Thermoplastic Vulcanizates Market, By Processing Method, By Application, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2023-2030
Thermoplastic Vulcanizates Market size was valued at USD 2,112 Million in 2022, expanding at a CAGR of 7.0% from 2023 to 2030.
Polymer blends with finely distributed, micron-sized rubber particles in a thermoplastic matrix are called thermoplastic vulcanizates. They are made by mixing thermoplastic material with melted rubber at certain temperatures to form a cross-link. The characteristics of thermoplastic polymers and vulcanized rubber elastomers are present in TPVs.
Increasing government initiatives drive market expansion
The demand for thermoplastic vulcanizates is anticipated to be supported throughout the forecast period by favourable government regulations that encourage the use of lightweight and recyclable materials in a variety of industries, including the construction and automotive sectors. In the upcoming years, it is anticipated that the U.S. government's USD 2.0 trillion investment in the coronavirus outbreak will drive infrastructure development, including hospital construction and building, and will increase demand for thermoplastic vulcanizates (TPV) in medical and fluid handling applications.
Thermoplastic Vulcanizates Market- Key Insights
As per the analysis shared by our research analyst, the global Thermoplastic Vulcanizates market is estimated to grow annually at a CAGR of around 7.0% over the forecast period (2023-2030)
The Thermoplastic Vulcanizates industry is projected to grow at a significant rate due to the growing demand from various end-use sector
Based on processing method segmentation, the Extrusion segment is expected to capture a substantial revenue share during the forecast period
Based on application segmentation, the Automotive segment is expected to hold the largest market share during the forecast period
Based on region, North America is expected to dominate the market during the forecast period
The Global Thermoplastic Vulcanizates Market is segmented based on Processing Method, Application, and Region.
Based on the processing method, the market is bifurcated into Extrusion, Injection Molding and Others. The Extrusion segment is expected to capture a substantial revenue share during the forecast period. Since TPVs are renowned for having good processability, extrusion is a useful technique for molding and reshaping these materials into certain goods. Long profiles or unique forms may be produced continuously with reliable quality due to the extrusion technique. Furthermore, this method of manufacturing is continuous, which enables the manufacture of TPV components in large quantities at a reasonable cost. This efficiency is especially helpful in sectors that need to produce consistent products in huge volumes.
Based on the application, the industry is segmented into Consumer Goods, Fluid Handling, Automotive, Medical, Footwear and Others. The Automotive segment is expected to hold the largest market share during the forecast period. The market for thermoplastic vulcanizates (TPV) is predicted to increase due to the automotive industry's increasing need for lightweight, high-performance materials. Furthermore, it is anticipated that the worldwide market for TPVs in the automotive sector will be driven by favorable government rules regarding the application of lightweight materials and improved fuel economy. Due to their reduced maintenance requirements, increased reliability, affordability of part manufacturing, and safety features, thermoplastic vulcanizates (TPVs) are becoming more and more popular in the automotive industry as a substitute for thermoset rubbers like ethylene propylene diene monomer (EPDM), chlorosulfonated polyethylene, and styrene-butadiene rubber (SBR).
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the forecast period. Strong demand from the automotive sector as well as from other end-use sectors including consumer goods and healthcare is responsible for the significant market share. Growing passenger car production in the United States and Mexico, combined with favorable government regulations regarding the use of thermoplastic vulcanizates (TPV) as an alloy and metal substitute in automotive applications, are the factors anticipated to drive the regional demand for TPV during the forecast period. Furthermore, the need for strong, lightweight, and recyclable products has grown due to technology improvements and the growing popularity of electric cars. With the number of electric cars on the road continually increasing, it is expected that the market for thermoplastic vulcanizates (TPV) in North America will rise.
The key players in the thermoplastic vulcanizates market have adopted various strategies such as product launches, acquisitions, partnerships and others to capture a strong share of the industry. Some of the prominent players are Exxon Mobil Corp., JSR Corporation, DuPont de Nemours, Inc., RTP Company, Celanese Corp., Lyondell Basell Industries Holdings B.V., Mitsubishi Chemical Corp., Mitsui Chemicals, Inc., Ravago Manufacturing, Avient Corporation, KUMHO POLYCHEM, Elastron TPE, Ravago, LCY GROUP and FM Plastics among others.
Recent Developments:
In August 2023, New Sarlink® TPVs with up to 40% recycled content have been released by Teknor Apex, marking another major milestone in their sustainability journey. As a recyclable, low-weight substitute for EPDM rubber, Sarlink® thermoplastic vulcanizates (TPVs) are the best option for automotive applications needing exceptional elasticity and long-term performance. This most recent series, Sarlink® RX 3100B, was created to assist automakers in meeting sustainability goals by utilizing, depending on the hardness, up to 40% post-industrial recycled material.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL THERMOPLASTIC VULCANIZATES MARKET KEY PLAYERS
Exxon Mobil Corp.
JSR Corporation
DuPont de Nemours, Inc.
RTP Company
Celanese Corp.
Lyondell Basell Industries Holdings B.V.
Mitsubishi Chemical Corp.
Mitsui Chemicals, Inc.
Ravago Manufacturing
Avient Corporation
KUMHO POLYCHEM
Elastron TPE
Ravago
LCY GROUP
FM Plastics
GLOBAL THERMOPLASTIC VULCANIZATES MARKET, BY PROCESSING METHOD
Extrusion
Injection Molding
Others
GLOBAL THERMOPLASTIC VULCANIZATES MARKET, BY APPLICATION
Consumer Goods
Fluid Handling
Automotive
Medical
Footwear
Others
GLOBAL THERMOPLASTIC VULCANIZATES MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. Thermoplastic Vulcanizates Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Thermoplastic Vulcanizates Market Snippet by Processing Method
2.1.2. Thermoplastic Vulcanizates Market Snippet by Application
2.1.3. Thermoplastic Vulcanizates Market Snippet by Country
2.1.4. Thermoplastic Vulcanizates Market Snippet by Region