According to our latest market study on “Thermoplastic Vulcanizate Market to 2027 – COVID-19 Impact and Global Analysis – By End-Use Industry, 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.
|Market Size Value in||US$ 1,646.78 Million in 2019|
|Market Size Value by||US$ 2,612.50 Million by 2027|
|Growth rate||CAGR of 6.1% from 2020-2027|
|No. of Pages||131|
|No. of Charts & Figures||64|
|Historical data available||Yes|
|Segments covered||End Use Industry|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
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Thermoplastic vulcanizate (TPV) is a mixture of rubber particles distributed in a thermoplastic matrix. TTPV, 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. Automotive lightweight materials have witnessed strong growths have seen robust growth over the last few years owing due to the growing demand for luxuryious, 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 constantly tightening regulations but also meet the expanding range of personal customer demandstastes. TPVs are based on PP/EPDM, and the integration of nano fillers for the preparation of thermoplastic vulcanized nanocomposite (TPVN) has been produced exclusively for the automotive industry. TPVs are becoming increasingly common in a variety of commercial and industrial sectors, particularly automotive, such as automotive mechanical applications: convoluted bellows, flexible diaphragms, extruded profiles, tubing, gaskets, seals, mountings, bumpers, housings.
Extensive Demand from Automobile Industry Drives the Thermoplastic Vulcanizate (TPV) Market Globally
North America held the largest share of the market in 2019, followed by Asia Pacific. Many countries in North America are likely to represent the largest share in the thermoplastic vulcanizate (TPV) market and are anticipated to remain strong through the forecast period. Increasing use of thermoplastic vulcanizate (TPV) in various end use industries such as automotive, building and construction, healthcare, consumer goods, and others will further support product demand. Also, increasing applications in chemical and materials industry is also anticipated to fuel market size over the forecast period.
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.
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Thermoplastic Vulcanizate Market: End Use
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.
Thermoplastic Vulcanizate Market: Competitive Landscape and Key Developments
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.
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Overall size of the global thermoplastic vulcanizate (TPV) market size has been derived in accordance with both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data as well as to gain more analytical insights into the topic. The participants typically involved in the process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specialized in the thermoplastic vulcanizate (TPV) market.
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