The worldwide market for thermoplastic vulcanizates (TPV) was valued at approximately US$ 1,646.78 million in 2019 and is anticipated to grow to US$ 2,612.50 million by 2027, reflecting a compound annual growth rate (CAGR) of 6.1% from 2020 to 2027.
Thermoplastic vulcanizate (TPV) is essentially a composite material that consists of rubber particles embedded within a thermoplastic matrix. This unique combination allows TPV to exhibit properties characteristic of both vulcanized rubber elastomers and thermoplastic materials. Typically, a standard TPV formulation comprises about two-thirds ethylene propylene diene monomer (EPDM) and one-third impact polypropylene. However, variations in the raw materials can occur, such as using natural rubber instead of EPDM or incorporating ethylene-octene copolymers. These materials are known for their diverse hardness levels, exceptional flex fatigue resistance, high impact strength, and remarkable resistance to acids, bases, and water. Due to its adaptability in manufacturing and ease of processing, TPV is widely utilized in applications that demand durability and lightweight features, particularly in sectors like automotive and construction. The automotive industry, in particular, has seen significant growth in lightweight materials, driven by the increasing demand for luxury, low-emission, safe, and high-performance vehicles. Consequently, manufacturers have introduced various solutions that not only assist original equipment manufacturers (OEMs) in adhering to stringent regulations but also cater to the evolving preferences of consumers. TPVs, primarily based on PP/EPDM, have also seen the development of thermoplastic vulcanized nanocomposites (TPVN) specifically for automotive applications. These materials are increasingly prevalent across various commercial and industrial sectors, especially in automotive mechanical applications such as convoluted bellows, flexible diaphragms, extruded profiles, tubing, gaskets, seals, mountings, bumpers, and housings.
The TPV market is categorized by end-use industries, including automotive, building and construction, consumer goods, healthcare, and others. In 2019, the automotive sector was the leading segment in the market. The demand for lightweight automotive materials has surged in recent years, fueled by the desire for luxury, low-emission, and high-performance vehicles. This has prompted suppliers and manufacturers to develop solutions that not only help OEMs comply with increasingly stringent regulations but also meet the diverse preferences of consumers. TPVs serve as a cost-effective alternative to high-priced elastomers, providing excellent durability, including substantial tensile strength and elongation at break, high elastic recovery, and good dimensional stability under heat, along with outstanding resistance to UV aging, ozone, and environmental factors. Key applications of TPV in the automotive sector include hose covers, air inlet duct covers, gaskets, seals, convoluted boots, vibration dampers, strut covers, ignition components, bushings, and window seals. Flexible TPV components used in automotive applications include air intake tubes, bellows, wheel well flares, steering system bellows, and sound dampening parts. Additionally, TPVs are generally 10% to 30% less expensive than EPDM, while also being lighter, more versatile in design, and recyclable.
Geographically, the TPV market is divided into North America, Europe, Asia Pacific (APAC), South America, and the Middle East and Africa (MEA). North America accounted for the largest market share in 2019, followed by Asia Pacific and Europe. Companies in this region are continuously improving their business processes to better meet customer demands. Numerous domestic and international firms have established a strong presence in North America, which enhances the demand for thermoplastic vulcanizates. The United States is a significant market for TPV, followed by Canada and Mexico. Rapid industrialization and flexible trade policies are propelling the growth of the TPV market. Favorable federal regulations from agencies like the National Highway Traffic Safety Administration (NHTSA) and the Environmental Protection Agency (EPA) aimed at promoting lightweight and fuel-efficient vehicles further stimulate market growth in North America. TPVs, known for their high-performance elastomer characteristics, offer flexibility, durability, and ease of processing, which contribute to the expansion of the TPV market in the region. Moreover, the application of thermoplastic vulcanizates in the building and construction, consumer goods, and healthcare sectors also boosts demand across North America.
As of December 2020, countries such as the United States, India, Brazil, Russia, France, the United Kingdom, Turkey, Italy, and Spain have been significantly impacted by COVID-19, with high numbers of confirmed cases and fatalities. According to WHO data from December 2020, there were approximately 80,453,105 confirmed cases and 1,775,776 deaths globally. The pandemic has disrupted economies due to lockdowns, travel restrictions, and business closures. The global chemicals and materials sector has faced significant challenges, including supply chain interruptions and manufacturing delays. China, being a major manufacturing hub and primary supplier of raw materials for various industries, has seen its production facilities affected by lockdowns, which in turn disrupts global supply chains and negatively impacts manufacturing, delivery timelines, and sales. These factors have hindered the growth of the global thermoplastic vulcanizate market.
Key players in the global TPV market include Mitsui Chemicals Inc., Celanese Corporation, Mitsubishi Chemical Corporation, Kumho Polychem, Trinseo, Teknor Apex, ExxonMobil, Zeon Chemicals L.P., Alphagary, and Ravago.
The overall size of the global thermoplastic vulcanizate market has been determined through both primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry participants and experts to validate the data and gain further analytical insights. Participants typically included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, valuation experts, research analysts, and key opinion leaders specializing in the TPV market.
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