As per the published report, the global thermoplastic vulcanizates (TPV) market size is estimated to arrive at USD 2.4 billion by 2027. It is projected to develop by 6.5% CAGR in the period of the forecast.
The increasing demand from the automobile manufacturing sector for greater functioning and lightweight materials is anticipated to impel the global market for thermoplastic vulcanizates.
Rising involvement of the government for enhancing the fuel effectiveness has driven the utilization of greater operational engineering plastics, together with the thermoplastic vulcanizates.
The enlargement of the end user commodities manufacturing in BRIC nations is, moreover, anticipated to contain a constructive impression on the global market. Unpredictable prices of the input raw materials are likely to continue, a significant challenge for the market contestants, during the forecast period.
The market is subdivided into end user merchandises, automobiles, medicinal, fluid management and others, on the bases of the application. The medical application section is anticipated to observe the highest enlargement, during the forecast period.
The excessive demand for superior healthcare services, due to the globally increasing aged populace, escalating occurrences of cardiovascular diseases (CVDs), and accessibility of strong healthcare infrastructure, is expected to push the demand for medical devices. Sequentially, this is estimated to contain a constructive influence on the growth of the section. Besides, increasing patients of Covid-19, at the society level, is expected to push the requirement for diverse medicinal apparatuses. That includes masks, seals, peristaltic tubes, gloves, syringe tips, and others, thus, increasing the demand for medical ranking thermoplastic vulcanizates (TPV), in the near future.
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Further key findings from the report suggest:
• In 2019, Asia Pacific held more than 28.0% share of the general revenue and is estimated to record the highest CAGR, during the forecast period
• The automotive sector held, above 58.0% revenue share in 2019, and dominated the global market
• In 2019, the global market for TPV was prized at USD 1.5 billion and is projected to increase by 6.5% CAGR, during the forecast period
• The considerable expansion of the market was credited to the extraordinary demand for the greater functioning and lightweight materials from automotive manufacturing sector
Million Insights segmented the global thermoplastic vulcanizates (TPV) market based on Application, and Region.
TPV Application Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
• Fluid Handling
• Consumer Goods
TPV Regional Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South Korea
• Central & South America
• Middle East & Africa
• Saudi Arabia
• South Africa
Various 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