Thermoplastic Vulcanizates Market is projected to be worth USD 1.55 billion by 2030, registering a CAGR of 6.9% during the forecast period (2020 - 2030).
Thermoplastic Vulcanizates Market Overview
The Thermoplastic Vulcanizates Market is expected to grow at a CAGR of 6.9% during the forecast period. Thermoplastic Vulcanizates are made up of a polyolefin matrix that is divided into two phases: scattered and continuous. They are made by melting rubber and cross-linking it with a thermoplastic substance at a specified temperature. EPDM rubber (ethylene propylene diene monomer (M-class) rubber) has characteristics similar to these polymers. Lightweight, high strength and cheap processing costs are major trends and elements that are positively influencing the market.
Thermoplastic Vulcanizates are employed in a variety of applications, including automotive, fluid management, consumer products, medical, sports, and others, due to these characteristics. The cross-linked structure created by the chemical binding of polymers distinguishes Thermoplastic Vulcanizates. They are utilized to make things like front-end body panels, belts, hoses, seating, dashboards, airbags, door panels, hoses & seals, brakes & suspensions, instrument & soft-touch panels, and more. Because of their greater heat resistance, flexibility, durability, age resistance, oil, gas, and chemical resistance, and weathering and ozone resistance, these Thermoplastic Vulcanizates outperform typical rubber drives. As a result, the market for Thermoplastic Vulcanizates has risen significantly and is predicted to continue to grow steadily. Thermoplastic Vulcanizates allow designers and manufacturers to create lighter, more compact, and fuel-efficient automobiles, which is beneficial to the industry and has resulted in growth.
The Global Thermoplastic Vulcanizates Market Share by Application:
The Global Thermoplastic Vulcanizates Market is segregated into five crucial regions of the world namely Asia Pacific, North America, Europe, Latin America and the Middle East & Africa. Among these, North America holds a major share in the market due to growing demand of thermoplastic polymers in heavy industries. The enactment of government based initiative such as Corporate Average Fuel Economy has induced the manufacturers to replace the metals with plastics in automotive industry due to its efficient and optimal performance. Owing to these factors, countries such as the U.S., Canada and Mexico are projected to be the leading players during the forecast period.
The Asia Pacific region is estimated to witness a higher CAGR in the Thermoplastic Market because they are recyclable, easy to use and produce less waste which makes them applicable in various applications such as consumer goods, packaging and health care sectors. China, Japan and India are the major players in this region due to growing use of polymers in end-use industries such as automotive, construction, sports, industrial machinery, energy, marine, and others. The availability of raw materials has prompted the manufacturers and investors to shift their focus from metals and heavy plastics to lightweight materials.
A notable growth is observed in the European market due to stringent regulations set by the government and its primary objective to achieve sustainable development in the region. It is estimated that the rising disposable income in the consumer goods segment has propelled the market to witness a rapid growth in the region. Owing to these factors, Germany, the U.K. and Italy are projected to be the major contributors to the market during the forecast period. The Middle East & Africa is predicted to witness a significant growth in the market due to growing use of thermoplastics in oil & gas, and petrochemical industries. Moreover, it is estimated that the growing consumption of polymers in automotive and construction sectors has propelled the Latin American region to witness a rapid growth in the market during the forecast period.
The Global Thermoplastic Vulcanizates Market is segmented into application. On the basis of application, the market is further categorized into automotive, fluid handling, consumer goods, medical, sports, and others. Among these, automotive segment holds a major share in the market owing to growing use of plastic materials to produce high performance and corrosion resistant vehicles. The investors in the health care industry are encouraging the manufacturers to use Thermoplastic Vulcanizates as a substitute for polyvinyl chloride products due to its ecofriendly and durable nature. Therefore, the medical segment is predicted to witness a rapid growth in the market owing to increasing use of thermoset rubber in the medical devices. The consumer goods segment is fueled by the growing use of Thermoplastic Vulcanizates in food packaging, toothbrushes, shavers, and others. Moreover, the fluid handling segment has been driven by the exceptional features offered by the product such as abrasion resistance, low density materials, and high standard among others.
Some of the prominent players operating in the Global Thermoplastic Vulcanizates Market are Arkema (France), Asahi Kasei Corporation (Japan), BASF SE(Germany), BAYER AG(Germany), The Dow Chemical Company( U.S.), Dow Corning Corporation(U.S.), Eni S.p.A.( Italy), Exxon Mobil Corporation( U.S.), Mitsubishi Chemical Holdings Corporation ( Japan), among others.
The report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.Recent Development
|Market Size||2030: Significant value|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Arkema (France), Asahi Kasei Corporation (Japan), BASF SE(Germany), BAYER AG(Germany), The Dow Chemical Company( U.S.), Dow Corning Corporation(U.S.), Eni S.p.A.( Italy), Exxon Mobil Corporation( U.S.), Mitsubishi Chemical Holdings Corporation ( Japan), among others.|
|Key Market Opportunities||Light weight, high strength, and low processing costs.|
|Key Market Drivers||The growing demand from sports and fluid handling segments has propelled the thermoplastic market|
Automotive, Consumer Goods, Fluid Handling, Medical, and Sports, are some of the major application areas of thermoplastic vulcanizates.
The medical segment is the largest regiment in the global thermoplastic vulcanizates market, which is projected to witness a higher CAGR during the forecast period due to growing use of plastics in gaskets & stoppers.
North America holds the largest share in the global thermoplastic vulcanizates market followed by Europe and Asia Pacific, respectively.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies adopted by the players in the global thermoplastic vulcanizates market.
Asahi Kasei Corporation (Japan), Arkema (France), BASF SE(Germany), The Dow Chemical Company (US), BAYER AG(Germany), Dow Corning Corporation (US), Exxon Mobil Corporation (US), Eni S.p.A.(Italy), and Mitsubishi Chemical Holdings Corporation (Japan), are some of the leading players in the global thermoplastic vulcanizates market.