According to projections, the thermoplastic vulcanizate market would be worth US$ 1.74 billion by 2023. The global market for thermoplastic vulcanizates is expected to reach a value of US$ 2.86 billion by the end of 2033. The market is seeing an increase in demand due to the superior strength, chemical resistance, and flexibility of thermoplastic vulcanizates at low temperatures.
The widespread use of thermoplastic vulcanizates (TPVs) in a range of industries, including fluid handling, construction, medical, consumer items, and automotive, is anticipated to propel growth opportunities. Thermoplastic vulcanizates are used in the automotive industry to make gaskets, air intelligence duct covers, panel hole plugs, vibration dampeners, and weatherstripping seals. The demand for electric vehicles (EVs) is predicted to rise along with concerns about sustainability and carbon emissions, which will also probably boost sales of plug-in hybrid vehicles (TPVs).
Key Takeaways from Market Study
The global thermoplastic vulcanizate (TPV) market, a key player in the materials industry, achieved a valuation of US$ 1.65 billion in 2022, with a slight increase to US$ 1.74 billion in 2023. Projections indicate a substantial growth trajectory, with the market expected to reach US$ 2.86 billion by the end of 2033. This growth is driven by an anticipated compound annual growth rate (CAGR) of 5.1% from 2023 to 2033. North America has played a significant role in this market, accounting for 33.1% of the global market share in 2022. The increasing demand for sustainable and high-performance materials in various industries is a primary factor fueling the expansion of the TPV market.
The automotive sector has been a dominant force in the TPV market, holding a remarkable 59% share of the global market in 2022. The versatility and resilience of thermoplastic vulcanizates make them ideal for various applications, particularly in automotive manufacturing where they contribute to weight reduction, fuel efficiency, and overall vehicle performance. The market’s growth is further supported by advancements in TPV technology and an increasing emphasis on eco-friendly and recyclable materials. As industries worldwide continue to prioritize sustainability and performance, the demand for TPVs is set to rise steadily, ensuring robust market growth in the coming decade.
List of Key Companies Profiled in The Report
- LyondellBasell Industries
- DuPont de Nemours, Inc.
- RTP Company
- HEXPOL AB
- Lotte Chemical Corporation
- Mitsui Chemicals, Inc.
- Celanese Corporation
- Trinseo PLC
- ExxonMobil Corp.
- JSR Corporation
- Ravago Manufacturing
- Others
Thermoplastic Vulcanizates are in high demand because of their reduced environmental impact.
Thermoplastic vulcanizates offer a variety of qualities, including exceptional flexibility, great durability, and resistance to heat and chemicals. extensively utilised in automobile parts such as gaskets, vibration dampeners, air inlet duct covers, headlight seals, weatherstripping seals, and panel hole plugs. Because of their lightweight nature, thermoplastic vulcanizates are expected to present profitable opportunities for industry players as the global focus on decreasing carbon emissions grows.
Market Competition
Market participants are implementing effective strategies to achieve various objectives, such as ensuring product quality control, fostering new developments, and optimizing supply chain management systems. Prominent strategies adopted by key players across different regions include mergers, acquisitions, collaborations, and product launches.
For example, in July 2022, Mitsui Chemicals developed an eco-friendly grade of TPV called MILASTOMER, which incorporates recycled polyolefin as a key component. This innovative material is currently used in several sectors, including building & construction and automotive.
