growing applications in the automotive industry, medical devices, and the footwear industry will continue to trigger developments in the TPU elastomers industry.
Ongoing innovations in the automotive industry, especially the focus on replacing metals with plastics is creating opportunities for market players.

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What is a Key Challenge for Market Players?

The environmental impacts of TPU elastomers are more severe than other variants, which has led to limited adoption in many countries. Leading market players are focusing on reducing the environmental footprint of manufacturing TPU elastomers to meet the evolving regulatory climate.

tpu elastomers market structure by production capacity

TPU Elastomers Market – Competitive Landscape

In January 2019, Lubrizol International, Inc. – a U.S.-based specialty chemical company – announced that it has acquired the TPU business from The Dow Chemical Company, one of the leading chemical companies based in the U.S. The company declared that the acquisition is mainly aimed at leveraging Dow's strong TPU brand recognition in the U.S. to expand its global footprint and consolidate a strong position in the TPU elastomers market. The acquisition also could help Lubrizol to diversify its product portfolio at provide access to new industrial end-uses, such as medical devices, for its TPU elastomers business.
In November 2018, Wanhua Chemical Group Co. Ltd – a leading supplier of TPU elastomers – launched its new TPU adhesive and polyether TPU products suitable for equipment used in the firefighting industry. The company announced that the fast crystallization rate and excellent heat resistance of the company’s new TPU adhesives, and hydrolytic stability and good environmental adaptability of polyether TPU products for fire hose liner can improve the quality of various fire-fighting equipment significantly.
In October 2018, Covestro AG – a German stakeholder in the TPU elastomers market – announced that it has developed new TPU elastomer products, under the name cardyon™, based on carbon dioxide (CO2) technology. The new series of TPU products contains polyether carbonate polyols and has a high tensile strength 36 megapascals. The company announced that its new TPU products leave a lower carbon footprint as compared to their conventional counterparts and can be used in various industrial applications, including textiles, footwear, and petrochemical industrial applications.
In May 2018, Huntsman Corporation – an American multinational manufacturer of specialty chemicals – it will soon invest in a new polyurethanes systems house in Dubai. The company announced that the new facility will strengthen the company’s position in the TPU elastomers market in the Middle East. This will also enable the company to capitalize on increasing applications of TPU elastomers in the fast-growing footwear markets.

Other leading players in the TPU elastomers market include BASF SE, Miracll Chemical Co. Ltd., Kuraray Co. Ltd., Ravago Petrokimya Üretim A.S, COIM SPA, Coating Chemical Industry Company, Zibo Hengjiu Pu Technology Company Ltd., Huafon Group, Xuchuan Chemical Group, Evermore Chemical Industry Company Ltd., Sunko Ink Co. Ltd., Songwon Industrial Group, DuPont Tate & Lyle Bio Products, Blackwell Plastics LLP, Hexpol AB, Mitsui Chemicals, Inc., Lanxess Aktiengesellschaft,Honeywell International, Inc., PolyOne Corp., Tosoh Corporation, Nihon Matai Co. Ltd., APS Elastomers, and Townsend Chemicals Pty. Ltd.

TPU Elastomers Market – Additional Insight

TPU Elastomers Favorite among Footwear Manufacturers and in the Sporting Goods Industry

TPU elastomers is ruling the footwear sector with its growing popularity among shoe manufacturers. Shoe soles manufactured using TPU elastomers are lightweight, abrasion resistance, flexible, durable, and comfortable, thereby, TPU elastomers have become one of the most popular raw materials across the footwear manufacturing cluster.

tpu elastomers market opportunity assessment by region

Market leaders are observed to be working closely with leading footwear brands, shoe sole manufacturers, as well as sporting goods industry players, to capitalize on growing demand for TPU elastomer-based sporting goods. A mounting number of TPU elastomer manufacturers are adopting innovative technologies to introduce innovative properties of the material, such as slip resistance, UV resistance, and resistance to hydrolysis, in order to gain an edge in the TPU elastomers market.

