Thermoplastic Vulcanizates Market:Analysis
The global thermoplastic vulcanizates market is predicted to grow at a healthy CAGR between 2017-2023, reveals the latest Market Research Future (MRFR) report. Thermoplastic vulcanizates or TPVs, simply put, are fully cross-linked PP/EPDM compounds. Such products are rubbery and soft with excellent heat resistance, tensile strength, and compression set. Thermoplastic vulcanizates are used in applications that need long term sealing performance at high temperatures. Owing to its alluring features, such as low processing costs, high strength, and lightweight, thermoplastic vulcanizates have a wide range of applications, including sports, medical, consumer goods, fluid handling, automotive, and others.
Various factors are propelling the thermoplastic vulcanizates market growth. These factors, as per the new Market Research Future (MRFR) report, include growing demand for lightweight and high-performance material in the automotive industry, government regulations and initiatives to boost fuel efficiency, burgeoning automotive industries, and increasing demand for thermoplastic vulcanizate in the healthcare sector as a substitute for PVC, and increasing focus on research and development activities.
On the flip side, regulatory guidelines, environmental concerns, and volatile raw material costs are factors that may restrict the thermoplastic vulcanizates market growth over the forecast period.
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Major players profiled in the thermoplastic vulcanizates market report include Mitsubishi Chemical Holdings Corporation (Japan), Exxon Mobil Corporation(US), Eni S.p.A.(Italy), Dow Corning Corporation (US), The Dow Chemical Company(US), BAYER AG(Germany), BASF SE(Germany), Asahi Kasei Corporation (Japan), and Arkema (France).
The MRFR report provides an all-inclusive segmental analysis of the thermoplastic vulcanizates market on the basis of application.
Based on Application, the thermoplastic vulcanizates market is segmented into sports, medical, consumer goods, fluid handling, automotive, and others. Of these, the automotive segment will lead the market over the forecast period. This is on account of the increasing use of plastics for producing corrosion-resistant and high-performance vehicles. Moreover, the investors in the healthcare sector are encouraging manufacturers in using thermoplastic vulcanizates as an alternative to polyvinyl chloride owing to its durable and ecofriendly nature. Thus, the medical segment is anticipated to experience rapid growth over the forecast period chiefly due to the growing use of thermoset rubber in various medical devices.
By region, the thermoplastic vulcanizates market report covers the latest trends and growth opportunities across North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa. Of these, North America will command the largest share in the market over the forecast period. Factors pushing growth in the region include burgeoning demand for thermoplastic polymers in heavy industries and enactment of government-based initiatives that has induced car manufacturers in replacing metals with plastic owing to its optimal and efficient performance. Mexico, Canada, and the US are the chief contributors in this region.
The thermoplastic vulcanizates market in the APAC region is predicted to grow at the highest CAGR over the forecast period. This is chiefly owing to the fact that it produces less waste, is easy to use, and is recyclable, thereby making it applicable in different applications including health care, packaging, and consumer goods sectors. India, China, and Japan are the chief contributors in this region on account of the increasing use of polymers in marine, energy, industrial machinery, sports, construction, and automotive industries. The accessibility of raw materials has prompted investors and manufacturers to shift focus to lightweight materials from heavy plastics and metals.
The thermoplastic vulcanizates market in the European market is predicted to have favorable growth over the forecast period. Factors pushing growth in the region include the rising disposable income and strict regulations laid down by the government. Italy, the UK, and Germany are the chief contributors in the region.
The thermoplastic vulcanizates market in the MEA is predicted to have significant growth over the forecast period chiefly on account of the increasing use of thermoplastics in petrochemical and oil and gas industries.
The thermoplastic vulcanizates market in Latin America is predicted to have favorable growth over the forecast period chiefly on account of increasing consumption of polymers in the construction and automotive sectors.
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July 2019: DuPont Transportation and Industrial have joined hands with ExxonMobil Chemical to come up with a new variety of Santoprene thermoplastic vulcanizates to offer enhanced flow properties, abrasion resistance, and ultraviolet light stability.
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