USD 1.57 billion
Global Thermoplastic Vulcanizates Market Size, Share, Growth Analysis, By Type(Dynamic Vulcanization and Chemical Vulcanization), By Application(Automotive, Consumer Goods) - Industry Forecast 2024-2031
Report ID:
SQMIG15E2225 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|
Tables:
61 |
Figures:
75
Global Thermoplastic Vulcanizates Market Insights
Global Thermoplastic Vulcanizates Market size was valued at USD 1.57 billion in 2022 and is poised to grow from USD 1.69 billion in 2023 to USD 3.06 billion by 2031, growing at a CAGR of 7.7% in the forecast period (2024-2031).
The global market for thermoplastic vulcanizates (TPV) is poised for substantial growth in the forecast period, driven by increasing demand for lightweight and environmentally friendly solutions that offer exceptional durability and enhanced safety. TPVs, which are high-performance elastomers, exhibit outstanding flexibility, ease of processing, durability, and resistance to heat, fluids, and chemicals. These qualities make them ideal for the production of lightweight automotive components like car doors, weather seals, and engine-related parts. TPVs are being increasingly adopted as an alternative to PVC plastic in the automotive industry due to stringent regulations governing the use of PVC. This shift is anticipated to drive market demand in the coming years. Additionally, the automotive industry's strong inclination towards replacing metals with lightweight materials, such as TPV, to improve fuel efficiency, is expected to further boost the demand for TPVs during the forecast period. TPVs find extensive application in the production of interior and exterior components in automobiles, including wiper systems, air guides and dams, spoilers and trims, and flappers.
The global consumer preference for fuel-efficient vehicles is driving the demand for TPVs in the automotive sector and is expected to fuel market growth. Favorable regulations imposed by agencies like the Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) on carbon emissions, along with European Union initiatives to develop a TPV app for constructing lightweight and fuel-efficient vehicles, are anticipated to stimulate market expansion. However, the high cost of raw materials associated with EPDM may pose a profitability challenge. Supportive government policies aimed at promoting the use of lightweight and recyclable materials across various industries, including automotive and construction, are expected to drive demand for TPVs in the forecast period. Furthermore, the USD 2.0 trillion investment by the U.S. government in infrastructure development, including hospitals and construction projects, as part of the COVID-19 response, is projected to further propel the demand for TPVs in medical and fluid handling applications in the coming years.
US Thermoplastic Vulcanizates Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Dynamic Vulcanization
Fastest Growth
Chemical Vulcanization
Growth Rate
7.7% CAGR
Global Thermoplastic Vulcanizates Market ($ Bn)
Country Share for North America Region (%)
Global Thermoplastic Vulcanizates Market By Type ($ Bn)
Global Thermoplastic Vulcanizates Market By Type (%)
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Global Thermoplastic Vulcanizates Market Segmental Analysis
Global Thermoplastic Vulcanizates Market is segmented by type, application, and region. Based on type, the market can be segmented into dynamic vulcanization, and chemical vulcanization. Based on application, the market is segmented into automotive, consumer goods, and industrial. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
By type, the market can be segmented into dynamic vulcanization, and chemical vulcanization. Dynamic Vulcanization segment dominated the TPV market. It involves the blending of a thermoplastic elastomer with a cross-linkable elastomer. This process leads to the formation of a unique material that exhibits both thermoplastic and elastomeric properties. Dynamic vulcanized TPVs offer excellent mechanical properties, such as high tensile strength, flexibility, and abrasion resistance.
Chemical Vulcanization is the fastest growing segment in the TPV market. This segment involves the cross-linking of a thermoplastic elastomer through the use of a curing agent. Chemical vulcanization enhances the heat resistance, chemical resistance, and physical properties of TPVs, expanding their range of applications.
Analysis by Application
By application, the market can be segmented into automotive, consumer goods, and industrial. The automotive sector dominated the TPV market. TPVs offer several advantages that make them highly desirable in the automotive industry. They exhibit excellent properties such as high durability, weather resistance, low-temperature flexibility, and good mechanical strength. These qualities make TPVs suitable for various automotive applications, including seals, gaskets, weatherstrips, and interior and exterior components.
The consumer goods segment is the fastest growing segment in the TPV market. TPVs offer several properties that are highly sought after in consumer goods applications. These include a soft-touch feel, good grip, resistance to wear and tear, and flexibility. TPVs find applications in sporting goods, toys, grips, handles, and various other consumer products.
Global Thermoplastic Vulcanizates Market By Type, 2023 (%)
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Global Thermoplastic Vulcanizates Market Regional Insights
North America dominated the global thermoplastic vulcanizates (TPV) market. The stringent regulations imposed by government agencies such as the Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) regarding carbon emissions and vehicle safety have compelled automotive manufacturers to seek alternative materials like TPV. Additionally, the strong presence of key market players in the region, along with their focus on research and development activities, has contributed to the growth of the TPV market in North America. The region also benefits from the increasing demand for lightweight and fuel-efficient vehicles, as TPVs are widely used in automotive applications.
Asia Pacific is expected to be the fastest growing region in the global thermoplastic vulcanizates (TPV) market. The booming automotive industry in countries like China and India is driving the demand for TPVs. The increasing population, rising disposable incomes, and urbanization in these countries have led to a higher demand for automobiles, thereby boosting the TPV market. Additionally, the favorable government initiatives and policies supporting the use of lightweight and environmentally friendly materials in various industries, including automotive and construction, are expected to fuel the demand for TPVs in the region. Furthermore, the growing awareness about the benefits of TPVs, such as improved fuel efficiency and enhanced safety, among consumers and manufacturers in the Asia Pacific region is driving the market growth. The region's strong manufacturing capabilities, coupled with the presence of major automotive and industrial players, are further contributing to the rapid expansion of the TPV market in Asia Pacific.
