The 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.
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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 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.
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