Chicago, May 03, 2023 (GLOBE NEWSWIRE) -- The global Thermoplastic Vulcanizates Market is approximated to be USD 2.6 billion in 2022, and it is projected to reach USD 4.9 billion by 2032 at a CAGR of 6.5%, as per the recent study by MarketsandMarkets™. Thermoplastic vulcanizates (TPVs) are a type of thermoplastic elastomer that combines the manufacturing simplicity of thermoplastics with the elasticity of vulcanized rubber. They are manufactured by combining a thermoplastic polymer with a small amount of crosslinked elastomeric polymer and then extruding the mixture. TPVs offer good flexibility, tear resistance, and weather resistance, making them suitable in a range of application segments such as automotive, fluid handling, footwear, consumer goods, medical and others.
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List of Key Players in Thermoplastic Vulcanizates Market:
- LyondellBasell Industries Holdings B.V. (Netherlands),
- Celanese Corporation (US)
- DuPont de Nemours, Inc. (US)
- Mitsui Chemicals, Inc. (Japan)
- Trinseo Plc (US)
- Mitsubishi Chemical Corporation (Japan),
- Lotte Chemical Corporation (South Korea),
- RTP Company (US)
- HEXPOL AB. (Sweden)
- Avient Corporation (US)
Drivers, Restraints, Opportunities and Challenges in Thermoplastic Vulcanizates Market:
- Drivers: Growth in Automotive sector and Raising penetration of EVs.
- Restraints: Fluctuation in raw material prices
- Opportunity: Bio-based thermoplastic vulcanizates for various end-use industries
- Challenges: Technological Advancements
Key Findings of the Study:
- By Processing Method, Injection Molding accounted for the largest share in 2021
- By Application, the Automotive segment accounted for the largest share in 2021
- Asia Pacific accounted for the largest share of the Thermoplastic Vulcanizates Market in 2021
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The market of thermoplastic vulcanizates has been segmented based on the processing method, i.e., Injection Molding, Extrusion, and others. Injection molding is a versatile method that can produce parts of varying sizes, shapes, and complexities while maintaining high repeatability and accuracy. It is widely utilized in the manufacture of a wide range of consumer and industrial goods, including plastic toys, household appliances, automotive parts, and others. On the other hand, the extrusion process enables efficient and consistent manufacturing of thermoplastic vulcanizates parts with good control over dimensional accuracy, surface quality, and other final product attributes. The technique can create a wide range of TPV forms, including tubes, rods, profiles, and sheets, making it appropriate for a wide range of applications. In other processing methods, there are several processing methods of the TPV, such as hot melting, blow molding, thermoforming, and foam processing. These processes are used in making several products, such as air intake ducts, bellows, suspension covers, and others.
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The thermoplastic vulcanizates market is segmented based on applications. TPVs are used in several application segments, such as automotive, footwear, consumer goods, medical, fluid handling, and others. In the automotive segment, it is used to produce, Weatherstripping, engine oil seals, transmission seals, axle seals, coolant hoses, vacuum hoses, turbocharger hoses, grommets, bushings, and bellows, and others. In the footwear segment, it is used to make insoles, soles, heels, shoe straps, toe straps, and others. On the other hand, it is also used in fluid handling applications to make hoses, couplings, fittings, gaskets, o-rings, diaphragms, and others. Thermoplastic vulcanizates are also used in making several consumer goods, such as household products, electronic products, cables, wires, etc. In the medical segment, it is used to make medical devices like syringes, catheter seals, blood pressure cuffs, etc. TPVs are also used in other segments, such as making toys, personal care products, building materials, etc.
The thermoplastic vulcanizates market is studied in five regions, namely, Asia Pacific, Europe, North America, the Middle East & Africa, and South America. Asia Pacific is the fastest-growing market of thermoplastic vulcanizates globally. Growing developmental activities, rise in industrialization, rapid economic expansion, and growing demand for automotive vehicles lead to growth in this region. In addition to this, this region has abundant resources and availability of labor which helps in growing the market of thermoplastic vulcanizates. The government of several countries in this region focuses on reducing carbon emissions by adopting several strategies such as vehicle electrification, etc. Such government initiatives help in growing the market of thermoplastic vulcanizates in the forecast period.
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