Thermoplastic Vulcanizates Market Size to Surpass USD 4 Bn Revenue by 2032, According to Market.us Report

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According to Market.us, the market for thermoplastic vulcanizates (TPVs) is expected to grow steadily in the coming years, driven by a surge in demand in sectors such as automotive and aerospace. TPVs are favored for their lightweight and high-strength properties.

New York, April 20, 2023 (GLOBE NEWSWIRE) — The Thermoplastic Vulcanizates market size is projected to surpass around USD 4 billion by 2032 from USD 2.1 Billion in 2022, and it is poised to reach a registered CAGR of 6.8% from 2023 to 2032. Thermoplastic vulcanizates (TPVs), a type of thermoplastic elastomer, blend the qualities of thermoplastics and vulcanized rubber. They are created by mixing a polymer phase, typically made of polypropylene (PP) or polyethylene, with a vulcanized rubber phase, typically made of ethylene propylene diene monomer (EPDM) or natural rubber. (PE). TPVs offer processing simplicity, recyclability, and design freedom of thermoplastics while also exhibiting the elasticity and toughness of vulcanized rubber. They are used in many different uses, such as building materials, consumer goods, industrial machinery, and automotive parts.

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Key Takeaway:

  • Based on the processing method, the injection molding method is dominant in the market due to its precision in creating complex shapes and accurate dimensions.
  • By application, the automotive segment is emerged as dominant in the market with a market share of 58%.
  • From end-user industries, it is seen that TPVs are widely used in the construction industry for applications such as seals, gaskets, roofing materials, and weatherstripping.
  • In 2022, North America dominated the market with the highest revenue share of 33%.
  • The APAC segment is expected to grow with a higher CAGR because of urbanization, infrastructure development, and rapid industrialization.

Factors affecting the growth of the Thermoplastic Vulcanizates industry?

There are several factors that can have an impact on the growth of the thermoplastic vulcanizates industry. Some of these factors include:

  • Increasing Demand for Lightweight Materials: Industries such as automotive and aerospace are striving to reduce product weight to improve fuel economy and performance, driving up demand for lightweight materials like TPVs.
  • Growing Demand for Sustainable Materials: TPVs are recyclable, making them an attractive option for environmentally conscious consumers and industries. As demand for sustainable materials continues to increase, TPVs may become even more popular.
  • Technological Advancements: Technological advancements have made manufacturing TPVs much simpler, as well as improved their properties such as heat resistance and mechanical strength. As this trend continues to develop, the TPV industry is expected to experience growth.
  • Government Regulations: Government initiatives to reduce carbon emissions and promote sustainability could encourage the demand for TPVs, as they are an environmentally friendly material.
  • Fluctuations in Raw Material Prices: The prices of raw materials used to manufacture TPVs, such as polypropylene and EPDM rubber, can fluctuate depending on market conditions. These changes could impact the cost of TPVs and negatively affect their growth within the industry.

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Top Trends in The Global Thermoplastic Vulcanizates Market

The thermoplastic vulcanizates (TPVs) market is experiencing several trends that will shape its future growth trajectory. One major development is the increasing demand for lightweight and high-performance materials across various end-use industries. TPVs boast properties like elasticity, toughness, and chemical resistance that make them ideal for use in industries such as automotive, consumer goods, and construction.

Another trend in manufacturing is an increasing focus on sustainability and circular economy principles. Thermal power velocimeters (TPVs), which are fully recyclable and offer an environmentally friendly alternative to traditional materials that are hard to recycle or dispose of, make TPVs attractive options for companies seeking to reduce their environmental impact.

The Asia-Pacific region is witnessing a trend towards rapid industrialization, urbanization, and infrastructure development that is driving demand for high-quality and long-lasting materials such as TPVs. Forecasts anticipate this region will become the largest and fastest-growing market for TPVs due to its expanding manufacturing sector, rising disposable incomes, and expanding population. Additionally, the healthcare industry is witnessing an increasing trend toward using innovative and biocompatible materials in medical devices and equipment – such as TPVs. TPVs boast several benefits like biocompatibility, sterilization resistance, and good chemical resistance that make them suitable for applications like medical tubing or surgical instruments.

Market Growth

In the upcoming years, the market for thermoplastic vulcanizates (TPVs) is anticipated to expand steadily for a number of reasons. In sectors like automotive and aerospace, TPVs are growing in demand as lightweight and high-strength materials. Because TPVs are recyclable and ecologically friendly, demand is rising as sustainability becomes more and more of a priority. Additionally, the market is expanding due to its adaptability in industries like consumer goods, healthcare, and building. Thanks to technological advancements, TPVs now have better mechanical power and heat resistance. Government rules aimed at lowering carbon pollution and promoting sustainability may also increase demand for these TPVs.

Regional Analysis

North America currently dominates the market with a 33% share, but Asia-Pacific is expected to be the fastest-growing region for TPVs due to factors such as rapid industrialization, urbanization, and infrastructure development in countries like China, India, and Japan. Furthermore, there are numerous major automotive manufacturers located here which creates an additional demand for TPVs within this industry.

North America and Europe have established markets for TPVs, with established end-use industries like automotive, consumer goods, and construction. These regions boast high levels of innovation and technological breakthroughs which spur demand for high-performance materials such as TPVs.

Latin America and the Middle East and Africa are emerging markets for TPVs, with increasing demand for durable, high-quality materials across a variety of end uses. These regions are expected to experience significant growth over the coming years due to their expanding manufacturing sectors, rising disposable incomes, and expanding populations.

