he
global thermoplastic vulcanizates market is growing with the
instantaneous pace; mainly due to the burgeoning automotive industries.
According to a recent study report published by the Market Research
Future, the global market of thermoplastic vulcanizates is prospering
and expected to gain strong influence over the forecast period. The
market is estimated to demonstrate a remarkable growth by 2023,
surpassing its previous growth records in terms of value with a striking
CAGR during the forecasted period (2017 – 2023).
Globally,
the market for thermoplastic vulcanizates is driven by the region North
America, owing to enactment of government based initiative such as
Corporate Average Fuel economy to substitute metals with plastics in
end-use industries. These materials are utilized in non-load bearing
parts such as battery frames, car bumpers, and others. Additionally, the
lightweight materials are also consumed in the medical applications
such as gaskets, stoppers, and others due to advantages such as
reliable, durable, and cost-effective nature offered by the product.
Increasing
demand for the product in applications such as air ducts, tubing,
moulded seals, grommets, and others signifies the growth of automotive
industries. Moreover, growing consumption of product due to unique
features offered by the product such as efficient, superior performance
provide a boost to the thermoplastic vulcanizates market growth.
On
the other hand, extensive use of reduced weight materials than metals
in major industries is projected to propel the market growth during the
forecast period.
Thermoplastic Vulcanizates Industry
are used in various end-use industries such as automotive, construction
& buildings, marine, aerospace, energy, and others.
They
are also utilized in major sectors due to their ease of application,
recyclable, and versatile nature. The growing demand of these polymers
has prompted the manufacturers and investors to shift their focus from
heavy substances to lightweight materials in end-use applications.
Additionally, the growing research & development activities and
innovations of the product in the established companies have resulted
into a remarkable growth in the market during the forecast period.
Thermoplastic Vulcanizates Market - Regional Analysis:
Geographically,
North America is leading the global thermoplastic vulcanizates market.
The U.S. holds the major portion owing to rising infrastructure
developments coupled with technological advancement in the major sector.
Increasing consumption of thermoplastic vulcanizates in automotive,
fluid handling, consumer goods, medical and others has boosted the
market demand in Canada, and Mexico. Asia Pacific has witnessed a
significant growth in the market owing to rapid consumption of
thermoplastic polymers in end-use industries. A notable growth has been
received by the European region due to implementation of strict rules
and regulations to adopt eco-friendly products instead of heavy metals
in major sectors. Additionally, the market is growing significantly in
the Middle East & Africa and Latin America regions, due to rising
adoption of polymers in end-use industries.
Thermoplastic Vulcanizates Market- Competitive Landscape:
The
thermoplastic vulcanizates market appears to be competitive with the
presence of several large and small players operating in manufacturing
and development of product. These key players compete with each other’s
on the basis of quality, price, production and innovation. Thermoplastic
vulcanizates market is set to grow at a significant rate which is
likely to attract many entrants to the market resulting into healthy
competition in the future. Manufacturers operating in the thermoplastic
vulcanizates market are striving their level best to respond to an
increase in demand for the product from automotive, construction &
buildings, aerospace, and other sectors attributed to growing production
capacity in major sectors. They ensure to deliver the best quality
products based on innovative technologies, solutions and best practices.
Industry/ Innovation/ Related News:
October
24, 2017 – Exxon Mobil Corporation (U.S.), one of the leading producers
of thermoplastic vulcanizates, declared that the company has decided to
launch two grades of santoprene-brand thermoplastic vulcanizates by the
end of 2017. These products have excellent friction performance,
bonding strength with EPDM (ethylene propylene diene monomer (M- class)
rubber). One of the sources of the company also announced that these
products were developed to impart lightweight and cost-effective nature
to the final product. Therefore, these factors are expected to drive the
market over the assessment period.
July
20, 2016 – Exxon Mobil Corporation (U.S.), one of the prominent
manufacturers of thermoplastic vulcanizates, declared that the company
has decided to expand the production capacity of specialty elastomers
plant by 25% in Newport, Wales. This process was initiated due to
soaring demand for the product in various applications such as health
care device, automotive seals, and others. Therefore, these factors are
expected to drive the market over the assessment period.
Access Complete Report @ https://www.marketresearchfuture.com/reports/thermoplastic-vulcanizates-market-4704
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