TSRC

What TSRC does

TSRC Corporation (TWSE: 2103) is a Taiwan-headquartered, publicly listed global manufacturer of synthetic rubber and styrenic block copolymers (SBC) / thermoplastic elastomers (TPE), founded in 1973. The company operates two business divisions: a Synthetic Rubber Business Unit (TAIPOL® brand) producing SBR, SSBR, BR, and NBR for tire, automotive, and industrial applications, and an Advanced Materials Business Unit (TAIPOL® and VECTOR® brands) producing SBS, SIS, SEBS, rTPE (recycled), and T-BLEND® custom compounds for adhesives, plastic modification, films, medical devices, and consumer goods. Core manufacturing technology centers on proprietary anionic and coordination polymerization plus homogeneous and heterogeneous hydrogenation (including benzene ring hydrogenation for SEBS), supported by 464 accumulated patents, a 300 tons/year Semi-Commercial Plant for customer scale-up, and global R&D centers in Taiwan, Shanghai (opened 2019), and Katy, Texas (opened 2021). Annual production capacity is approximately 805,000 tons across multiple product lines, with 2025 sales volume of 616,000 metric tons (+11% YoY).

TSRC generates revenue through direct B2B enterprise sales of polymer products on volume contracts, with no public pricing disclosed. Customers are reached through dedicated regional sales offices and global Technical Service teams based in Taiwan, the United States, China and Europe, and the company participates actively in industry events (CHINAPLAS, CMEF, MEDTEC, ANEX). The company sells into automotive/tire manufacturers (the dominant end-use, with SBR+BR accounting for ~60% of sales), medical device OEMs (via USP Class VI / ISO 10993-5 compliant VECTOR SEBS), hygiene and adhesives manufacturers (SIS/SBS for hot-melt adhesives), footwear producers (T-BLEND compounds in Vietnam), and electronics/industrial compounders. The 2025 consolidated revenue was NTD 36,473 million (~USD 1.1 billion), a 2% decline from NTD 37,209 million in 2024, with gross profit down 13% and operating profit down 29%, indicating significant ASP compression despite volume growth.

TSRC's corporate structure includes wholly-owned subsidiaries across Taiwan, China, Vietnam, the United States, Luxembourg and Singapore, plus joint ventures with LANXESS for NBR (Nantong, China, 30 KMTA), UBE for BR (Nantong, China, 50 KMTA), and Indian Oil Corporation / Marubeni for SBR (India, 120 KMTA, commercialized 2014). The company underwent a strategic transformation in 2011 with the acquisition of 100% of Dexco Polymers from Dow Chemical and Exxon Mobil, which added 32 KMTA SIS and 30 KMTA SBS capacity and established TSRC as a top-tier global SBC supplier (now TSRC Specialty Materials LLC). The company is led by Chairman Nita Ing and CEO Joseph Chai (appointed November 2015, formerly 24 years at Lubrizol Corporation), with an executive team recruited largely from Lubrizol and other specialty chemicals majors. TSRC holds multiple international certifications (ISO 9001, ISO 14001, ISO 45001, ISO 50001, ISO 27001:2022, IATF 16949) and is positioned as a transitioning specialty materials enterprise with sustainability credentials including EcoVadis recognition, GRS certification for rTPE, and ISCC+ bio-material certifications.

Name

TSRC

Legal name

TSRC Corporation

Website

https://tsrc.com.tw

Company type

Public

Founded year

1973

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

TSRC is a Taiwan-listed global manufacturer of synthetic rubber (SBR, SSBR, BR, NBR) and styrenic block copolymers / TPE (SBS, SIS, SEBS, rTPE), supplying automotive/tire, medical device, adhesives, footwear and industrial customers across Asia, the US, and Europe via 805,000 tons of annual production capacity.

