Global Thermoplastic Vulcanization Market, By Application (Automotive, Fluid Handling, Consumer Goods, Medical, Footwear, Others) – Industry Trends and Forecast to 2030.
Thermoplastic Vulcanization Market Analysis and Size
Thermoplastic Vulcanizates are now increasingly being used as an alternative to PVC plastic owing to several stringent regulations regarding the usage of PVC in the automotive sector, which, in turn, is expected to boost product demand in the coming years. The rising preference for lightweight materials, such as TPV, over metals to increase fuel efficiency in automobiles is expected to increase the product demand over the forecast period. Favorable federal regulations laid down by various agencies regarding carbon emissions, along with the EU initiatives to develop TPV’s application for the creation of lightweight and fuel-efficient cars, are likely to augment the growth of the global market.
Data Bridge Market Research analyses that the global thermoplastic vulcanization market which was USD 2,174.30 million in 2022, would rocket up to USD 3,598.46 million by 2030, and is expected to undergo a CAGR of 6.50% during the forecast period. This indicates that the market value. The cosmetic & personal care segment is expected to dominate the market as it provides smoothening properties to the products. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Thermoplastic Vulcanization Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Application (Automotive, Fluid Handling, Consumer Goods, Medical, Footwear, Others
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, Luxemburg, Rest Of Europe, Japan, China, South Korea, India, Australia And New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest Of Asia-Pacific, Brazil, Argentina, Rest Of South America UAE, Saudi Arabia, Egypt, Israel, South Africa, And Rest Of Middle East And Africa
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Market Players Covered
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JSR Corporation (Japan), Exxon Mobil Corporation (United States), RTP Company (United States), DuPont (United States), Mitsui Chemicals, Inc. (Japan), Celanese Corp. (United States), LyondellBasell Industries Holdings B.V. (Netherlands), Mitsubishi Chemical Corp. (Japan), Ravago Manufacturing (Belgium), KUMHO POLYCHEM (South Korea among others
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Market Opportunities
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Market Definition.
Thermoplastic vulcanizates (TPVs) are superior elastomers that provide glorious flexibility, easy process, durability, and resistance to heat, fluids, and chemicals. These options build them appropriate to be used within the production of lightweight automotive components, such as automotive doors, weather seals, and under-the-hood elements.
Global Thermoplastic Vulcanization Market Dynamics
Drivers
Increasing Demand from Automotive Industry:
The automotive industry is a major driver for TPV market growth. TPVs offer excellent performance characteristics, such as high heat resistance, durability, and weatherability, making them suitable for automotive applications like seals, gaskets, hoses, and interior components. The rising demand for lightweight materials and the need for improved fuel efficiency in vehicles drive the adoption of TPVs.
Growing Focus on Sustainable and Recyclable Materials:
TPVs are considered environmentally friendly compared to traditional rubber materials. They can be recycled and reused, which aligns with the increasing emphasis on sustainability and the circular economy. The demand for TPVs as a sustainable alternative to conventional materials is driving market growth.
Opportunities
Growing Applications in Various Industries:
TPVs offer a wide range of application possibilities across industries like automotive, consumer goods, electrical and electronics, and healthcare. The versatility of TPVs opens up opportunities for manufacturers to develop innovative products and penetrate new market segments. Expanding the application scope of TPVs can drive market growth and diversify revenue streams.
Restraints/Challenges
High Initial Costs:
TPVs can have higher initial costs compared to traditional materials, which can be a restraint for some manufacturers. However, the total cost of ownership over the product lifecycle, considering factors like durability, reduced maintenance, and recyclability, can offset the initial investment and provide long-term cost benefits.
Regulatory Compliance and Certification:
Meeting regulatory standards and certifications specific to industries like automotive, healthcare and consumer goods can pose challenges for TPV manufacturers. Complying with various regulations and obtaining necessary certifications can require significant investment and expertise. However, achieving compliance opens up opportunities to cater to specific industries with stringent requirements.
This Thermoplastic vulcanization market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Thermoplastic vulcanization market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In January 2018, Mitsubishi Chemical started producing Styrenic Thermoplastic Elastomer in Thailand. And they state that they have an extensive line-up of olefinic, styrene, and polyester elastomers and produce and market these products globally.
Global Thermoplastic Vulcanization Market Scope
The thermoplastic vulcanization market is segmented on the basis of type, source and industry. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Segments:
Application
- Automotive
- Fluid Handling
- Consumer Goods
- Medical
- Footwear
- Others
Global Thermoplastic Vulcanization Market Regional Analysis/Insights
The thermoplastic vulcanization market is analyzed and market size insights and trends are provided by country and application as referenced above.
The countries covered in the thermoplastic vulcanization market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, Luxemburg, Rest Of Europe, Japan, China, South Korea, India, Australia And New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest Of Asia-Pacific, Brazil, Argentina, Rest Of South America UAE, Saudi Arabia, Egypt, Israel, South Africa, And Rest Of Middle East And Africa
North America is expected to dominate the thermoplastic vulcanizates market and will continue to flourish its dominance during the forecast period due to rapid urbanization, rising construction activities, and growing demand for high-performance coatings from various end-user industries, such as aerospace and defense sectors. However, Europe will project the highest CAGR for this period because of the rising demand for lightweight electric and hybrid vehicles, along with the presence of major automotive manufacturers.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Growing environmental consciousness and awareness among consumers and businesses
The thermoplastic vulcanization market also provides you with detailed market analysis for every country's growth in expenditure for capital equipment, installed base of different kind of products for the thermoplastic vulcanization market, impact of technology using life line curves and changes in regulatory scenarios and their impact on the thermoplastic vulcanization market. The data is available for the historic period 2010-2020.
Competitive Landscape and Global Thermoplastic Vulcanization Market Share Analysis
The thermoplastic vulcanization market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to thermoplastic vulcanization market.
- Some of the major players operating in the thermoplastic vulcanization market are:
- JSR Corporation (Japan),
- Exxon Mobil Corporation (United States),
- RTP Company (United States),
- DuPont (United States),
- Mitsui Chemicals, Inc. (Japan),
- Celanese Corp. (United States),
- LyondellBasell Industries Holdings B.V. (Netherlands),
- Mitsubishi Chemical Corp. (Japan),
- Ravago Manufacturing (Belgium),
- KUMHO POLYCHEM (South Korea).
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