Thermoplastic Vulcanizates Tpv Market
Thermoplastic Vulcanizates (TPV) Market Forecasts to 2030 - Global Analysis By Raw Material (Elastomers, Thermoplastics and Other Raw Materials), By Processing Method (Blow Moulding, Compression Moulding, Extrusion Moulding and Injection Moulding), Application, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $1.83 BN |
|
Projected Year Value (2030) |
US $2.96 BN |
|
CAGR (2023-2030) |
7.1% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Thermoplastic Vulcanizates (TPV) Market is accounted for $1.83 billion in 2023 and is expected to reach $2.96 billion by 2030 growing at a CAGR of 7.1% during the forecast period. Thermoplastic Vulcanizates (TPV) are a class of thermoplastic elastomers that combine the properties of thermoplastics and vulcanized rubber. TPVs consist of a continuous thermoplastic matrix with cross-linked rubber particles dispersed within it. They offer excellent elasticity, resilience, and chemical resistance, making them suitable for a wide range of applications, including automotive components, seals, gaskets, and consumer goods.
According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, the total vehicle production in China stood at 27,020,615 units, which increased by 3% compared to 2021.
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Market Dynamics:
Driver:
Increasing demand for lightweight materials
The increasing demand for lightweight materials serves as a significant driver in the thermoplastic vulcanizate (TPV) market. TPVs offer a unique combination of lightweight properties along with excellent flexibility, durability, and impact resistance. As industries such as automotive, aerospace, and consumer goods prioritize weight reduction to enhance fuel efficiency, performance, and sustainability, TPVs emerge as an attractive solution. Their ability to replace traditional materials like rubber and metal in various applications further contributes to the growing demand for TPVs.
Restraint:
Limited availability of bio-based TPVs
While there is growing demand for environmentally friendly materials, the production of bio-based TPVs is constrained by factors such as limited availability of raw materials, challenges in processing bio-based compounds, and higher production costs compared to conventional TPVs. This limitation hinders the widespread adoption of bio-based TPVs and poses challenges for manufacturers seeking to meet sustainability objectives and consumer preferences.
Opportunity:
Development of new and improved TPVs
Advancements in polymer chemistry, compounding techniques, and material engineering allow for the creation of TPVs with enhanced properties such as improved mechanical strength, flexibility, and heat resistance. These advancements enable TPVs to meet the evolving needs of various industries, including automotive, construction, and consumer goods, driving demand for innovative TPV solutions and expanding the market for these versatile materials.
Threat:
Competition from alternative products
TPVs offer unique properties such as elasticity, resilience, and chemical resistance, but they face competition from other thermoplastic elastomers (TPEs) such as thermoplastic polyurethane (TPU) and styrenic block copolymers (SBCs), as well as traditional rubber materials. Additionally, advancements in material science and the development of bio-based or recycled alternatives further intensify competition.
Covid-19 Impact:
The COVID-19 pandemic has impacted the thermoplastic vulcanizate (TPV) market, leading to supply chain disruptions, reduced demand from key end-user industries such as automotive and construction, and logistical challenges. However, the market has shown resilience due to TPV's versatility, durability, and applicability in essential sectors like healthcare and consumer goods.
The injection moulding segment is expected to be the largest during the forecast period
The injection molding segment is anticipated to be the largest in the thermoplastic vulcanizate (TPV) market during the forecast period. This is attributed to the widespread adoption of injection molding technology in manufacturing processes for various products, such as automotive components, consumer goods, and industrial parts. Injection molding offers advantages such as high efficiency, design flexibility, and cost-effectiveness, driving its dominance in the TPV market for the production of molded parts.
The medical & healthcare segment is expected to have the highest CAGR during the forecast period
The medical and healthcare segments are poised for lucrative growth in the thermoplastic vulcanizates (TPV) market due to increasing demand for TPV-based medical devices, equipment, and packaging materials. TPVs offer excellent chemical resistance, biocompatibility, and sterilization capabilities, making them ideal for applications such as medical tubing, seals, gaskets, and surgical instruments. Additionally, the growing emphasis on infection control, patient safety, and healthcare hygiene further drives the adoption of TPVs in the medical sector, fostering market growth.
Region with largest share:
The North American region is positioned to capture the largest market share in the thermoplastic vulcanizates (TPV) market due to factors such as robust industrial infrastructure, high demand from the automotive and construction sectors, and stringent regulatory standards promoting the use of TPVs. Additionally, the presence of key market players, technological advancements, and increasing investments in research and development further contribute to North America's dominance in the TPV market, driving its growth and market leadership.
Region with highest CAGR:
Asia Pacific is estimated to register lucrative growth in the thermoplastic vulcanizates (TPV) market due to the region's robust manufacturing sector, increasing investments in automotive and construction industries, and rising demand for TPV-based products in emerging economies such as China and India. Additionally, supportive government initiatives, growing urbanization, and infrastructure development projects further contribute to the region's potential for significant expansion in the TPV market, making it a key growth driver.
Key players in the market
Some of the key players in Thermoplastic Vulcanizates (TPV) Market include Arkema S.A., BASF SE, Celanese Corporation, Dow Inc., DuPont de Nemours, Inc., ExxonMobil Corporation, HEXPOL TPE, Kraiburg TPE GmbH & Co. KG, Kuraray Co., Ltd., Lanxess AG, LyondellBasell Industries N.V., Mitsui Chemicals, Inc., Ravago Holdings America, Inc., RTP Company, Saudi Basic Industries Corporation (SABIC), Sumitomo Chemical Co., Ltd., Teknor Apex, Tosoh Corporation, Trinseo S.A. and Zeon Corporation.