Stakeholders in the TPU elastomers market are focusing on launching TPU elastomers that exhibit excellent mechanical properties, in a bid to attract shoe sole manufacturers. Leading manufacturers are supplying TPU elastomers that are tailor-made to suit their customers’ specific requirements.

Scope of the Report

TPU Elastomers Market – Research Methodology

A recent study published by Fact.MR analyzes growth of the global TPU elastomers market to provide readers with exclusive and actionable market insights. This study is backed by a two-step research process which is inclusive of various primary and secondary resources.

The primary research methodology includes discussions with experts of TPU elastomers industry and information gathered after interviewing other stakeholders. In the secondary process, detailed information about the TPU elastomers market is garnered through various resources such as company annual reports, trade journals, paid resources, press releases, and other publications relevant to TPU elastomers.

After studying industry-validated information about the TPU elastomers market, qualitative conclusions about the prospects of the market can be reached. Findings from these two main processes were used to determine an accurate and exhaustive forecast of global TPU elastomers market for the period from 2019 to 2027.

Research Methodology

TPU Elastomers Market: Analysis of Current Growth Avenues for Stakeholders to Make Apt Decisions

The “TPU Elastomers Market Forecast, Trend Analysis & Competition Tracking – Global Market Insights 2019-2027” is a comprehensive report published by Fact.MR that investigates the prominent growth parameters of TPU elastomers market. The report features the information acquired on assessing information and facts about TPU elastomers market through an extensive market research.

This is Fact.MR’s latest report on TPU elastomers market that unveils the unique facts about the market explained in terms of quantitative and qualitative information. The market report contains the detailed explanation on growth of the TPU elastomers market and its market dynamics to justify the claims made by analysts in the Fact.MR study.

The market intelligence report on the TPU elastomers market offers information in the most comprehensible manner for the reader to get complete clarity of how the market is growing. With the help of growth indicators, such as compound annual growth rate (CAGR), supply chain analysis, Y-o-Y growth, and value chain analysis, the report provides information on future growth prospects of the TPU elastomers market.

Chapter 1 – Global TPU Elastomers Market - Executive Summary

This chapter provides a summary of key findings of the thorough research on the TPU elastomers market. It also provides an overview of the global outlook of demand and supply of TPU elastomers across the world.

It features the fundamental information about growth of the leading segments of the TPU elastomers market, along with regional growth parameters and prospects of TPU elastomers market during the forecast period 2019-2027.

Chapter 2 – Global TPU Elastomers Market Overview

Definition of TPU elastomers market is included in this chapter along with information on how the global engineered polymers industry will impact the TPU elastomers industry. The chapter provides the reader with a detailed introduction to TPU elastomers market with the help of the market definition and market structure. This chapter also offers an overview of how the TPU elastomers market will grow during 2019-2027 in terms of value (US$ million) and volume (kilo tons).

Chapter 3 – Key Indicators Assessment

With the help of the outlook of the global chemicals & polymers industry, polyurethane industry, and thermoplastic elastomers industry, this chapter explains its effect on the market for TPU elastomers. It also provides unique information about the influence of global demand for various resins used in manufacturing of TPU elastomers on the growth of the TPU elastomers market during 2019-2027.

The chapter also shed lights on current growth prospects of the automotive industry, footwear industry, and patent analysis, to help readers in understanding various other factors that can influence growth of the TPU elastomers market. This chapter includes market dynamics, Porter’s five forces analysis supply chain analysis, regional price point analysis, and value chain analysis.

Chapter 4 – TPU Elastomers Production & Trade Analysis

This chapter provides thorough information about production of TPU elastomers and the analysis on its imports and exports across various regions.

Chapter 5 – TPU Elastomers Market - Pricing Analysis

This chapter provides detailed analysis of various factors that are influencing the basic pricing of TPU elastomers systems. In addition, the analysis of TPU elastomers system pricing based on the region, product types, and regional pricing based on technology is provided in the chapter.

Chapter 6 – Percentage Demand Share of Global TPU Elastomers Market, 2013-2027

This chapter provides comprehensive information about growth of the TPU elastomers market based on various end-use applications of TPU elastomers, such as footwear & sporting goods, building and construction, automotive, industrial products, wires and cables, and medical products. The chapter also briefs about the impact of product types (polyester and polyether) and processing methods (injection molding, extrusion, lamination, and adhesives) on development of the TPU elastomers market.

