Thermoplastic Vulcanizates Industry Overview
The global thermoplastic vulcanizates market size is anticipated to reach USD 2.6 billion by 2028, according to a new report by Grand View Research, Inc., registering a CAGR of 6.9% over the forecast period. The growing demand for lightweight, high-performance materials from the automotive industry is expected to drive the global market. Increasing government intervention for improving fuel efficiency has prompted the use of high-performance engineering plastics including thermoplastic vulcanizate (TPV).
The medical application segment is expected to witness the fastest growth over the forecast period. The high demand for advanced healthcare services owing to the availability of well-developed healthcare infrastructure, increasing incidences of Cardiovascular Diseases (CVDs), and rising aging population across the world is anticipated to drive the demand for medical devices.
Thermoplastic Vulcanizates Market Segmentation
Grand View Research has segmented the global thermoplastic vulcanizates market on the basis of application and region:
Based on the Application Insights, the market is segmented into Automotive, Fluid Handling, Consumer Goods, Medical, Others.
The automotive segment led the market and accounted for more than 58% share of the global revenue in 2020. The growing demand for lightweight and high-performance materials in the automotive industry is projected to boost the demand for thermoplastic vulcanizates (TPV) over the forecast period.
TVPs are increasingly used as an alternative for thermoset rubbers, such as styrene-butadiene rubber (SBR), EPDM, and chlorosulfonated polyethylene, owing to their better reliability, safety, low maintenance, and low cost of manufacturing the parts.
In addition, their increasing adoption for manufacturing lightweight interiors and exteriors, such as air guides and dams; wiper systems; spoilers and trims; flapper door seals; handles and grips; mats, and cup holders, is expected to fuel the segment growth over the forecast period.
Apart from this, TPV’s are widely used for various fluid handling applications in several end-use industries, including building & construction and general industries, owing to their excellent seal and weathering resistance. They also offer superior durability, improved safety, better aesthetics, and greater energy efficiency.
This makes them highly suitable for applications in the building and construction industry. The rising adoption of TPVs for general seals; riser tubes and supply lines; pullout sprayer hose; flapper valves and toilet flush valves; deck plate seals; and diaphragms and plumbing parts for potable water in various industries is expected to drive the product demand over the forecast period.
Thermoplastic Vulcanizates Regional Outlook
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The global players face intense competition from each other as well as from regional players having a well-established supply chain network and are aware of the regulations and suppliers across markets.
Some prominent players in the global thermoplastic vulcanizates market include:
JSR Corporation
Exxon Mobil Corp.
RTP Company
DuPont de Nemours, Inc.
Mitsui Chemicals, Inc.
Celanese Corp.
LyondellBasell Industries Holdings B.V.
Mitsubishi Chemical Corp.
Ravago Manufacturing
KUMHO POLYCHEM
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.