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Scope of the Report

Report Attribute Details
Market Value (2022) USD 2.1 Billion
Market Size (2032) USD 4 Billion
CAGR (from 2023 to 2032) 6.8%
North America Revenue Share 33%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

The thermoplastic vulcanizates (TPVs) market is being driven by several factors, including an increasing need for lightweight and high-strength materials in industries such as automotive and aerospace. TPVs are ideal for these tasks due to their lightweight design and superior strength, which can reduce fuel consumption and enhance performance. The growing concern with sustainability is another driving factor of the TPV market, as these units are recyclable and eco-friendly, making them attractive to both consumers and businesses looking to reduce their carbon footprints. TPVs are also highly versatile and capable of being applied in a variety of applications such as healthcare, construction, and consumer goods – another factor driving demand for them. Technological progress has enabled the production of TPVs with improved properties, such as increased heat resistance and greater mechanical strength, which have further added to their appeal. Furthermore, government regulations designed to reduce carbon emissions and promote sustainability are expected to further stimulate demand for TPVs in the coming years.

Market Restraints

The thermoplastic vulcanizates (TPVs) market is expected to experience growth, yet several factors could hinder its progress. One such issue is the cost of TPVs when compared with other materials like thermoplastic elastomers (TPEs) or traditional rubber. TPVs tend to be costlier than their alternatives, which could hinder their adoption in certain industries or applications. Furthermore, the TPV market remains relatively small compared to other materials markets, potentially restricting its overall growth potential. Another factor that could impact the TPV market is the supply of raw materials, particularly EPDM rubber – an essential component. Changes in EPDM rubber prices or availability could adversely affect TPV costs and availability. Finally, the COVID-19 pandemic has had a considerable effect on many industries, including the TPV market, due to disruptions to supply chains and decreased demand in certain fields. However, as demand for sustainable and high-performance materials continues to increase as the crisis subsides, analysts anticipate continued growth for this market in the long term.

Market Opportunities

The thermoplastic vulcanizates (TPV) market presents several opportunities for growth in the coming years. One major opportunity is the increasing demand for sustainable and environmentally friendly materials, which is driving interest in TPVs due to their recyclability and low environmental impact. This trend is expected to continue as consumers and industries increasingly prioritize sustainability. Additionally, the versatility of TPVs means they can be used in a wide range of applications, including automotive, healthcare, construction, and consumer goods, creating opportunities for growth in multiple industries. Advancements in technology and manufacturing processes are also presenting opportunities to develop TPVs with improved properties and reduced costs, which could further expand their market appeal. Moreover, the Asia-Pacific region, particularly China and India, presents a significant opportunity for the TPV market due to the growing demand for lightweight materials in the automotive industry and increasing industrialization in the region. Finally, collaborations and partnerships between TPV manufacturers and end-users could help expand the market and create new opportunities for growth in the coming years.

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Report Segmentation of the Thermoplastic Vulcanizates Market

Processing Method Insight

The industry is dominated by the injection molding technique. Plastic pellets are melted during the production process of injection molding, and the molten plastic is then injected into a mold cavity. This TPV material is pushed through the mold cavity at high pressure before cooling to create the finished part. Due to its accuracy in producing complicated shapes and precise dimensions, injection molding is a commonly used processing technique for thermoplastic valves (TPVs). On the other hand, extrusion entails forcing liquid material through a die to produce a single continuous profile or tube. A common method for creating profiles, tubing, and sheet components is extrusion.

Application Insight

The automotive segment accounts for 58% of the market share, making up of parts like seals, gaskets, weatherstripping and interior trim. Thanks to their superior weather ability, minimal compression set, and long-term durability they are perfect for automotive uses. In consumer goods like toys or sporting goods, TPVs are commonly employed due to their extraordinary flexibility, softness, and elasticity – perfect for uses requiring a soft touch or grip.

End User Insight

In the building sector, TPVs are frequently used for things like seals, gaskets, roofing materials, and weatherstripping. They are ideal for building work due to their excellent weather ability, UV resistance, and long-term durability. Due to their chemical resistance, biocompatibility, and sterilization compatibility, TPVs are also used in healthcare in applications like tubing, connectors, and seals on medical devices, making them the ideal option for medical usage.

Recent Development of the Thermoplastic Vulcanizates Market

  • In 2021: DuPont introduced a revolutionary TPV compound made from recycled materials that provide superior performance while decreasing its environmental footprint. This material offers advantages while helping reduce material waste.
  • In 2020: Teknor Apex introduced a new TPV compound specifically designed for automotive interior applications. This compound boasts superior scratch resistance, surface finish, and color stability.

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Market Segmentation

Based on the Processing Method

  • Injection Molding
  • Extrusion

Based on the Application

  • Automotive
  • Fluid Handling
  • Consumer Goods
  • Medical
  • Footwear
  • Other

Based on the End User

  • Automotive
  • Building and Construction
  • Consumer Goods
  • Healthcare
  • Other End-user Industries

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Competitive Landscape

Many significant players are working in the highly competitive global thermoplastic vulcanizates (TPV) market. Companies are actively involved in R&D to create new TPV products and uses, and they compete on price, product innovation, and quality. It’s anticipated that key TPV players will continue to invest in R&D initiatives to satisfy the growing demand for novel materials across various end-use sectors.

Some of the major players include:

  • JSR Corporation
  • Exxon Mobil Corp
  • RTP Company
  • DuPont de Nemours Inc
  • Mitsui Chemicals Inc
  • Celanese Corp
  • Lyondell Basell Industries Holdings B V
  • Mitsubishi Chemical Corp
  • Ravago Manufacturing
  • KUMHO POLYCHEM
  • Avient Corporation
  • FM Plastics
  • Elastron TPE
  • LCY GROUP
  • Other Key Players

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