Chapter 7 – North America TPU Elastomers Market Analysis 2013–2018 and Forecast 2019–2027

In this chapter, readers can find detailed information on how TPU elastomers market will grow in North American region during 2019-2027. Readers can also find growth prospects of the TPU elastomers market in North America, based on the estimates on market value (US$ million) and volume (kilo tons) by 2027. The market value assessment by country, such as the United States and Canada.

Chapter 8 – Latin America TPU Elastomers Market Analysis 2013–2018 and Forecast 2019–2027

In this chapter, readers can find detailed information on how TPU elastomers market will grow in Latin American region during 2019-2027. Readers can also find growth prospects of the TPU elastomers market in Latin America, based on the estimates on market value (US$ million) and volume (kilo tons) by 2027. The market value assessment by country, such as Argentina, Mexico, Brazil, rest of Latin American region.

Chapter 9 – Europe TPU Elastomers Market Analysis 2013–2018 and Forecast 2019–2027

Readers can also find growth prospects of the TPU elastomers market in Europe, based on the estimates on market value (US$ million) and volume (kilo tons) by 2027. Readers can find critical growth prospects of the TPU elastomers market in the leading European countries, including the U.K., EU-4 (France, Germany, Italy, and Spain), BENELUX (Belgium, Netherlands, and Luxemburg), and Nordics (Norway, Denmark, Iceland, and Sweden).

Chapter 10 – JAPAN TPU Elastomers Market Analysis 2013–2018 and Forecast 2019–2027

Readers can also find growth prospects of the TPU elastomers market in Japan, based on the estimates on market value (US$ million) and volume (kilo tons) throughout the forecast period.

Chapter 11 – APEJ TPU Elastomers Market Analysis 2013–2018 and Forecast 2019–2027

Readers can also find growth prospects of the TPU elastomers market in the Asia Pacific region excluding Japan (APEJ), Readers can find detailed information about the growth prospects of the TPU elastomers market in the APEJ region during the forecast period 2018-2027. The chapter concentrated on TPU elastomers markets in ASEAN countries, Greater China, Australia & New Zealand, India, and South Korea.

Chapter 12 – MEA TPU Elastomers Market Analysis 2013–2018 and Forecast 2019–2027

This chapter focusses on growth prospects of the TPU elastomers market in the MEA region, based on the estimates on market value (US$ million) and volume (kilo tons) by 2027. This chapter provides readers with detailed information on how the TPU elastomers market will perform in the major countries in Middle East and Africa region, including South Africa, North Africa, Turkey, GCC Countries, and rest of the African region, during the forecast period.

Chapter 13 – Competitive Assessment

In this chapter, readers can find comprehensive information about the competitive landscape with a dashboard view. This can help them to understand the competitive environment in the TPU elastomers market with detailed information about leading and emerging stakeholders in the market. This chapter also provides information about TPU elastomers market structure, competitive developments, financial share analysis, and key financials of each leading player in the TPU elastomers market.

Chapter 14 – Company Profiles

Leading players in the TPU elastomers market that are featured in the Fact.MR report include BASF SE, Lubrizol International, Inc., Wanhua Chemical Group Co. Ltd., Covestro AG, Huntsman Corporation, Miracll Chemical Co. Ltd., Kuraray Co. Ltd., Ravago Petrokimya Üretim A.S, COIM SPA, Coating Chemical Industry Company, Zibo Hengjiu Pu Technology Company Ltd., Huafon Group, Xuchuan Chemical Group, Evermore Chemical Industry Company Ltd., Sunko Ink Co. Ltd., Songwon Industrial Group, DuPont Tate & Lyle Bio Products, Blackwell Plastics LLP, Hexpol AB, Mitsui Chemicals, Inc., Lanxess Aktiengesellschaft,Honeywell International, Inc., PolyOne Corp., Tosoh Corporation, Nihon Matai Co. Ltd., APS Elastomers, and Townsend Chemicals Pty. Ltd.

