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Thermoplastic Vulcanizates Market Size, 2027 | TPV Industry Report

Thermoplastic Vulcanizates Market Analysis Report By Application, By Region And Segment Forecasts From 2020 To 2027

Report ID: MN17613179  |  Published: June 2021  |  No of Pages: 99
Format: Electronic (PDF)  |  Industry: Chemicals & Materials  |  Publisher: Grand View Research

Synopsis

Regarding the report published, the global thermoplastic vulcanizates (TPV) market was prized by USD 1.5 billion in 2019. It is estimated to witness a 6.5% CAGR from 2020 to 2027.

Drivers

Escalating demand for sustainable as well as lightweight solutions that offer greater toughness in addition to enhanced protection is expected to help the enlargement of the market for thermoplastic vulcanizates (TPV), throughout the forecast period.

These are better functioning Elastomers, which provide toughness, outstanding suppleness, confrontation to chemicals, heat as well as fluids, and, the simplicity of processing. These properties create them appropriately, for the usage in the manufacturing of lightweight automobile parts like under-the-hood components, car doors, and weather seals.

US thermoplastic- vulcanizates market size

Due to several strict rules about the use of PVC in automobile manufacturing, nowadays, TPVs are, evermore, being utilized likes a substitute for PVC plastic. Sequentially, it is estimated to increase the demand for thermoplastic vulcanizates soon.

Additionally, the growing inclination for lightweight materials, like TPV, above the metals to augment fuel effectiveness in vehicles, is estimated to boost the demand for the product, during the forecast period.

Encouraging national rules set by the diverse organizations, like National Highway Traffic Safety Administration (NHTSA), and Environmental Protection Agency (EPA), about carbon discharge, together with the EU proposals to increase TPV’s use for the manufacture of lightweight as well as fuel effective cars, is the factors expected to increase the expansion of the global thermoplastic vulcanizates (TPV) market.

Restraints

In terms of productivity, the excessive prices of the raw material, related to EPDM, are likely to create obstacles.

Effect of Covid-19

The global eruption of Covid-19 has, moreover, sourced a sudden delay in the manufacturing companies due to the obligation of countrywide lockdowns in the main cities, to restrain the distribution of coronavirus. This is anticipated to; additionally, hamper the expansion of the market.

Application Insight

In 2019, the automotive section held above 58.0% global revenue share and dominated the thermoplastic vulcanizates market. The rising demand for high-performance and lightweight materials in automobile manufacturing is expected to enhance the order for the product, during the forecast period.

Due to their safety, enhanced dependability, low down production expenses of the components plus small maintenance, thermoplastic vulcanizates are, gradually more, used as a substitute for the thermoset rubbers, for example, chloro sulfonated polyethylene, SBR, and EPDM.

Global thermoplastic vulcanizates market share

Besides, their growing acceptance for the production of cup holders, mats, grips & handles, flapper door seals, spoilers & trims, wiper systems, and air guides & dams, is estimated to power the expansion of the sector, during the forecast period.

Due to their exceptional seal and climate confrontation property, thermoplastic vulcanizates are extensively utilized for a variety of liquid management applications, in several end-user industries. This includes building & construction as well as other wide-ranging businesses. Similarly, it provides better energy effectiveness, enhanced security, excellent robustness as well as superior aesthetics.

These properties of TPV create it extremely appropriate for the functions in the building & construction business. The increasing taking up of TPVs for plumbing components used for the drinkable water lines, deck plate seals & diaphragms, flapper valves & toilet flush valves, pullout sprayer hose, riser tubes & supply lines, and the general seals in a variety of businesses is estimated to impel the demand for the product, during the forecast period.

Regional Insight

In 2019, North America held more than 33.0% revenue share and dominated the global thermoplastic vulcanizates market. The majority share of the market is credited to solid demand for the product from the automobile manufacturing division, in addition to from other end-user businesses, like consumer goods and healthcare, within the region.

Positive policies adopted by the government regarding the usage of TPVin automobile function like an option for metals and alloys, together with increasing manufacture of passenger cars in Mexico and the U.S. are the factors, estimated to additionally boost the expansion of the regional market, during the forecast period.

The technical progressions along with the rising demand for electric vehicles have, furthermore, augmented the requirement for eco-friendly, lightweight, and durable products. Steady growth in electric vehicles on roads is anticipated to impel the enlargement of the market in North America.

On the other hand, the lockdown forced by different governments, within the region to control the distribution of the coronavirus, has produced a drop in thermoplastic vulcanizates utilization, therefore, unconstructively influencing its demand in diverse uses. Difficulties in delivery, limitations on the imports as well as exports, and cancellations of the orders are, additionally, impeding the development of the market.

Europe is the subsequent major local market and is anticipated to sustain its place, during the forecast period. The increasing demand for lightweight hybrids along with electric vehicles, and the existence of the leading automobile companies within the province, are expected to give rise to the expansion of automobile manufacturing. Sequentially, this is likely to impel the requirement for TPV, in the automobile application sector within the region, during the forecast period.

Companies

On account of the existence of a big number of manufacturing companies, throughout the world, the global market for TPV is considerably disjointed in nature. Based on technology, utilized for the manufacturing of thermoplastic vulcanizates and the quality of the offered products, manufacturing companies compete in the market. Moreover, the companies are, aggressively, in the process of the development of new technologies and the execution of the product policies to increase the status of their product, in diverse markets.

Some of the companies for thermoplastic vulcanizates (TPV) market are:

    • KUMHO POLYCHEM
    • Mitsubishi Chemical Corp.
    • Celanese Corp.
    • DuPont de Nemours, Inc.
    • Exxon Mobil Corp.
    • Ravago Manufacturing
    • LyondellBasell Industries Holdings B.V.
    • Mitsui Chemicals, Inc.
    • RTP Company
    • JSR Corporation

Report Scope

Report Attribute

Details

The market size value in 2020

USD 1.6 billion

The revenue forecast in 2027

USD 2.4 billion

Growth Rate

CAGR of 6.5% from 2020 to 2027

The base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Volume in tons, revenue in USD million, and CAGR from 2020 to 2027

Report coverage

Volume forecast, revenue forecast, competitive landscape, growth factors, and trends

Segments covered

Application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country Scope

The U.S.; Canada; Mexico; Germany; The U.K.; France; Russia; China; India; Japan; Australia; South Korea; Brazil; Argentina; South Africa; Saudi Arabia

Key companies profiled

Exxon Mobil Corp.; JSR Corp.; RAVAGO Manufacturing; Mitsui Chemicals; Kumho Polychem Co., Ltd.; Lyondellbasell Industries N.V.; Celanese Corp.; Mitsubishi Chemical

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail of customized purchase options to meet your exact research needs. 


Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Million Insights has segmented the global thermoplastic vulcanizates market report based on application and region:

• Application Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
    • Automotive
    • Fluid Handling
    • Consumer goods
    • Medical
    • Others

• Regional Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
    • North America
        • The U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • The U.K.
        • France
        • Russia
    • The Asia Pacific
        • China
        • India
        • Japan
        • Australia
        • South Korea
    • Central & South America
        • Brazil
        • Argentina
    • Middle East & Africa
        • Saudi Arabia
        • South Africa

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