THE THERMOPLASTIC VULCANIZATES MARKET IS PROJECTED TO BE WORTH USD 1.55 BILLION BY 2030, REGISTERING A CAGR OF 6.9% DURING THE FORECAST PERIOD (2020–2030).
The historical impact of these drivers and restraints is analyzed in context of the current impact of these factors and projections are made for the likely impact of these drivers and restraints over the forecast period. Various components of the global thermoplastic vulcanizates market are also studied in the report and projections are made for the growth trajectory of each distinct component. The various segments and sub-segments within the global thermoplastic vulcanizates market are studied in detail in the report. The study also makes a detailed analysis of the major players operating in the global Thermoplastic Vulcanizates Market Analysis and provides a detailed look at the various competitive strategies employed by players in the global thermoplastic vulcanizates market. Likely future conditions with respect to the competitive landscape of the market are also explained in detail in the report.
Thermoplastic vulcanizates are a compound of EPDM rubber and polymers such as polypropylene. While there are various grades of thermoplastic vulcanizates, the substances are mainly known for their durability, chemical resistance, and toughness. This has driven the application of thermoplastic vulcanizates in a number of applications, including automotive, medical devices, fluid handling, and sports equipment. A number of consumer goods, including white goods, also use thermoplastic vulcanizates due to their high durability and chemical resistance. The favorable physical properties of thermoplastic vulcanizates are likely to enable continued application in a number of end-use industries over the forecast period.
The automotive industry is likely to remain a major consumer of thermoplastic vulcanizates over the forecast period. The automotive industry uses thermoplastic vulcanizates in a number of applications, including fittings and dashboard appliances. The chemical and physical resistance of thermoplastic vulcanizates, as well as their favorable aesthetic qualities, make them the preferred material in these applications. This is likely to remain a major driver for the thermoplastic vulcanizates market over the forecast period.
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Leading players in the global thermoplastic vulcanizates market include Mitsubishi Chemical Holdings Corporation, Exxon Mobil Corporation, Eni SpA, Dow Corning Corporation, The Dow Chemical Company, Bayer AG, BASF SE, Asahi Kasei Corporation, and Arkema.
In December 2019, thermoplastic distributor Conventus Polymers announced a new Mexican subsidiary to facilitate sales and distribution of thermoplastic vulcanizates, among other materials, in the growing Mexican market. The new subsidiary is titled Conventus Polymers de Mexico and is based in Guadalajara.
The global thermoplastic vulcanizates market is segmented on the basis of application and region.
By application, the global thermoplastic vulcanizates market is segmented into automotive, fluid handling, consumer goods, medical, sports, and others. The automotive segment holds a major share of 25% in the global thermoplastic vulcanizates market, followed by the fluid handling and consumer goods segments. The growing automotive industry and the growing demand for lightweight, strong materials in the same is thus likely to be a major driver for the thermoplastic vulcanizates market over the forecast period. The automotive industry has become a key end user of various polymers due to the need to innovate lightweight materials for use in automotive fittings. This is likely to drive the thermoplastic vulcanizates market at a robust growth rate over the forecast period. Fluid handling applications are also likely to be a major revenue generator for the global thermoplastic vulcanizates market due to the high chemical resistance of thermoplastic vulcanizates. The growing chemical industry is thus likely to be a major driver for the thermoplastic vulcanizates market over the forecast period.
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North America is likely to be the leading revenue generator in the global thermoplastic vulcanizates market over the forecast period, with Asia Pacific expected to exhibit the highest CAGR. The increasing need to increase the fuel economy in the automotive sector is likely to lead to a growing adoption of polymers in place of metal components. This is likely to be a major driver for the thermoplastic vulcanizates market over the forecast period.
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