Chapter 15 – Disclaimer & Contact Information

This chapter includes all the necessary disclaimers. This chapter provides information about all the assumptions, acronyms used in the TPU elastomers market report. Contact information can be found at the end of the chapter.

1. Global TPU Elastomers Market - Executive Summary
1.1. Summary of key findings
1.1. Summary of key findings
1.2. Summary of Statistics
1.3. Demand and Supply side trends
1.4. Fact.MR View Point

2. Global TPU Elastomers Market Overview
2.1. Global TPU Elastomers Market Definition
2.2. Research Scope
2.3. Global TPU Elastomers Market Size (US$ Mn) & Volume (Kilo Tons) and Forecast, 2013-2027
2.3.1. Global TPU Elastomers Market Y-o-Y Growth

3. Key Indicators Assessment
3.1. Global Chemical & Polymers Industry Overview
3.1.1. Global Chemical & Polymers Industry Analysis and Forecast, 2013-2027
3.1.2. Global Chemical & Polymers Industry Sales and Forecast by Regions
3.1.3. Global Chemical & Polymers Industry Sales by Key Countries
3.1.4. Global Chemical & Polymers Industry Trade analysis
3.1.4.1. Key Importing Countries
3.1.4.2. Key Exporting Countries
3.1.5. Global Polyols Market Outlook
3.2. Global Automotive Industry Overview
3.2.1. Global Automotive Industry Value (US$ Mn) and Volume (Units), 2018 & 2027
3.2.2. Global Automotive Industry Sales by Regions
3.2.3. Global Automotive Industry Sales by Vehicle Type
3.3. Global Footwear Market Statistics
3.3.1. Global Footwear Industry Value (US$ Mn) and Volume (Units), 2018 & 2027
3.3.2. Global Footwear Industry Sales by Regions
3.3.3. Global Footwear Industry Sales by Product Type
3.3.4. Global Footwear Industry Sales by Material Type
3.4. Global Thermoplastics Elastomers Market Overview
3.4.1. Global Thermoplastics Market Analysis and Forecast, 2013-2027
3.4.2. Global Thermoplastics Market Share and BPS Analysis and Forecast by Region, 2019 & 2027
3.4.3. Global Thermoplastics Demand Share by Type, 2019 & 2027
3.4.3.1. Styrenic Block Copolymers
3.4.3.2. Thermoplastic Urethanes
3.4.3.3. Thermoplastic Polyolefin Elastomers
3.4.3.4. Copolyester Thermoplastic Elastomers
3.4.3.5. Polyether Block Amide
3.5. Global Polyurethane Market Overview
3.5.1. Global Polyurethane Market Analysis and Forecast, 2013-2027
3.5.2. Global Polyurethane Market Share and BPS Analysis and Forecast by Region, 2019 & 2027
3.5.3. Global Polyurethane Demand Share by product type, 2019 & 2027
3.5.3.1. Rigid Foam
3.5.3.2. Flexible Foam
3.5.3.3. Coatings
3.5.3.4. Adhesives & Sealants
3.5.3.5. Elastomers
3.5.3.6. Others
3.6. PATENT Analysis
3.7. TPU Elastomers Market Analysis – Forecast Scenario
3.7.1. TPU Elastomers Market Analysis – Forecast Factors
3.7.2. Key Takeaways
3.8. Market Dynamics
3.8.1. Key Drivers and Trends
3.8.2. Market Challenges
3.9. Supply Chain
3.9.1. List of Raw Material Suppliers
3.9.2. List of Manufacturers
3.9.3. List of Distributors/Suppliers
3.9.4. List of End Use Industries
3.10. Raw Material & Sourcing Strategy
3.11. Porter’s Five Factors Analysis
3.12. Macro-Economic Factors
3.12.1. Global Chemical Industry Outlook
3.12.2. Global Elastomers Industry Outlook
3.12.3. Global Automotive Industry Outlook
3.12.4. Global Footwear Industry Outlook

4. TPU Elastomers Production & Trade Analysis
4.1. Global TPU Elastomers Production by Key Companies
4.2. Global TPU Elastomers Production by Regions
4.3. Global TPU Elastomers Import & Export Analysis by Regions

