Global Thermoplastic Vulcanizate (TPV) Market - Segmented by End-user Industry and Geography - Growth, Trends, and Forecast (2018 - 2023)

The thermoplastic vulcanizate market is expected to experience a moderate growth rate during the forecast period, 2018 to 2023. Asia-Pacific is estimated to lead the market, owing to growing demand from the automotive industry.

Necessity for Weight Reduction in Automobile Industry

The usage of thermoplastic vulcanizate (TPV) in automobile industry has increased rapidly in the past few years. The rise in usage is mainly due to its manufacturing flexibility, ease of processing, durability, and low weight. This gives car designers flexibility to incorporate complex designs that are impossible with conventional polymeric materials, such as thermoset rubber and ethylene propylene diene monomer rubber. Increase in consumption of TPV in the automotive industry is mainly due to growing need for improvement in mileage, and increasing government standards for emissions. According to industry experts, weight of the car is reduced by 5% when TPV is used. This reduction in weight, thereby, enhances the dynamics of the vehicles, reduces energy consumption, and improves fuel economy; which, in turn, is expected to drive the market for thermoplastic vulcanizate during the forecast period.

Automotive Industry to Dominate the Market

The automotive industry is expected to dominate the thermoplastic vulcanizate market. Thermoplastic vulcanizate has been extensively used in numerous automotive applications. Some of these applications include, automotive airbags, tires, under-the-hood components, sealing components, and interior & exterior components. In 2017, around 96.80 million motor vehicles were sold and around 97.30 million produced, worldwide. Growing demand for lightweight materials in the automotive industry, in order to provide increased efficiency and design flexibility, has increased the consumption of thermoplastic vulcanizate in the recent years, and this trend is expected to continue during the forecast period.

Asia-Pacific to Lead the Market

Asia-Pacific is projected to dominate the thermoplastic vulcanizate market during the forecast period, due to growing demand in the automotive industry. Asia-Pacific is the largest manufacturing hub for automobiles and its related components. Factors, such as growing automotive production and sales in the region, coupled with increasing number of automotive OEM manufacturers, are expected to drive the market in Asia-Pacific. In addition, growing population, rising urbanization, and changing lifestyles of the consumers in emerging economies, such as China, India, and South Korea, among others, are expected to drive the demand for thermoplastic vulcanizate in the region.

Major Players: Mitsui Chemicals, Inc., Exxon Mobil Corporation, A. Schulman, Inc., Mitsubishi Chemical Corporation, and SO.F.TER. S.r.l, among others

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