The global thermoplastic vulcanizates market size is anticipated to reach USD 2.4 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 6.5% over the forecast period. The growing demand for lightweight, high-performance materials from the automotive industry is expected to drive the global market. Increasing government intervention for improving fuel efficiency has prompted the use of high-performance engineering plastics including thermoplastic vulcanizate (TPV).
The
growth of the consumer goods industry in BRIC nations is also expected to have
a positive impact on the global market. Volatile prices of key feedstock are
expected to remain a key challenge for market participants over the forecast
period. On the basis of application, the market is segmented into automotive,
fluid handling, consumer goods, medical, and others.
The
medical application segment is expected to witness the fastest growth over the
forecast period. The high demand for advanced healthcare services owing to the
availability of well-developed healthcare infrastructure, increasing incidences
of Cardiovascular Diseases (CVDs), and rising aging population across the world
is anticipated to drive the demand for medical devices.
This,
in turn, is expected to have a positive impact on the segment’s growth. In
addition, rising cases of COVID-19 at the community level is projected to
propel the need for various medical equipment, such as peristaltic tubes,
syringe tips, seals, gloves, masks, and others, thereby boosting the demand for
medical-grade TPVs in the coming years.
Full Research Report On Thermoplastic Vulcanizates Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/thermoplastic-vulcanizates-industry
Thermoplastic
Vulcanizates Market Report Highlights
- The global market was valued
at USD 1.5 billion in 2019 and is estimated to expand at a CAGR of 6.5%
from 2020 to 2027
- The automotive segment led
the market and accounted for more than 58% share of the global revenue in
2019
- The significant growth was
attributed to the high demand for lightweight and high-performance
materials in the automotive industry
- Asia Pacific accounted for
over 28% of the overall revenue in 2019 and is expected to register the
fastest CAGR from 2020 to 2027
- India is projected to lead
the APAC regional market, in terms of revenue share as well as growth
rate, over the forecast period
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Thermoplastic
Vulcanizates Market Segmentation
Grand View Research has segmented
the global thermoplastic vulcanizates market on the basis of application and
region:
TPV Application
Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
- Automotive
- Fluid Handling
- Consumer Goods
- Medical
- Others
TPV Regional
Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The U.K.
- Germany
- France
- Russia
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- Saudi Arabia
- South Africa
List of Key Players
of Thermoplastics Vulcanizates (TPV) Market
- JSR Corp.
- Exxon Mobil Corp.
- RTP Company
- DuPont de Nemours, Inc.
- Mitsui Chemicals, Inc.
- Celanese Corp.
- LyondellBasell Industries
Holdings B.V.
- Mitsubishi Chemical Corp.
- Ravago Manufacturing
- KUMHO POLYCHEM
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 info visit @ https://www.grandviewresearch.com
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