Dublin, March 06, 2023 (GLOBE NEWSWIRE) -- The "Thermoplastic Vulcanizates Market by Processing Method (Injection Molding, Extrusion), Application (Automotive, Footwear, Consumer Goods, Fluid Handling, Medical), and Region (North America, Europe, South America, APAC, MEA) - Global Forecast to 2032" report has been added to ResearchAndMarkets.com's offering.
The market for thermoplastic vulcanizates is approximated to be USD 2.6 billion in 2022, and it is projected to reach USD 4.9 billion by 2032 at a CAGR of 6.5%. Out of three processing methods (Injection Molding, Extrusion, and others), injection molding has the largest market share because of its several advantages, such as maintaining tolerances values, high productivity, excellent efficiency, reduced requirement of manual labor, and others. Due to these properties, this processing method is widely used in several end-use industries.
By Processing Method, Injection molding accounted for the highest CAGR during the forecast period.
Injection molding is a manufacturing method that involves injecting melted TPV material into a mold cavity, where it cools and forms into the desired shape. The method is highly automated and efficient, making it possible to mass-produce identical components with complex shapes and great precision. Injection molding is widely utilized in many industries to produce various items such as automobile parts, packaging materials, electrical components, and toys. Rising demands for automotive vehicles, changing lifestyles, rapid changes in consumer demands, and others are the major factors that rises the adoption of this processing method by the manufacturers of end-use industries in the forecast period.
By Application, the Automotive segment accounted for the highest CAGR during the forecast period.
TPVs (Thermoplastic Vulcanizates) are used in the automotive industry because they offer several advantages over other materials, such as being lightweight, flexible, improved durability & longevity, excellent chemical and thermal resistance, good electrical insulation properties, ease of processing and ability to be molded into complex shapes, recyclable in nature, cost-effectiveness compared to other materials, and improved fuel efficiency due to their low weight. Rising demand for electrical vehicles for controlling carbon emissions and biobased TPVs help to provide excellent opportunities for the growth of the thermoplastic vulcanizates market.
Asia Pacific is projected to account for the highest CAGR in the thermoplastic vulcanizates market during the forecast period.
The fastest-growing thermoplastic vulcanizates market is expected to occur in the Asia Pacific region. The various countries which are covered in this region are India, China, Japan, South Korea, and the Rest of Asia Pacific. Countries such as India, China, and Japan are expected to rise in the thermoplastic vulcanizates market due to growing developmental activities and rapid economic expansion. In addition, rising urbanization in these countries results in growing demands for residential and non-residential structures, raises concerns about sustainability, energy savings, and pollution, and raises the demands for automotive vehicles, which led to the growth of the thermoplastic vulcanizates market in the forecast period.
Market Dynamics
Drivers
- Growth in Automotive Sector and Rising Penetration of EVs
- Strict Emission Regulations and Standards in Developed Countries
Restraints
- Fluctuations in Raw Material Prices
Opportunities
- Bio-Based Thermoplastic Vulcanizates for Various End-Use Industries
- Increasing Demand for Thermoplastic Vulcanizates in Medical & Healthcare Sector
Challenges
- Technological Advancements
| Report Attribute | Details |
| No. of Pages | 230 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value (USD) in 2022 | $2.6 Billion |
| Forecasted Market Value (USD) by 2032 | $4.9 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Thermoplastic Vulcanizates Market, by Processing Method
7.1 Introduction
7.2 Extrusion
7.3 Injection Molding
7.4 Others
8 Thermoplastic Vulcanizates Market, by Application
8.1 Introduction
8.2 Automotive
8.3 Fluid Handling
8.4 Consumer Goods
8.5 Medical
8.6 Footwear
8.7 Others
9 Thermoplastic Vulcanizates Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Appendix
Companies Mentioned
- Americhem
- APAR Industries Ltd.
- Avient Corporation
- Celanese Corporation
- Crosspolimeri
- Customized Compound Solutions
- Dioshy Co., Ltd.
- Dupont De Nemours Inc.
- Elastron Tpe
- FM Plastics
- HDC Hyundai Engineering Plastics Co., Ltd.
- Hexpol Ab
- Kent Elastomer Products Inc.
- KMI Group Inc.
- Kraiburg TPE
- Lotte Chemical Corporation
- LyondellBasell Industries Holdings B.V.
- Mitsubishi Chemical Corporation
- Mitsui Chemicals, Inc.
- Mocom Compounds GmbH & Co. Kg
- Ravago Manufacturing
- RTP Company
- Rusplast
- Teknor Apex
- Trinseo plc
For more information about this report visit https://www.researchandmarkets.com/r/glvlnc
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