Thermoplastic Vulcanizate (TPV) Market is expected to reach US$ 2,612.50 Mn by 2027

Growing Demand of Thermoplastic Vulcanizate from Consumer Goods Industry Escalate the Studied Market Growth at 6.1% CAGR during 2020–2027

According to our latest market study on “Thermoplastic Vulcanizate Market to 2027 – COVID-19 Impact and Global Analysis - By End-Use Industry (Automotive, Building and Construction, Consumer Goods, Healthcare, and Others), and Geography,” the market was valued at US$ 1,646.78 million in 2019 and is projected to reach US$ 2,612.50 million by 2027; it is expected to grow at a CAGR of 6.1% during the forecast period. The report highlights key factors driving the market growth and prominent players, along with their developments, in the market.

Thermoplastic vulcanizate (TPV) is a mixture of rubber particles distributed in a thermoplastic matrix. Therefore, TPV has mixed properties, including the characteristics of the vulcanized rubber elastomer as well as the handling properties of the thermoplastic material. Typical TPV contains approximately two-thirds of ethylene propylene diene monomer and one-third of impact polypropylene. This mixture of raw materials can also differ, such as polypropylene with natural rubber, polypropylene and ethylene-octene copolymers, and others. These materials have a wide range of hardness, excellent flex fatigue, high impact resistance, and superior resistance to acids, bases, and aqueous media. Due to its manufacturing versatility and ease of processing, TPV is used in applications requiring durability and lightweight characteristics, such as in vehicles, construction, and others.

Based on end use industry, the thermoplastic vulcanizate (TPV) material market is segmented into automotive, building and construction, consumer goods, healthcare, and others. In 2019, the automotive segment dominated the market. Automotive lightweight materials have witnessed strong growth over the last few years owing to the growing demand for luxury, low-emission, safe, and high-performance vehicles. As a result, suppliers and manufacturers have launched a number of solutions that not only help OEMs comply with strict regulations but also meet the expanding range of personal customer demands. TPVs are also a reasonable alternative to expensive elastomers. They offer excellent elastomeric durability, including relatively high tensile strength and elongation at break time, high elastic recovery as well as good dimensional stability in hot air, and excellent resistance to UV aging, ozone, and weathering. The key applications of TVP in the automotive industry include hose covers, air inlet duct covers, gaskets, seals, convoluted boots, vibration-dampers, strut covers, ignition parts, bushings, and window seals. Flexible TPV automotive under-the-hood components include air intake tubes and bellows, well flares of the wheel, bellows of the steering system, and sound abatement parts. Further, the cost of TPVs is considered 10–30% percent lower than EPDM, combined with a lower weight, enhanced versatility of design, and recyclability

The global thermoplastic vulcanizate market is concentrated with a few well-established players such as Mitsui Chemicals, Inc.; Celanese Corporation; Mitsubishi Chemical Corporation; Kumho Polychem, Trinseo; Teknor Apex; ExxonMobil; Zeon Chemicals L.P.; and Alphagary and Ravago Manufacturing.

Impact of COVID-19 Pandemic on Thermoplastic Vulcanizate Market

The COVID-19 pandemic began in Wuhan (China) in December 2019. As of December 2020, the US, Brazil, India, Russia, South Africa, Mexico, and the UK are among the worst-affected countries in terms confirmed cases and reported deaths. The COVID-19 outbreak has affected economies and industries in various countries due to imposed lockdowns and travel bans, and business shutdowns. The overall market breakdown due to COVID-19 is also affecting the growth of the thermoplastic vulcanizate market due to shutting down of factories, obstacles in supply chain, and downturn in world economy.

Global Thermoplastic Vulcanizate Market —by Region, 2019

The report includes the segmentation of the global Thermoplastic Vulcanizate Market as follows:

By End-Use Industry

• Automotive
• Building and Construction
• Consumer Goods
• Healthcare
• Others

By Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Italy
  • UK
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
• South America
  • Brazil
  • Argentina
  • Rest of South America