Thermoplastic Vulcanizates Market registering a CAGR of 6.9% over the forecast period 2021 to 2028

 Thermoplastic Vulcanizates Industry Overview

The global thermoplastic vulcanizates market size was valued at USD 1.55 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.9% from 2021 to 2028. 

Increasing demand for lightweight and sustainable solutions that provide extreme durability coupled with improved safety is projected to assist the market growth over the forecast period. Thermoplastic Vulcanizates (TPVs) are high-performance elastomers that offer excellent flexibility, ease of processing, durability, and resistance to heat, fluids, and chemicals. These features make them suitable for use in the production of lightweight automotive parts, such as car doors, weather seals, and under-the-hood components. TPVs are now increasingly being used as an alternative for PVC plastic owing to several stringent regulations regarding the usage of PVC in the automotive sector, which, in turn, is expected to boost the product demand in the coming years.

Gather more insights about the market drivers, restrains and growth of the Global Thermoplastic Vulcanizates Market

In addition, the rising preference for lightweight materials, such as TPV, over metals to increase fuel efficiency in automobiles is expected to increase the product demand over the forecast period. Favorable federal regulations laid down by various agencies, such as the Environmental Protection Agency (EPA) and National Highway Traffic Safety Administration (NHTSA), regarding carbon emissions along with the EU initiatives to develop TPV’s application for the creation of lightweight and fuel-efficient cars are likely to augment the growth of the global market. High raw material costs associated with EPDM are expected to pose hindrances, in terms of profitability.

Furthermore, the outbreak of COVID-19 across the globe has also caused a sharp slowdown in the manufacturing industries owing to the imposition of nationwide lockdowns in major cities, to contain the spread of coronavirus, which is expected to further hinder the market growth in the third and fourth quarters of 2020.

Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.

  • Styrene Butadiene Rubber Market: The global styrene-butadiene rubber market size was valued at USD 7.84 billion in 2015. The growing global demand from the new automobile as well as replacement tires is one of the major factors that is driving the market.
  • Ethylene Propylene Diene Monomer Market: The global ethylene propylene diene monomer market size was valued at USD 5.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.5% from 2022 to 2030.

Thermoplastic Vulcanizates Market Segmentation

 

Grand View Research has segmented the global thermoplastic vulcanizates market on the basis of application and region:

 

  • TPV Application Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2028)
  • Automotive
  • Fluid Handling
  • Consumer Goods
  • Medical
  • Footwear
  • Others

 

  • TPV Regional Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2028)
    • North America
    • Europe
    • Asia Pacific
    • Central & South America
    • Middle East and Africa

 

Market Share Insights

  • June 2021: Celanese signed a reconciliation to take ExxonMobil Chemical Company's Santoprene business for USD 1.15 billion. ExxonMobil's two manufacturing facilities in the US and the UK are included in the sale.

Key Companies profiled:

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

Order a free sample PDF of the Thermoplastic Vulcanizates Market Intelligence Study, published by Grand View Research.

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.

 

 

 

 

 

 

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