Global Thermoplastic Vulcanizates Market by Application (Consumer Goods, Fluid Handling, Medical, Footwear, Automotive) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global thermoplastic vulcanizates market was worth USD 1.55 billion in 2020. It is projected to grow at 6.9% compound annual growth rate (CAGR), between 2021 and 2028. The market is expected to grow due to increased demand for lightweight, sustainable solutions that offer extreme durability and enhanced safety. Thermoplastic Volcanizates (TPVs), high-performance elastomers, offer exceptional flexibility, ease in processing, durability, resistance to heat, fluids and chemicals. These properties make them ideal for the manufacture of lightweight automotive parts such as doors, weather seals, and other components. Due to stringent regulations in the automotive industry regarding PVC use, TPVs are being increasingly used as an alternative to PVC plastic. This will increase product demand over the next few years.

The forecast period will also see an increase in product demand due to the growing preference for lightweight materials such as TPV over metals. The global market will be boosted by favorable federal regulations, such as those of the Environmental Protection Agency (EPA), and the National Highway Traffic Safety Administration(NHTSA) regarding carbon emissions. Also, the EU initiatives to improve TPV's application to create lightweight and fuel-efficient vehicles are expected to increase its growth. In terms of profitability, high raw material costs for EPDM will be a problem.

The global spread of COVID-19 has caused a slowdown in manufacturing due to nationwide lockdowns in major cities. This was done to stop the spread of coronavirus and is expected to hinder market growth in the third quarter of 2020.

Application Insights

The market's largest segment, the automotive sector, accounted for over 58% of global revenue in 2020. Over the forecast period, the rising demand for lightweight and high performance materials in the automotive sector is expected to increase the demand for thermoplastic Vulcanizates (TPV).

TVPs are becoming an increasingly popular alternative to thermoset rubbers such as EPDM, SBR and EPDM. This is due to their higher reliability, safety, low maintenance and low cost of manufacturing. The segment's growth is expected to be driven by their growing adoption in manufacturing lightweight interiors or exteriors such as air guides, dams, wiper systems, spoilers, trims, flapper doors seals, handles and grips, mats, and cupholders.

TPVs are also widely used in fluid handling applications across many industries, including construction, building & construction, and general. This is due to their outstanding seal and weathering resistance. They are also more durable, safer, more aesthetic, and have a higher energy efficiency.

They are well-suited for use in the construction and building industry. Over the forecast period, the demand for TPVs is expected to rise due to the increasing use of TPVs in general seals, riser tubes and supply line; pullout sprayer hose; flapper and toilet flush valves; deck plates seals; and diaphragms as well as plumbing parts for potable waters in different industries.

Regional Insights

North America was the dominant market, accounting for more than 33% of global revenue in 2020. Strong product demand from the automotive industry, as well as other end-use industries such as healthcare, consumer goods and healthcare, is responsible for the highest market share. The region's market growth will be further accelerated by favorable government regulations regarding TPV use in automotive applications as an option for alloys or metals, and growing passenger car production in the U.S.A and Mexico.

In addition, technological advances and an increasing demand for electric cars have led to an increase in the need for lightweight, durable and recyclable products. The North American market is expected to grow with a gradual increase in electric cars on the roads. The lockdown implemented by several governments in the region to stop the spread of coronavirus has resulted in a decrease in TPV usage, which has negatively impacted its demand for various applications. Further limiting market growth are order cancellations, import and export restrictions, as well as shipping complications.

Europe is the second largest regional market. It is expected to maintain its position for the forecast period. The automotive industry is expected to grow due to the rising demand for hybrid and lightweight vehicles, as well as the presence of major manufacturers such as AUDI AG and BMW AG, Mercedes-Benz AG and Jaguar Land Rover Limited. The forecast period will see a rise in demand for TPV within the automotive segment.

Market Share Insights & Key Companies

The market for thermoplastic vulcanizates (TPV), is fragmented. There are several major players such as Exxon Mobil Corporation and JSR Corporation. Global players are in fierce competition with each other and from regional players who have a strong supply chain network and are well-versed on the regulations and suppliers across all markets. The following are some of the most prominent players in thermoplastic vulcanizates:

• 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

Up Market Research published a new report titled “Thermoplastic Vulcanizates Market research report which is segmented by Application (Consumer Goods, Fluid Handling, Medical, Footwear, Automotive), By Players/Companies Mitsubishi Chemical Corp, Ravago Manufacturing, Exxon Mobil Corp, Mitsui Chemicals Inc, KUMHO POLYCHEM, RTP Company, DuPont de Nemours Inc, JSR Corporation, LyondellBasell Industries Holdings BV, Celanese Corp”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Thermoplastic Vulcanizates Market Report Segments:

The market is segmented by Application (Consumer Goods, Fluid Handling, Medical, Footwear, Automotive).

Thermoplastic Vulcanizates Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Thermoplastic Vulcanizates Market

Overview of the regional outlook of the Thermoplastic Vulcanizates Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Thermoplastic Vulcanizates Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Thermoplastic Vulcanizates Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Consumer Goods

                2. Fluid Handling

                3. Medical

                4. Footwear

                5. Automotive

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Thermoplastic Vulcanizates Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Thermoplastic Vulcanizates Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.