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.
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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)
- Fluid Handling
- Consumer Goods
- TPV Regional Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2028)
- North America
- 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
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