Excellent Flexibility and Elasticity of Thermoplastic Vulcanizates Fueling Their Use in Automobile Production
Rockville , Oct. 31, 2023 (GLOBE NEWSWIRE) — A recently published study by Fact.MR, a market research and competitive intelligence provider, asserts that the global thermoplastic vulcanizate market is estimated at US$ 1.74 billion in 2023. Worldwide demand for thermoplastic vulcanizates is forecasted to reach a market US$ 2.86 billion by the end of 2033. Low-temperature flexibility, chemical resistance, and high strength of thermoplastic vulcanizates are contributing to their increased demand.
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Extensive use of thermoplastic vulcanizates (TPVs) in various sectors, including fluid handling, construction, medical, consumer goods, and automotive, is predicted to drive growth opportunities. Thermoplastic vulcanizates are used in the automotive sector for the production of gaskets, panel hole plugs, air intel duct covers, vibration dampeners, and weatherstripping seals.
Increasing concerns related to sustainability and carbon emissions are projected to push demand for electric vehicles (EVs), which is further anticipated to fuel sales of TPVs.
| Report Attribute | Details |
| Value Projection (2033) | US$ 2.86 Billion |
| Growth Rate (2023-2033) | 5.1% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 57 Tables |
| No. of Figures | 45 Figures |
Key Takeaways from Market Study
- The global thermoplastic vulcanizate market reached US$ 1.65 billion in 2022.
- Sales of thermoplastic vulcanizates stand at US$ 1.74 billion in 2023.
- The market is set to reach a valuation of US$ 2.86 billion by the end of 2033.
- Worldwide demand for thermoplastic vulcanizates is forecasted to increase at a CAGR of 5.1% from 2023 to 2033.
- North America accounted for 33.1% share of the global market in 2022.
- The automotive segment held 59% share of the global market in 2022.
“Growing demand for environmentally friendly and lightweight materials with exceptional durability and increased safety in multiple sectors is predicted to propel demand for thermoplastic vulcanizates,” says a Fact.MR analyst.
High Demand for Thermoplastic Vulcanizates Due to Their Reduced Environmental Impact
Thermoplastic vulcanizates provide a range of properties such as excellent heat and chemical resistance, high durability, and elasticity. Widely used in automotive components like weatherstripping seals, headlamp seals, air inlet duct covers, vibration dampeners, gaskets, and panel hole plugs. As the global focus on reducing carbon emissions intensifies, the lightweight nature of thermoplastic vulcanizates is anticipated to create lucrative opportunities for industry players.
Key Companies Profiled in This Report
- LyondellBasell Industries,
- B.V.,
- DuPont de Nemours, Inc.,
- RTP Company,
- HEXPOL AB,
- Lotte Chemical Corporation,
- Mitsui Chemicals, Inc.,
- Celanese Corporation,
- Trinseo Plc.,
- Exxon Mobil Corp.,
- JSR Corporation,
- Ravago Manufacturing,
- Avient Corporation,
- Kumho Polychem,
- FM Plastics,
- LCY Group
- Ravago.
Winning Strategies
Market players are entering into agreements, collaborations, etc., to expand their reach across regions.
For instance:
- Mitsui Chemicals, Inc., in November 2022, signed an agreement with Hokkaido University for the establishment of an R&D department for product innovations.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the thermoplastic vulcanizate market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on processing method (injection molding, extrusion) and application (automotive, building & construction, consumer goods, medical & healthcare, house hoses/tubing), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
Explore More Related Studies Published by Fact.MR Research:
Metal Injection Molding (MIM) Powders Market: The scope of metal injection molding (MIM) powders market growth is expected to be significantly high as it has the capabilities of replacing other conventional techniques such as machining and investment casting.
Thermoplastic Elastomers Market: The market for thermoplastic elastomers (TPEs) is estimated at US$ 21 billion in 2022 and is forecasted to reach US$ 38.8 billion by the end of 2032.
Thermoplastic Copolyester Elastomers Market: Global demand for thermoplastic copolyester elastomers amounts to a market valuation of US$ 23.1 billion in 2023 and is forecasted to reach US$ 39.1 billion by the end of 2033.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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