Thermoplastic Vulcanizate Market Share, Revenue, Emerging Trends, Growth Drivers, Challenges, Opportunities and Forecast Till 2033: SPER Market Research
Thermoplastic vulcanizates (TPV) are high-performance elastomers that are exceptionally flexible, easy to manufacture, durable, and resistant to heat, fluids, and chemicals. Because of these characteristics, they can be utilized to make lightweight automotive parts such as car doors, weather seals, and engine components. TPVs are commonly utilized in the manufacture of automotive interior and exterior components such as wiper systems, air guides and dams, spoilers and trims, and flappers. Thermoplastic vulcanizates (TPVs) are increasingly being used in the automotive industry as an alternative to thermoset rubbers such as chlorosulfonated polyethylene, styrene-butadiene rubber (SBR), and ethylene propylene diene monomer (EPDM), due to properties such as low maintenance, improved reliability, low manufacturing costs, and safety.
According to SPER market research, ‘Global Thermoplastic Vulcanizate Market Size- By Processing Method, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Thermoplastic Vulcanizate Market is estimated to reach USD 5.23 billion by 2033 with a CAGR of 6.71%.
Thermoplastic Vulcanizates (TPV) are increasingly being used as an alternative to PVC plastic due to rigorous laws governing the use of PVC in the automobile industry, which is projected to drive market demand in the coming years. Furthermore, a strong movement toward substituting metals with lightweight materials such as thermoplastic vulcanizates (TPV) to improve fuel efficiency in automobiles is likely to drive up demand for TPV throughout the projection period. Consumers’ preference for fuel-efficient vehicles around the world is driving increased demand for TPV in automotive applications, which is likely to drive market expansion. Concerns about carbon emissions and sustainability are the primary drivers driving the thermoplastic vulcanizates industry. Nowadays, several countries are focusing on reducing carbon emissions, which increases demand for EVs and helps to boost demand for TPV throughout the projection period.
Prices for thermoplastic vulcanizate (TPV) fluctuate for a variety of reasons, including variations in raw material demand and supply, global economic conditions, and exchange rates for currencies. This may hamper the market growth. Furthermore, production costs, technological advancements, and market rivalry all have an impact on TPV prices. Because oil prices are an important source of raw materials for thermoplastic vulcanizates, they have a major influence on fluctuations in prices. Several technological advances have occurred to improve the qualities of traditional materials. Thermoplastic vulcanizates are well-known for their chemical resistance, outstanding fatigue resistance, and superior performance at high temperatures. Despite their great qualities, thermoplastic vulcanizates cannot be used for extended periods of time at high temperatures and in oily environments due to progressive changes in mechanical attributes such as fatigue resistance and strength. As a result, various technological developments are now underway to solve these challenges.
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Impact of COVID-19 on Thermoplastic Vulcanizate Market
The COVID-19 pandemic impacted the thermoplastic vulcanizate market, resulting in reduced supply due to transportation limitations and decreased demand from many sectors. The pandemic had an impact on the thermoplastic vulcanizate market, causing a decline in demand from a variety of industries as well as an interruption in supply. Thereby, reducing the market growth. However, the market recovered in 2022, owing to rising demand from the automotive, building, and construction sectors.
Thermoplastic Vulcanizate Market Key Player
The Asia-Pacific region dominates the market. The leading competitors in the market include Avient Corporation, Celanese Corporation, DuPont de Nemours, Inc., HEXPOL AB, Lotte Chemical Corporation, and LyondellBasell Industries Holdings B.V.
Global Thermoplastic Vulcanizate Market Segmentation:
By Processing Method: Based on the Processing Method, Global Thermoplastic Vulcanizate Market is segmented as; Extrusion, Injection Molding.
By Application: Based on the Application, Global Thermoplastic Vulcanizate Market is segmented as; Automotive, Consumer Goods, Fluid Handling, Footwear, Medical.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Thermoplastic Vulcanizate Market Business Outlook
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