Thermoplastic Vulcanizates Market

Updated on : October 25, 2024

Thermoplastic Vulcanizates Market

The global thermoplastic vulcanizates market was valued at USD 2.6 billion in 2022 and is projected to reach USD 4.9 billion by 2032, growing at 6.5% cagr from 2022 to 2032. Thermoplastic vulcanizates (TPVs) are a type of thermoplastic elastomers that combines the characteristics of both thermoplastic and elastomers. They are created by physically combining a thermoplastic resin with a vulcanized elastomer, resulting in a material that has the flexibility and elasticity of an elastomer but can also be melted and re-molded like a thermoplastic. TPVs have high strength, chemical resistance, and low-temperature flexibility. They are commonly utilised various segments such as automotive, construction, fluid handling, medical consumer goods, and others.

Attractive Opportunities in the Thermoplastic Vulcanizates Market

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Thermoplastic Vulcanizates Market Dynamics

Driver: Growth in Automotive sector and Raising penetration of EVs.

Thermoplastic vulcanizates have several favorable properties, such as excellent flexibility & elasticity, good chemical and temperature resistance, lightweight, ease of processing, etc. In the automotive industry, thermoplastic vulcanizates are commonly used for manufacturing panel hole plugs, gaskets, vibration dampeners, air inlet duct covers, headlamp seals, and weatherstripping seals. Raising concern about carbon emissions, & sustainability are the prime factors that drive the market of thermoplastic vulcanizates. Nowadays, many countries focus on eliminating the levels of carbon emissions, which drives the demand for EVs, and this helps in boosting the demand for TPV in the forecast period.

Restraint: Fluctuation in raw material prices

TPV (thermoplastic vulcanizate) prices fluctuate owing to a variety of reasons, such as changes in raw material supply and demand, geopolitical events, economic conditions, and currency exchange rates. Furthermore, production costs, technological advances, and market competition can all impact TPV prices. Oil prices play a dominant role in the price dynamics of thermoplastic vulcanizates, as most of the raw materials are derived from them. The majorily raw materials used for manufacturing the TPV are EPDM rubber and polypropylene.

Opportunities: Bio-based thermoplastic vulcanizates for various end-use industries

TPVs (thermoplastic vulcanizates) manufactured from renewable, biobased materials such as corn starch, sugar cane, or plant-based polymers are known as biobased thermoplastic vulcanizates. These Biobased TPVs offer better properties as compared to the traditional TPV and are used in various end-use industries such as automotive and electronics. They are considered to be environmentally friendly due to their reduced dependence on fossil fuels and lower carbon footprint compared to conventional TPVs made from petroleum-based polymers. However, The prices of biobased TPVs can fluctuate due to similar factors as conventional TPVs but also depend on the availability and cost of the biobased raw materials.

Challenges: Technological Advancements

In the era of technology, several innovations have taken place to enhance conventional materials' properties. It is very well known that thermoplastic vulcanizates have good chemical resistance, excellent fatigue resistance, and superior performance at elevated temperatures. Despite having excellent properties, thermoplastic vulcanizates cannot be used under aggressive temperatures and environmental oil conditions for prolonged periods of time because of the progressive change in their mechanical properties, such as fatigue resistance and strength. In view of this, several technological advancements are carried out nowadays to address these issues.

Thermoplastic Vulcanizates Market Ecosystem

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

Thermoplastic vulcanizates industry offer several properties such as good elasticity, high durability, good heat & chemical resistance, and many more. These TPVs are light in weight have recyclable in nature. These are used in making several automobile parts, such as panel hole plugs, gaskets, vibration dampeners, air inlet duct covers, headlamp seals, and weatherstripping seals. Nowadays, many countries are focussing on decreasing carbon emissions, and in view of this, as TPVs offer less weight properties, so many automotive manufacturers are focussing on utilizing the TPVs made several products. This drives the demand for TPVs in the forecast period.

By Processing Method, the Injection Molding segment accounted for the highest CAGR during the forecast period

Injection Molding is one of the most important techniques for processing TPV material due to its high productivity and clean and residue-free operation. Apart from this, this processing method offers several advantages, such as high efficiency and high productivity, can be used for making complex shapes, reduces the need for manual labor, cost-effective, maintains tolerances values, and others. Due to these advantages, many manufacturers of several end-use industries use this processing method. Automotive manufacturers mainly use this processing method because of its excellent advantages.

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

The Asia Pacific region is the hub of foreign investments and expanding industrial sectors largely due to the availability of low-cost labor and cheap availability of land. As a result of this, industrialization is rising in the region, which raises the demand for rubber products. In addition to this, the automotive industry is also growing in this region, as TPVs are used in making seals, gaskets, hoses, etc. Governments of several countries in this region focus on reducing their carbon footprint by shifting the utilization of conventional vehicles towards electric vehicles. This enhances the demand for EVs in the region, which escalates the demand for thermoplastic vulcanizates in the forecast period.

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Thermoplastic Vulcanizates Market Players

Thermoplastic vulcanizates comprises major manufacturers such as LyondellBasell Industries Holdings B.V. (Netherlands), Celanese Corporation (US), DuPont de Nemours, Inc. (US), Mitsui Chemicals, Inc.(Japan), and Trinseo Plc (US), were the leading players in the thermoplastic vulcanizates market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the thermoplastic vulcanizates industry.

Thermoplastic Vulcanizates Market Report Scope

This research report categorizes the global thermoplastic vulcanizates market on the basis of Processing Method, Application, and Region.

Thermoplastic Vulcanizates Market by Processing Method:

• Injection Molding
• Extrusion
• Others

Thermoplastic Vulcanizates Market by Application:

• Automotive
• Fluid Handling
• Footwear
• Consumer Goods
• Medical
• Others

Thermoplastic Vulcanizates Market by Region:

• North America
• Europe
• Asia Pacific (APAC)
• South America
• Middle East & Africa

The market has been further analyzed for the key countries in each of these regions.

Recent Developments

• In November 2022, Mitsui Chemicals, Inc. has signed an agreement with Hokkaido University to establish an industry creation research and development department.
• In November 2022, Mitsui Chemicals, Inc.has signed an agreement with Kyoto University to build an autonomous testing system for automated synthesis.
• In November 2022, LyondellBasell Industries Holdings B.V., has collaborated with the automobile company Audi AG to use the plastic which is recovered from automobile plastic waste.
• In November 2022, Mitsui Chemicals, Inc opened a digital science lab to accelerate further the digital transformation (DX) of its R&D through digital science.
• In October 2022, LyondellBasell Industries Holdings B.V., has signed a Memorandum of Understanding (MoU) with The Shakti Plastic Industries to form a joint venture to build and operate a fully automated mechanical recycling plant in India.
• In October 2022, LyondellBasell Industries Holdings B.V., has signed a Memorandum of Understanding (MoU) with Genox Recycling Tech Co., Ltd. to establish a joint venture (JV) to build a plastics recycling plant in China.
• In June 2022, Mitsui Chemicals, Inc. has developed an environmentally friendly grade of MILASTOMER by using a recycled polyolefin as a principal component of the thermoplastic elastomer.
• In June 2022, Trinseo Plc opened its new Global Business Services (GBS) office in Dublin City Centre, welcoming representatives from leading local businesses and organizations.
• In February 2022, Celanese Corporation has announced the acquisition of the Mobility & Materials (“M&M”) business division of DuPont de Nemours, Inc.
• In January 2022, Trinseo Plc has completed the acquisition of Heathland B.V., a leading collector and recycler of post-consumer and post-industrial plastic wastes in Europe.

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