Ownership category

akta.pro rank

Product category

Synthetic Rubber & Specialty Polymers

NAICS

Resin and Synthetic Rubber Manufacturing (32521)

SIC

Plastic Material, Synth Resin/Rubber, Cellulos (No Glass) (2820)

akta.pro primary industry

General-Purpose Rubber Compounds (NR/SBR/BR/EPDM) (IMANAJAA)

akta.pro secondary industry

Thermoplastic Elastomer (TPE/TPU/TPV) Compounds (IMANABAC)

Keywords

• Synthetic rubber manufacturing
• Styrene butadiene rubber
• Thermoplastic elastomers
• Polymer compounding
• Specialty rubber materials

Headquarters

HQ city

Taipei

HQ country

Taiwan

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Synthetic Rubber Products: Sale of manufactured synthetic rubber products including SBR, SSBR, BR, NBR - primarily for automotive tire and industrial applications. Revenue from product sales with pricing based on volume contracts.
2. Advanced Materials (SBC/TPE): Sale of styrenic block copolymers and thermoplastic elastomers including SBS, SIS, SEBS, rTPE, and T-BLEND compounds for adhesives, plastic modification, films, and compounding applications.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

TSRC manufactures and sells synthetic rubber products (SBR, SSBR, BR, NBR) and advanced styrenic block copolymer materials (SBS, SIS, SEBS, rTPE) plus customized T-BLEND compounds for global industrial customers. The company's products serve tire, automotive, medical device, footwear, hygiene, adhesives, electronics, and packaging manufacturers across Asia, North America, and Europe. With 805,000 tons of annual production capacity, TSRC operates as a vertically integrated specialty polymer manufacturer combining polymerization technology, hydrogenation capabilities, and compounding services.

Product overview

TSRC operates two business units offering a comprehensive portfolio of synthetic rubber and advanced materials products. The Synthetic Rubber Business Unit (TAIPOL® brand) provides SBR, SSBR, BR, and NBR for tire, automotive, and industrial applications. The Advanced Materials Business Unit (TAIPOL® and VECTOR® brands) offers SBC-based products including SBS, SIS, SEBS, rTPE (recycled TPE), and T-BLEND customized formulations for applications in adhesives, plastic modification, elastic films, medical devices, and consumer goods. The company also provides specialty medical-grade SEBS products (VECTOR SEBS) designed as PVC alternatives for medical applications including IV bags, tubing, and stoppers.

Differentiator

Problem solved

Functional benefit

Brands

• TAIPOL®: Brand for synthetic rubber products including SBR, SSBR, BR, NBR, and SEBS.
• VECTOR®
• T-BLEND®

Products and services

• TAIPOL® SBR (Styrene-Butadiene Rubber) Styrene-Butadiene Rubber offering better abrasion resistance and processability than natural rubber, with consistent quality unaffected by climate. Used in automotive tires, shoe soles, conveyor belts, and sports equipment for industrial rubber goods manufacturers.
• TAIPOL® SSBR (Solution Styrene-Butadiene Rubber) Solution Styrene-Butadiene Rubber with low rolling resistance, good wet grip resistance, and abrasion resistance. Designed for energy-conserving, high performance, and all-season green tire applications for tire manufacturers.
• TAIPOL® BR (Butadiene Rubber) Butadiene Rubber with exceptional elasticity, abrasion resistance, and low-temperature performance. Primarily used in plastic modification for HIPS and high-speed radial tires for automotive parts manufacturers and tire producers.
• TAIPOL® NBR (Nitrile Butadiene Rubber) Nitrile Butadiene Rubber with excellent resistance to oil, solvent, heat, and aging. Used in oil hoses, oil seals, rollers, industrial gaskets, and conveyor belts for industrial rubber product manufacturers.
• VECTOR® SBS (Styrene-Butadiene-Styrene Copolymer) Styrene-Butadiene-Styrene copolymer offering high strength and easy processability. Used as impact/toughness modifier in styrenics, compatibilization of polymer blends, and formulating adhesives for industrial compounders and adhesive manufacturers.
• VECTOR® SIS (Styrene-Isoprene-Styrene Copolymer) Styrene-Isoprene-Styrene copolymer offering good thermal stability, high cohesion strength, sprayability, and superior adhesion. Used for hot melt adhesives, elastomer compounds, and plastic modification in hygiene products and adhesive applications.
• TAIPOL® / VECTOR® SEBS (Styrene-Ethylene/Butylene-Styrene) Hydrogenated styrene butadiene block copolymer offering high strength, oxygen, ozone and UV resistance, heat stability, and ease of processing. Includes medical-grade VECTOR SEBS passing ISO 10993-5 and USP Class VI tests as PVC alternative for IV bags, tubing, and stoppers. Used in compounding, plastic modification, elastic films, adhesives, and medical device applications.
• TAIPOL® rTPE (Recycled Thermoplastic Elastomers) Recycled Thermoplastic Elastomers certified under the Global Recycled Standard (GRS), serving as impact modifier while reducing hardness of PCR to as low as ≤80 Shore A and compatible with rPP for improved low-temperature impact strength. Used by sustainable plastics compounders and consumer goods manufacturers.
• T-BLEND® Customized Compounds Customized formulation service utilizing thermoplastic elastomer and other applied materials melted via mixer after being prepared in accordance with specific proportions. Supported by Application Research Centers in Kaohsiung and Shanghai, primarily serving footwear manufacturers and consumer goods producers.

