Global Thermoplastic Vulcanizates (TPV) Market is expected to reach
USD 1.87 billion by 2020, according to a new study by Grand View Research, Inc.
Growing demand for lightweight, high performance materials from automotive
industry is expected to drive the global thermoplastic vulcanizates market.
Increasing government intervention for improving fuel efficiency has prompted
the use high performance engineering plastics including TPV which has fueled
its demand. Growth of consumer goods industry in BRIC nations is also expected
to have a positive impact on the global market. Volatile price of key feedstock
is expected to remain a key challenge for market participants over the forecast
period.
Automotive was the largest
application segment and accounted for 59.8% of total TPV consumption in 2013.
Strong shift in trend towards replacing metals and heavy plastics with
engineering plastics in order to reduce the overall weight of automobiles is
expected to drive this segment over the forecast period. Medical is expected to
witness the highest growth rate of 7.6% from 2014 to 2020. Growing awareness
regarding the use of phthalate free medical devices and equipment is expected
to drive TPV demand in medical industry.
Browse full research report on Global Thermoplastic Vulcanizates Market: http://www.grandviewresearch.com/industry-analysis/thermoplastic-vulcanizates-industry
Further key findings from
the study suggest:
- Global thermoplastic vulcanizates market demand was 297.9 kilo tons in 2013 and is expected to reach 470.8 kilo tons by 2020, growing at a CAGR of 6.8% from 2014 to 2020.
- North America dominated the global TPV market and accounted for 34.6% of global demand in 2013. The regional market is characterized by several favorable government initiatives including Corporate Average Fuel Economy (CAFE) program which mandates an average mileage of approximately 29 miles per gallon which is expected to go up to 35.5 miles per gallon by 2016. Implementation of such initiatives has prompted automotive manufacturers to reduce overall weight of automobiles in order to achieve optimum fuel efficiency. This trend is expected to drive the regional TPV demand over the next six years.
- Asia Pacific is expected to witness the highest growth of 7.4% over the forecast period. Growth of key end-use industries including automotive and healthcare particularly in China and India is expected to drive the regional TPV market.
- Major companies operating in the global TPV market have been constantly involved in R&D and product development to cater specific end-use requirements. Key industry participants include The Dow Chemical Company, Exxon Mobil, Solvay Engineered Polymers, DuPont Performance Elastomers, Arkema Inc., Kraton Polymers and Dexco Polymers.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/plastics-polymers-and-resins
For the purpose of this study, Grand View Research has
segmented the TPV market on the basis of application and region:
Global Thermoplastic Vulcanizates (TPV) Application
Outlook (Volume, Kilo Tons, Revenue, USD Million, 2012 - 2020)
- Automotive
- Fluid Handling
- Consumer Goods
- Medical
Global Thermoplastic Vulcanizates (TPV) Regional Outlook
(Volume, Kilo Tons, Revenue, USD Million, 2012 - 2020)
- North America
- U.S.
- Europe
- UK
- Germany
- Asia Pacific
- Japan
- China
- Central & South America
- Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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