Global Thermoplastic Vulcanizates Market By Region, 2024-2031
- Largest
- Fastest
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Global Thermoplastic Vulcanizates Market Dynamics
Drivers
Increasing demand for lightweight and fuel-efficient vehicles
- One significant driver propelling the growth of the global thermoplastic vulcanizates (TPV) market is the increasing demand for lightweight and fuel-efficient vehicles. With the growing emphasis on environmental sustainability and stricter regulations on carbon emissions, automotive manufacturers are actively seeking alternative materials like TPVs. TPVs offer excellent flexibility, durability, and resistance to heat, fluids, and chemicals, making them ideal for producing lightweight automobile parts. This shift towards lightweight materials in the automotive industry is expected to drive the demand for TPVs and foster market growth.
Restraints
High cost of raw materials
- A notable restraint hindering the global thermoplastic vulcanizates (TPV) market is the high cost of raw materials, particularly those associated with EPDM. The cost of procuring EPDM-based raw materials used in TPV production can significantly impact the profitability of manufacturers. Additionally, the fluctuations in raw material prices can pose challenges for market players, making it difficult to maintain stable pricing and margins. The high raw material costs may limit the adoption of TPVs, especially in price-sensitive markets, and could potentially hinder the overall growth of the TPV market.
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Global Thermoplastic Vulcanizates Market Competitive Landscape
The global thermoplastic vulcanizates (TPV) market is characterized by a diverse range of manufacturers and suppliers striving to gain a competitive edge. Market players focus on product innovation, research and development, and strategic partnerships to enhance their market presence. They aim to offer TPVs with improved performance, durability, and environmental sustainability. Additionally, companies emphasize expanding their distribution networks and strengthening customer relationships to cater to the growing demand for TPVs across various industries. The competitive landscape is driven by the pursuit of technological advancements and meeting customer requirements for lightweight, flexible, and high-quality TPV solutions.
Top Player’s Company Profiles
- Exxon Mobil Corporation (US)
- DuPont de Nemours, Inc. (US)
- Teknor Apex Company (US)
- ExxonMobil Chemical Company (US)
- Dow Inc. (US)
- LyondellBasell Industries N.V. (US)
- Mitsui Chemicals, Inc. (Japan)
- Zeon Corporation (Japan)
- Sumitomo Chemical Co., Ltd. (Japan)
- Asahi Kasei Corporation (Japan)
- Kuraray Co., Ltd. (Japan)
- RTP Company (US)
- Kraton Corporation (US)
- PolyOne Corporation (US)
- SABIC (Saudi Arabia)
- China Petrochemical Corporation (Sinopec) (China)
- ExxonMobil Chemical (US)
- Solvay S.A. (Belgium)
- Covestro AG (Germany)
- Shin-Etsu Chemical Co., Ltd. (Japan)
Recent Developments
-
In August 2023, Vikas Ecotech uncovered that it had secured significant orders. The company, in a regulatory filing, stated that it had received orders totaling over 1000 tons for specialized grades of Thermoplastic Elastomers, Thermoplastic Rubber, Thermoplastic Vulcanizates, Organotin heat stabilizers, and Flame-Retardant Aluminum Trihydrate compounds.
-
In November 2023, Mitsui Chemicals presented an eco-friendly variant of milastomer thermoplastic vulcanizate (TPV) that incorporates recycled polyolefin as a primary component. Samples of this new grade have already been dispatched to customers.
-
In April 2023, an article discussed the development of thermoplastic vulcanizates (TPVs) using polypropylene and ethylene propylene diene monomer (EPDM) for prototyping through Fused Filament Fabrication (FFF).
Global Thermoplastic Vulcanizates Key Market Trends
- One key market trend in the thermoplastic vulcanizates (TPV) industry is the increasing adoption of TPVs in the medical and healthcare sector. TPVs offer excellent chemical resistance, flexibility, and durability, making them suitable for medical applications such as fluid handling systems, tubing, and seals. With a growing focus on safety, hygiene, and the demand for reliable medical devices, TPVs are being preferred over traditional materials. This trend is driven by the need for lightweight, recyclable, and cost-effective solutions that comply with stringent regulatory requirements in the medical field.
Global Thermoplastic Vulcanizates Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global thermoplastic vulcanizates (TPV) market analysis, the rising demand for lightweight and environmentally friendly solutions, along with stringent regulations on materials like PVC in the automotive industry, is driving the adoption of TPVs. TPVs offer exceptional flexibility, durability, and resistance to heat, fluids, and chemicals, making them ideal for various automotive applications. Additionally, the shift towards lightweight materials to enhance fuel efficiency and the increasing focus on medical and healthcare applications further contribute to the market growth. Despite challenges such as high raw material costs, favorable government policies and investments in infrastructure development are expected to support the demand for TPVs in the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.57 billion |
| Market size value in 2031 | USD 3.06 billion |
| Growth Rate | 7.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Thermoplastic Vulcanizates Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Thermoplastic Vulcanizates Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Thermoplastic Vulcanizates Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Thermoplastic Vulcanizates Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Thermoplastic Vulcanizates Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Thermoplastic Vulcanizates Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Thermoplastic Vulcanizates Market Report Snapshots
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