The outstanding durability, heat resistance, and weather resistance of TPVs make them widely employed in the automobile industry. Along with many other essential automobile parts, they are used in window encapsulation. The requirement for lightweight, high-performance, and cost-effective materials is driving up demand for TPVs, which is being fueled by the significant expansion of the automotive industry. The remarkable environmental qualities that set thermoplastic vulcanizates apart from conventional rubber compounds are typically what propel their adoption. They are expected to become more widely used because of their lower environmental impact and recyclability during production and use.
According to SPER Market Research, Thermoplastic Vulcanizate Market Size- By Processing Method, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033′ states that the Global Thermoplastic vulcanizate market is estimated to reach USD 5.23 billion by 2033 with a CAGR of 6.71%.
Various applications, such as industrial machinery, need the use of thermoplastic vulcanizates in gaskets and seals. The utilization of thermoplastic vulcanizates is expected to expand due to the necessity for effective sealing solutions in the automobile industry. Certain stiff substrates are more suited for over-molding thermoplastic vulcanizates because to their superior adhesive qualities. The manufacture of products with enhanced grip, aesthetics, and soft-touch feel is made possible by this TPV characteristic, which is drawing attention to consumer and industrial goods. Over the course of the research period, the thermoplastic vulcanizate (TPV) market is expected to increase as a result of consumers’ increasing demand for eco-friendly, lightweight solutions with superior safety and durability. Thermoplastic vulcanizates (TPV) are being used more often as PVC plastic substitutes due to the tight regulations around PVC use in the automotive sector.
Many technological advancements have been made in the modern era to improve the characteristics of conventional materials. Thermoplastic vulcanizates are widely known for their improved performance at higher temperatures, exceptional fatigue resistance, and good chemical resistance. Because of the progressive change in their mechanical properties, such as fatigue resistance and strength, thermoplastic vulcanizates, despite having good properties, cannot be employed under harsh temperatures and ambient oil conditions for extended periods of time. Modern technology is addressing these problems with a number of technological improvements. High raw material costs, particularly those associated with EPDM, are a major barrier to the global market for thermoplastic vulcanizates (TPV). Producers’ profitability may be significantly impacted by the cost of obtaining raw materials based on EPDM, which are used in the production of TPV.
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Impact of COVID-19 on Thermoplastic Vulcanizate Market
The COVID-19 pandemic impacted the thermoplastic vulcanizate market by reducing demand from several industries and limiting supply due to transportation constraints. Higher demand from the building, construction, and automotive sectors, however, caused the market to rebound in 2022. But the coronavirus pandemic has seriously affected automobile production and upset the value chain of the automotive industry. Many countries have halted manufacturing operations—apart from those that produce necessities—to prevent the coronavirus from spreading. It is expected that this will impact the demand for plastics in automotive applications during the course of the projection period.
Thermoplastic Vulcanizate Market Key Players:
The global market for thermoplastic vulcanizates (TPV) is anticipated to develop at the quickest rate in Asia Pacific. The demand for TPVs is being driven by the emerging automobile markets in China and India. .Some of the key players are – Avient Corporation, Celanese Corporation, DuPont de Nemours, Inc., HEXPOL AB, Lotte Chemical Corporation, LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Corporation.
Thermoplastic Vulcanizate Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Processing Method: Based on the Processing Method, Global Thermoplastic Vulcanizate Market is segmented as; Extrusion, Injection Molding.
By Application: Based on the Application, Global Thermoplastic Vulcanizate Market is segmented as; Automotive, Consumer Goods, Fluid Handling, Footwear, Medical.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Thermoplastic Vulcanizate Market Growth
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