5. TPU Elastomers Market - Pricing Analysis
5.1. Global Price Point Index Analysis
5.2. Global Pricing Analysis by Regions
5.3. Global Pricing Analysis by Product Type

6. Global TPU Elastomers Market Analysis and Forecast, 2013-2027
6.1. Global TPU Elastomers Market by End Use Application, 2013-2027
6.1.1. Footwear & Sporting Goods Market Size and Forecast, 2013-2027
6.1.1.1. Revenue (US$ Mn) & Volume (Kilo Tons) Comparison, By Region
6.1.1.2. Market Share Comparison, By Region
6.1.1.3. Y-o-Y Growth Comparison, By Region
6.1.2. Automotive Market Size and Forecast, 2013-2027
6.1.2.1. Revenue (US$ Mn) & Volume (Kilo Tons) Comparison, By Region
6.1.2.2. Market Share Comparison, By Region
6.1.2.3. Y-o-Y Growth Comparison, By Region
6.1.3. Building and construction Market Size and Forecast, 2013-2027
6.1.3.1. Revenue (US$ Mn) & Volume (Kilo Tons) Comparison, By Region
6.1.3.2. Market Share Comparison, By Region
6.1.3.3. Y-o-Y Growth Comparison, By Region
6.1.4. Industrial Products Market Size and Forecast, 2013-2027
6.1.4.1. Revenue (US$ Mn) & Volume (Kilo Tons) Comparison, By Region
6.1.4.2. Market Share Comparison, By Region
6.1.4.3. Y-o-Y Growth Comparison, By Region
6.1.5. Wires and Cables Market Size and Forecast, 2013-2027
6.1.5.1. Revenue (US$ Mn) & Volume (Kilo Tons) Comparison, By Region
6.1.5.2. Market Share Comparison, By Region
6.1.5.3. Y-o-Y Growth Comparison, By Region
6.1.6. Medical Products Market Size and Forecast, 2013-2027
6.1.6.1. Revenue (US$ Mn) & Volume (Kilo Tons) Comparison, By Region
6.1.6.2. Market Share Comparison, By Region
6.1.6.3. Y-o-Y Growth Comparison, By Region
6.1.7. Others Market Size and Forecast, 2013-2027
6.1.7.1. Revenue (US$ Mn) & Volume (Kilo Tons) Comparison, By Region
6.1.7.2. Market Share Comparison, By Region
6.1.7.3. Y-o-Y Growth Comparison, By Region
6.2. Percentage Demand Share of Global TPU Elastomers Market by Product Type 2013-2027
6.2.1. Polyester Market Size and Forecast, 2013-2027
6.2.2. Polyether Market Size and Forecast, 2013-2027
6.3. Percentage Demand Share of Global TPU Elastomers Market by Processing Method, 2013-2027
6.3.1. Injection Molding Market Size and Forecast, 2013-2027
6.3.2. Extrusion Market Size and Forecast, 2013-2027
6.3.3. Lamination Market Size and Forecast, 2013-2027
6.3.4. Adhesives Market Size and Forecast, 2013-2027

7. North America TPU Elastomers Market Analysis 2013–2018 and Forecast 2019–2027
7.1. Introduction
7.2. North America TPU Elastomers Market Analysis 2013–2018 and Forecast 2019–2027 by Country
7.2.1. US
7.2.2. Canada
7.3. North America TPU Elastomers Market Analysis and Forecast by End Use Application
7.4. North America TPU Elastomers Market Analysis and Forecast by Product Type
7.5. North America TPU Elastomers Market Analysis and Forecast by Processing Method

8. Latin America TPU Elastomers Market Analysis 2013–2018 and Forecast 2019–2027
8.1. Introduction
8.2. Latin America TPU Elastomers Market Analysis 2013–2018 and Forecast 2019–2027 by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Argentina
8.2.4. Rest of Latin America
8.3. Latin America TPU Elastomers Market Analysis and Forecast by End Use Application
8.4. Latin America TPU Elastomers Market Analysis and Forecast by Product Type
8.5. Latin America TPU Elastomers Market Analysis and Forecast by Processing Method