Quantifiable outcome

• SSBR tires improve resistance on rolling grip wet roads, reducing fuel consumption and CO2 emissions
• +4 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Seven partnerships are on record, tiered core.

• Dexco Polymers (now TSRC Specialty Materials LLC)coreStrategic or Co-development Partner · 1 April 2011TSRC acquired 100% equity of Dexco Polymers in April 2011, integrating Dexco's high-end products and advanced technologies. This transformed TSRC into one of world's top SBC suppliers with SIS capacity of 32 KMTA and SBS capacity of 30 KMTA in the US. Legal name changed to TSRC Specialty Materials LLC to reflect company's global presence.
• Dow Chemical and Exxon MobilcoreStrategic or Co-development Partner · 1 December 2010TSRC entered into share purchase agreement with Dow Chemical and Exxon Mobil to acquire 100% equity stake in US-based Dexco Polymers, including production capacities of 32 KMTA SIS and 30 KMTA SBS.
• LANXESS (ARLANXEO)coreStrategic or Co-development Partner · 1 June 2010Joint venture with LANXESS to incorporate Lanxess-TSRC (Nantong) Chemical Industrial Co., Ltd. in Nantong, China for NBR plant with 30 KMTA capacity. Completed construction and commercialized in 2012.
• Indian Oil Corporation Ltd. and Marubeni CorporationcoreStrategic or Co-development Partner · 1 April 2010Signed joint venture agreement with Indian Oil Corporation Ltd. and Marubeni Corporation to establish SBR plant with 120 KMTA capacity in India. Completed construction and commercialized in 2014.
• UBE Industrial Ltd.coreStrategic or Co-development Partner · 1 December 2006Incorporated TSRC-UBE Chemical Industrial Ltd. in Nantong, China to establish BR plant with 50 KMTA capacity. Completed construction and commercialized in 2009. Also collaborated on BR plant development in 1980 (40 KMTA) and 1997.
• Phillips Petroleum Company (US)coreTechnology or Integration · 1 May 1984Acquired Thermoplastic Elastomers (TPE) technology from Philips Petroleum Company US to establish TPE plant with 20 KMTA capacity. Completed construction and commercialized in 1988.
• B.F. Goodrich Company (US)coreTechnology or Integration · 1 January 1977Technical collaboration with US-based B.F. Goodrich Company for development and commercial production of styrene butadiene rubber (SBR). Initial 100 KMTA SBR plant completed in 1977 at Kaohsiung Dashe Petrochemical Industrial Park.

Scale indicators13 records

Recent moves16 records

Expansion highlights6 records

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance13 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TSRC