Key Developments:
In June 2023, Teknor Apex expanded its TPV product portfolio with the launch of a new grade, Medalist MD-47180, which provides high-performance cushioning and durability for medical device applications.
In April 2023, Kraiburg TPE introduced a new TPV compound series, THERMOLAST K, designed for automotive interior applications. It offers excellent aesthetics and scratch resistance.
In March 2023, Mitsubishi Chemical Corporation partnered with Denka Company Limited to jointly develop and commercialize advanced TPV materials for automotive applications.
Raw Materials Covered:
• Elastomers
• Thermoplastics
• Other Raw Materials
Processing Methods Covered:
• Blow Moulding
• Compression Moulding
• Extrusion Moulding
• Injection Moulding
Applications Covered:
• Wire & Cable Sheath
• Fluid Handling
• Drug Vial Closures
• Conveyor Belts
• Tubing & Hoses
• Seals & Gaskets
• Footwear Components
• Other Applications
End Users Covered:
• Medical & Healthcare
• Consumer Goods
• Sports & Leisure
• Electronics
• Oil & Gas
• Building & Construction
• Automotive
• Aerospace
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Thermoplastic Vulcanizates (TPV) Market, By Raw Material
5.1 Introduction
5.2 Elastomers
5.2.1 Ethylene-propylene-diene Monomer (EPDM)
5.2.2 Styrene-butadiene-styrene (SBS)
5.2.3 Chlorinated Polyethylene (CPE)
5.3 Thermoplastics
5.3.1 Polypropylene (PP)
5.3.2 Styrene-ethylene/butylene-styrene (SEBS)
5.4 Other Raw Materials
6 Global Thermoplastic Vulcanizates (TPV) Market, By Processing Method
6.1 Introduction
6.2 Blow Moulding
6.3 Compression Moulding
6.4 Extrusion Moulding
6.5 Injection Moulding
7 Global Thermoplastic Vulcanizates (TPV) Market, By Application
7.1 Introduction
7.2 Wire & Cable Sheath
7.3 Fluid Handling
7.4 Drug Vial Closures
7.5 Conveyor Belts
7.6 Tubing & Hoses
7.7 Seals & Gaskets
7.8 Footwear Components
7.9 Other Applications
8 Global Thermoplastic Vulcanizates (TPV) Market, By End User
8.1 Introduction
8.2 Medical & Healthcare
8.3 Consumer Goods
8.4 Sports & Leisure
8.5 Electronics
8.6 Oil & Gas
8.7 Building & Construction
8.8 Automotive
8.9 Aerospace
8.10 Other End Users
9 Global Thermoplastic Vulcanizates (TPV) Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Arkema S.A.
11.2 BASF SE
11.3 Celanese Corporation
11.4 Dow Inc.
11.5 DuPont de Nemours, Inc.
11.6 ExxonMobil Corporation
11.7 HEXPOL TPE
11.8 Kraiburg TPE GmbH & Co. KG
11.9 Kuraray Co., Ltd.
11.10 Lanxess AG
11.11 LyondellBasell Industries N.V.
11.12 Mitsui Chemicals, Inc.
11.13 Ravago Holdings America, Inc.
11.14 RTP Company
11.15 Saudi Basic Industries Corporation (SABIC)
11.16 Sumitomo Chemical Co., Ltd.
11.17 Teknor Apex
11.18 Tosoh Corporation
11.19 Trinseo S.A.
11.20 Zeon Corporation
List of Tables
1 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Region (2021-2030) ($MN)
2 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Raw Material (2021-2030) ($MN)
3 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Elastomers (2021-2030) ($MN)
4 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Ethylene-propylene-diene Monomer (EPDM) (2021-2030) ($MN)
5 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Styrene-butadiene-styrene (SBS) (2021-2030) ($MN)
6 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Chlorinated Polyethylene (CPE) (2021-2030) ($MN)
7 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Thermoplastics (2021-2030) ($MN)
8 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Polypropylene (PP) (2021-2030) ($MN)
9 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Styrene-ethylene/butylene-styrene (SEBS) (2021-2030) ($MN)
10 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Other Raw Materials (2021-2030) ($MN)
11 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Processing Method (2021-2030) ($MN)
12 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Blow Moulding (2021-2030) ($MN)
13 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Compression Moulding (2021-2030) ($MN)
14 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Extrusion Moulding (2021-2030) ($MN)
15 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Injection Moulding (2021-2030) ($MN)
16 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Application (2021-2030) ($MN)
17 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Wire & Cable Sheath (2021-2030) ($MN)
18 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Fluid Handling (2021-2030) ($MN)
19 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Drug Vial Closures (2021-2030) ($MN)
20 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Conveyor Belts (2021-2030) ($MN)
21 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Tubing & Hoses (2021-2030) ($MN)
22 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Seals & Gaskets (2021-2030) ($MN)
23 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Footwear Components (2021-2030) ($MN)
24 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Other Applications (2021-2030) ($MN)
25 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By End User (2021-2030) ($MN)
26 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Medical & Healthcare (2021-2030) ($MN)
27 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Consumer Goods (2021-2030) ($MN)
28 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Sports & Leisure (2021-2030) ($MN)
29 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Electronics (2021-2030) ($MN)
30 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Oil & Gas (2021-2030) ($MN)
31 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Building & Construction (2021-2030) ($MN)
32 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Automotive (2021-2030) ($MN)
33 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Aerospace (2021-2030) ($MN)
34 Global Thermoplastic Vulcanizates (TPV) Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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