Thermoplastic Vulcanizates Market by Processing Method (Injection Molding, Extrusion), Application (Automotive, Footwear, Consumer Goods, Fluid Handling, Medical), and Region (North America, Europe, South America, APAC, MEA) - Global Forecast to 2032

Thermoplastic Vulcanizates Market by Processing Method (Injection Molding, Extrusion), Application (Automotive, Footwear, Consumer Goods, Fluid Handling, Medical), and Region (North America, Europe, South America, APAC, MEA) - Global Forecast to 2032

The market for thermoplastic vulcanizates is approximated to be USD 2.6 billion in 2022, and it is projected to reach USD 4.9 billion by 2032 at a CAGR of 6.5%. Out of three processing methods (Injection Molding, Extrusion, and others), injection molding has the largest market share because of its several advantages, such as maintaining tolerances values, high productivity, excellent efficiency, reduced requirement of manual labor, and others. Due to these properties, this processing method is widely used in several end-use industries.

By Processing Method, Injection molding accounted for the highest CAGR during the forecast period.

Injection molding is a manufacturing method that involves injecting melted TPV material into a mold cavity, where it cools and forms into the desired shape. The method is highly automated and efficient, making it possible to mass-produce identical components with complex shapes and great precision. Injection molding is widely utilized in many industries to produce various items such as automobile parts, packaging materials, electrical components, and toys. Rising demands for automotive vehicles, changing lifestyles, rapid changes in consumer demands, and others are the major factors that rises the adoption of this processing method by the manufacturers of end-use industries in the forecast period.

By Application, Automotive segment accounted for the highest CAGR during the forecast period

TPVs (Thermoplastic Vulcanizates) are used in the automotive industry because they offer several advantages over other materials, such as lightweight, flexible, improved durability & longevity, excellent chemical and thermal resistance, good electrical insulation properties, ease of processing and ability to be molded into complex shapes, recyclable in nature, cost-effectiveness compared to other materials, and improved fuel efficiency due to their low weight. Rising demand for electrical vehicles for controlling carbon emissions and biobased TPVs help to provide excellent opportunities for the growth of the thermoplastic vulcanizates market.

Asia Pacific is projected to account for the highest CAGR in the thermoplastic vulcanizates market during the forecast period

The fastest-growing thermoplastic vulcanizates market is expected to occur in the Asia Pacific region. The various countries which are covered in this region are India, China, Japan, South Korea, and the Rest of Asia Pacific. Countries such as India, China, and Japan are expected to rise in the thermoplastic vulcanizates market due to growing developmental activities and rapid economic expansion. In addition, rising urbanization in these countries results in growing demands for residential and non-residential structures, raises concerns about sustainability, energy savings, and pollution, and raises the demands for automotive vehicles, which led to the growth of the thermoplastic vulcanizates market in the forecast period.

Further in-depth interviews were conducted with the Chief Experience Officer (CXO), Managers, Marketing Officers, Production Officers, and other related key executives from various key companies and organizations operating in the thermoplastic vulcanizates market.

By Department: Sales/Export/Marketing: 46.7%, Production: 30%, and CXOs: 23.3%

By Designation: Managers: 55.7%, CXOs: 23.3%, and Executives: 21%

By Region: North America: 30%, Europe: 23%, Asia Pacific: 27%, Middle East & Africa: 15%, and South America: 5%.

Companies Covered: LyondellBasell Industries Holdings B.V. (Netherlands), Celanese Corporation (US), DuPont de Nemours, Inc. (US), Mitsui Chemicals, Inc.(Japan), Trinseo Plc (US)., Mitsubishi Chemical Corporation (Japan), Lotte Chemical Corporation (South Korea), RTP Company (US), HEXPOL AB.(Sweden), and Avient Corporation (US).

Research Coverage

The market study covers the Thermoplastic vulcanizates market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on application, processing method, and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the thermoplastic vulcanizates market.

Key Benefits of Buying the Report

The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall thermoplastic vulcanizates market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.