Thermoplastic Vulcanizates Market Size 2023 with SWOT and PESTAL Analysis | Forecast to 2032
The global thermoplastic vulcanizates market size is expected to reach USD 3,200.70 million by 2032, at a CAGR of 7.5% according to a new study by Polaris Market Research.
Demand for thermoplastic vulcanizates (TPV) is anticipated to rise throughout the forecast period due to a significant move toward substituting heavy metals with lightweight materials like TPV in automobiles. For instance, in December 2022, Elastron, a major worldwide thermoplastics firm, and Chase Plastics announced developing a new supplier alliance. Elastron V is a thermoplastic elastomer vulcanizate made from cross-linked EPDM.
Elastron V (TPV) grades are flexible, have a low compression set, and have outstanding mechanical qualities. They are employed in various market sectors, including automotive, medical, consumer, building, and industrial.
Statistical and Non-Statistical Data:
The report includes both quantitative and qualitative information. Quantitative information pertains to global estimates and Thermoplastic Vulcanizates Market forecasts over the projected years. This data is segmented according to key segments covered in the report, major regions, and countries. On the other hand, qualitative information includes factors that drive and restrict market growth, growth opportunities, value chain and supply chain analysis, export and import analysis, attractive investment propositions, and Porter’s 5 Forces analysis.
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During the projection period, the demand for thermoplastic vulcanizates is anticipated to be supported by favorable government regulations that encourage using lightweight and recyclable materials in various industries, including automotive and construction. Thermoplastic vulcanizates are high-performance elastomers with excellent flexibility, great durability, and ease of manufacture.
They also strongly resist heat, liquids, and other auxiliary chemicals. These qualities make it a top choice for creating lightweight automobile components, including car doors, hood pieces, and weather seals. Consequently, these elements encourage market expansion. Additionally, TPV’s expanding use in the healthcare sector is anticipated to be a key development factor for the market.
Top Key Players:
- JSR Corporation
- Exxon Mobil Corp.
- RTP Company
- DuPont de Nemours Inc.
- Mitsui Chemicals Inc.
- Kumho Polychem
- Dawn Group
- Celanese Corp.
- Lyondell Basell Industries Holdings B.V.
- Mitsubishi Chemical Corp.
- Ravago Manufacturing
- Solvay SA
- Avient Corporation
- FM Plastics
- Elastron TPE
- LCY GROUP
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The main advantage of TPV is its lower cost; thermoplastic vulcanizates are between 10 and 30 percent less expensive than EPDM. Additionally, this material is highly flexible in design, has a low molecular weight, and is highly recyclable. These characteristics enable the material to be utilized to manufacture fuel-efficient automobiles. Every 10% decrease in vehicle weight is predicted to result in a 5-7% decrease in fuel consumption. Therefore, the TPV market will benefit from this rapid growth.
The increasing demand for energy-efficient and smart devices, and the growing adoption of renewable energy sources, are also driving the growth of the TPV market in the electrical and electronic industry. The aging population and the increasing demand for minimally invasive procedures are driving the increase in the medical industry. Additionally, the growing demand for single-use medical devices, which require flexible and durable materials, is also driving the growth of the TPV market in the medical industry.
Thermoplastic Vulcanizates Market Report Highlights
- Automotive segment is leading the global market, owing to various factors such as favorable government regulation, various advantages of TPV material and its being cost effective as compared to other materials.
- Europe is the second largest market for thermoplastic vulcanizates market due to the presence of major automobile manufacturers in the region.
- Asia Pacific region is estimated to grow at a high CAGR during the projected period due to increasing demand from automotive and constructing industries in this region.
Polaris Market Research has segmented the Thermoplastic Vulcanizates market report according to application and region:
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Thermoplastic Vulcanizates, Application Outlook (Revenue – USD Million, 2019 – 2032)
- Automotive
- Fluid Handling
- Consumer Goods
- Medical
- Footwear
- Others
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