The report "Thermoplastic Vulcanizates Market by Processing Method (Injection Molding, Extrusion), Application (Automotive, Footwear, Consumer Goods, Fluid Handling, Medical), and Region (North America, Europe, South America, APAC, MEA) - Global Forecast to 2032", 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%.
Rising population, increasing disposal income, rising industrialization, improving living standards, rising concerns towards sustainability, increasing economic activities, rising developmental activities, increasing demands of automotive vehicles, and stringent emissions norms across the countries are boosting the growth of thermoplastic vulcanizates. However, the fluctuating prices of the raw materials for producing thermoplastic vulcanizates are the prime restraint factor that affects the market of thermoplastic vulcanizates. Opportunities in the thermoplastic vulcanizates market are the usage of bio-based thermoplastic vulcanizates in various end-use industries and increasing its demands across the medical and healthcare sector. Technological advancements in thermoplastic vulcanizates becoming a major challenge for the market.
Browse in-depth TOC on "Thermoplastic Vulcanizates Market"
318 – Tables
40 – Figures
228 – Pages
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By Processing Method, Injection Molding accounted for the largest share in 2021
Injection molding is a typical industrial processing method that is used to produce several products made from thermoplastic vulcanizates, such as toys, automotive components, etc. The TPV material is melted and then injected under high pressure into a mold in this procedure. The mold is then cooled, allowing the material to harden into the appropriate shape. After that, the mold is opened, and the portion is removed. This method is suitable for generating a wide range of TPV parts because it can generate complex forms with good dimensional precision and reproducibility.
By Application, the Automotive segment accounted for the largest share in 2021
Thermoplastic vulcanizates are gaining much popularity in various commercial and industrial fields, especially the automotive industry. This is attributed to its several favorable properties, such as lower compression set, lower stiffness, greater resistance to fatigue, better elastic recovery, higher ultimate mechanical properties, higher melt strength, enhanced resistance to heat and chemicals, improved high-temperature utility, and others. Thermoplastic vulcanizates are found in numerous applications in the automotive industry, such as weatherstripping, door and trunk seals, air intake ducts, air cleaner housings, engine compartment seals, radiator hoses, vacuum hoses, gaskets, seals, and bushings.
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Asia Pacific accounted for the largest share of the Thermoplastic Vulcanizates Market in 2021
Because of increasing developmental activities, rising economic expansion, increasing population, improving living standards, stringent emissions norms, growing concern towards sustainability, and increasing demands of automotive vehicles in the Asia Pacific region, which, in turn, are expected to lead the growth of the thermoplastic vulcanizates market. Owing to the increasing income of people in this region, the demand for automotive vehicles, consumer goods, the need for residential and non-residential complexes etc., are increasing, which also led the market of thermoplastic vulcanizates in the forecast period.
The thermoplastic vulcanizates market comprises major players such as 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), and Avient Corporation (US) and others are covered in the thermoplastic vulcanizates market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the thermoplastic vulcanizates market.