9. Europe TPU Elastomers Market Analysis 2013–2018 and Forecast 2019–2027
9.1. Introduction
9.2. Europe TPU Elastomers Market Analysis 2013–2018 and Forecast 2019–2027 by Country
9.2.1. EU-4 (Germany, France, Spain, and Italy)
9.2.2. U.K.
9.2.3. BENELUX
9.2.4. Nordics
9.2.5. Eastern Europe
9.2.6. Rest of Europe
9.3. Europe TPU Elastomers Market Analysis and Forecast by End Use Application
9.4. Europe TPU Elastomers Market Analysis and Forecast by Product Type
9.5. Europe TPU Elastomers Market Analysis and Forecast by Processing Method

10. Japan TPU Elastomers Market Analysis 2013–2018 and Forecast 2019–2027
10.1. Introduction
10.2. Japan TPU Elastomers Market Analysis 2013–2018 and Forecast 2019–2027 by Country
10.2.1. Japan
10.3. Japan TPU Elastomers Market Analysis and Forecast by End Use Application
10.4. Japan TPU Elastomers Market Analysis and Forecast by Product Type
10.5. Japan TPU Elastomers Market Analysis and Forecast by Processing Method

11. APEJ TPU Elastomers Market Analysis 2013–2018 and Forecast 2019–2027
11.1. Introduction
11.2. APEJ TPU Elastomers Market Analysis 2013–2018 and Forecast 2019–2027 by Country
11.2.1. Greater China
11.2.2. India
11.2.3. South Korea
11.2.4. ASEAN Countries
11.2.5. Australia & New Zealand
11.2.6. Rest of APEJ
11.3. APEJ TPU Elastomers Market Analysis and Forecast by End Use Application
11.4. APEJ TPU Elastomers Market Analysis and Forecast by Product Type
11.5. APEJ TPU Elastomers Market Analysis and Forecast by Processing Method

12. MEA TPU Elastomers Market Analysis 2013–2018 and Forecast 2019–2027
12.1. Introduction
12.2. MEA TPU Elastomers Market Value (US$ Mn) and Volume (Kilo Tons) by Country
12.2.1. GCC Countries
12.2.2. Turkey
12.2.3. South Africa
12.2.4. North Africa
12.2.5. Rest of MEA
12.3. MEA TPU Elastomers Market Analysis and Forecast by End Use Application
12.4. MEA TPU Elastomers Market Analysis and Forecast by Product Type
12.5. MEA TPU Elastomers Market Analysis and Forecast by Processing Method

13. Competitive Assessment
13.1. Global TPU Elastomers Market Structure
13.2. Global TPU Elastomers Market Competition - a Dashboard View
13.3. Global TPU Elastomers Market Company Share Analysis
13.4. Key Participants Market Presence (Intensity Mapping) by Region

14. Company Profiles
14.1. Lubrizol International, Inc.
14.2. Covestro AG
14.3. Huntsman Corporation
14.4. BASF SE
14.5. Wanhua Chemical Group Co. Ltd
14.6. Miracll Chemical Co. Ltd.
14.7. Kuraray Co. Ltd.
14.8. Ravago Petrokimya Üretim A.S
14.9. COIM SPA
14.10. Coating Chemical Industry Company
14.11. Zibo Hengjiu Pu Technology Company Ltd.
14.12. Huafon Group
14.13. Xuchuan Chemical Group
14.14. Evermore Chemical Industry Company Ltd.
14.15. Sunko Ink Co. Ltd.
14.16. Songwon Industrial Group
14.17. DuPont Tate & Lyle Bio Products
14.18. Blackwell Plastics LLP
14.19. Hexpol AB
14.20. Mitsui Chemicals, Inc.
14.21. Lanxess Aktiengesellschaft
14.22. Honeywell International, Inc.
14.23. PolyOne Corp.
14.24. Tosoh Corporation
14.25. Nihon Matai Co. Ltd.
14.26. APS Elastomers
14.27. Townsend Chemicals Pty. Ltd.