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.
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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.
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Further key findings from the study suggest:
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.
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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.
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