Thermoplastic Vulcanizates Market Share, Size, Trends, Industry Analysis Report, By Application (Automotive, Fluid Handling, Consumer goods, Medical, Footwear, Others); By Region; Segment Forecast, 2023-2032

Thermoplastic Vulcanizates Market Share, Size, Trends, Industry Analysis Report, By Application (Automotive, Fluid Handling, Consumer goods, Medical, Footwear, Others); By Region; Segment Forecast, 2023-2032

The global thermoplastic vulcanizates market size is expected treach USD 3,200.70 million by 2032, according ta new study by Polaris Market Research. The report “Thermoplastic Vulcanizates Market Share, Size, Trends, Industry Analysis Report, By Application (Automotive, Fluid Handling, Consumer goods, Medical, Footwear, Others); By Region; Segment Forecast, 2023-2032” gives a detailed insight intcurrent market dynamics and provides analysis on future market growth.

Demand for thermoplastic vulcanizates (TPV) is anticipated trise throughout the forecast period due ta significant move toward substituting heavy metals with lightweight materials like TPV in automobiles. For instance, in December 2022, Elastron, a major worldwide thermoplastics firm, and Chase Plastics announced developing a new supplier alliance. Elastron V is a thermoplastic elastomer vulcanizate made from cross-linked EPDM.

Elastron V (TPV) grades are flexible, have a low compression set, and have outstanding mechanical qualities. They are employed in various market sectors, including automotive, medical, consumer, building, and industrial.

During the projection period, the demand for thermoplastic vulcanizates is anticipated tbe supported by favorable government regulations that encourage using lightweight and recyclable materials in various industries, including automotive and construction. Thermoplastic vulcanizates are high-performance elastomers with excellent flexibility, great durability, and ease of manufacture.

They alsstrongly resist heat, liquids, and other auxiliary chemicals. These qualities make it a top choice for creating lightweight automobile components, including car doors, hood pieces, and weather seals. Consequently, these elements encourage market expansion. Additionally, TPV's expanding use in the healthcare sector is anticipated tbe a key development factor for the market.

The main advantage of TPV is its lower cost; thermoplastic vulcanizates are between 10 and 30 percent less expensive than EPDM. Additionally, this material is highly flexible in design, has a low molecular weight, and is highly recyclable. These characteristics enable the material tbe utilized tmanufacture fuel-efficient automobiles. Every 10% decrease in vehicle weight is predicted tresult in a 5-7% decrease in fuel consumption. Therefore, the TPV market will benefit from this rapid growth.

The increasing demand for energy-efficient and smart devices, and the growing adoption of renewable energy sources, are alsdriving the growth of the TPV market in the electrical and electronic industry. The aging population and the increasing demand for minimally invasive procedures are driving the increase in the medical industry. Additionally, the growing demand for single-use medical devices, which require flexible and durable materials, is alsdriving the growth of the TPV market in the medical industry.

Thermoplastic Vulcanizates Market Report Highlights

Automotive segment is leading the global market, owing tvarious factors such as favorable government regulation, various advantages of TPV material and its being cost effective as compared tother materials.

Europe is the second largest market for thermoplastic vulcanizates market due tthe presence of major automobile manufacturers in the region.

Asia Pacific region is estimated tgrow at a high CAGR during the projected period due tincreasing demand from automotive and constructing industries in this region.

Global players include Teknor Apex, Exxon Mobil Corporation, Mitsui Chemicals, Inc, KumhPolychem and JSR Corporation

Polaris Market Research has segmented the Thermoplastic Vulcanizates market report according tapplication and region:

Thermoplastic Vulcanizates, Application Outlook (Revenue - USD Million, 2019 - 2032)

Automotive

Fluid Handling

Consumer Goods

Medical

Footwear

Others

Thermoplastic Vulcanizates, Regional Outlook (Revenue - USD Million, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa