Market Size of Thermoplastic Vulcanizate (TPV) Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 429.84 kilotons |
| Market Volume (2029) | 557.30 kilotons |
| CAGR (2024 - 2029) | 5.33 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players-Market---Key-Players.webp)
*Disclaimer: Major Players sorted in no particular order |
Thermoplastic Vulcanizate (TPV) Market Analysis
The Thermoplastic Vulcanizate Market size is estimated at 429.84 kilotons in 2024, and is expected to reach 557.30 kilotons by 2029, growing at a CAGR of 5.33% during the forecast period (2024-2029).
- The major factors driving the market studied are the surge in demand for TPVs from the automobile industry, the increase in utilization in the consumer goods industry, and the growing initiatives of companies to use recyclable materials in TPVs.
- However, TPV's poor resistance to chemicals and wear and the fluctuation in raw material prices are likely to restrain the market's growth.
- The market is expected to experience major growth opportunities due to its growing use in the healthcare industry and surging demand for electrical appliances.
- During the forecast period, the TPV market is estimated to register the fastest growth and be the most dominant in Asia-Pacific.
Thermoplastic Vulcanizate (TPV) Industry Segmentation
Thermoplastic vulcanizates (TPVs) are a type of thermoplastic elastomer in which the rubber phase vulcanizes during melt mixing with a semicrystalline thermoplastic phase at high temperatures. The beneficial properties associated with using TPV are recyclability, superior UV stability, and low-temperature flexibility. TPVs have extensive applications in the production of lightweight automotive parts, building materials, consumer goods, and various other industrial sectors.
The market is segmented by end-user industry and geography. By end-user industry, the market is segmented into automotive, building and construction, consumer goods, healthcare, and other end-user industries (industrial seals and gaskets, footwear, HVAC systems, and sporting goods). The report also covers the market size and forecasts for the thermoplastic vulcanizate (TPV) in 28 countries across the major regions. For each segment, the market size and forecasts are based on volume (tons).
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| Consumer Goods | |
| Healthcare | |
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Thermoplastic Vulcanizate (TPV) Market Size Summary
The thermoplastic vulcanizate (TPV) market is poised for significant growth, driven by increasing demand from the automotive, building, and construction sectors. The market experienced disruptions due to the COVID-19 pandemic, which affected supply chains and reduced demand across various industries. However, it rebounded as industries resumed operations and demand surged, particularly in the automotive sector, where TPV is used for its lightweight and cost-effective properties. The automotive industry benefits from TPV's ability to meet stringent regulations and consumer preferences for luxurious, low-emission, and high-performance vehicles. TPV's applications in automotive components, such as hose coverings and vibration dampeners, highlight its versatility and importance in enhancing vehicle efficiency and design flexibility.
In the Asia-Pacific region, the TPV market is bolstered by extensive demand from countries like China, Japan, and India. China's focus on increasing electric vehicle production and its robust consumer goods market contribute to the rising consumption of TPV. The country's construction boom further amplifies this demand, with significant investments in building projects. Japan's Tokyo also presents lucrative opportunities for TPV due to its residential sector investments. Despite challenges like chemical resistance and raw material price fluctuations, the market's growth is supported by favorable government policies promoting recyclable materials and the expanding use of TPV in healthcare and electrical appliances. The market is consolidated, with major players like Exxon Mobil Corporation and Mitsui Chemicals Inc. dominating the landscape, further driving innovation and development in TPV applications.
Thermoplastic Vulcanizate (TPV) Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Extensive Demand from the Automobile Industry
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1.1.2 Increase in Use of Thermoplastic Vulcanizate in the Consumer Goods Industry
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1.1.3 Growing Initiative of Companies for Using Recyclable Materials in TPV
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1.2 Restraints
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1.2.1 Poor Chemical and Wear Resistance
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1.2.2 Fluctuation in Raw Material Prices
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 ByEnd-user Industry
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2.1.1 Automotive
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2.1.2 Building and Construction
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2.1.3 Consumer Goods
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2.1.4 Healthcare
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2.1.5 Other End-user Industries
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2.2 By Geography
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2.2.1 Asia-Pacific
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2.2.1.1 China
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2.2.1.2 India
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2.2.1.3 Japan
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2.2.1.4 South Korea
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2.2.1.5 Malaysia
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2.2.1.6 Thailand
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2.2.1.7 Indonesia
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2.2.1.8 Vietnam
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2.2.1.9 Rest of Asia-Pacific
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2.2.2 North America
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2.2.2.1 United States
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2.2.2.2 Canada
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2.2.2.3 Mexico
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2.2.3 Europe
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2.2.3.1 Germany
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2.2.3.2 United Kingdom
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2.2.3.3 France
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2.2.3.4 Italy
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2.2.3.5 Spain
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2.2.3.6 NORDIC Countries
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2.2.3.7 Turkey
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2.2.3.8 Russia
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2.2.3.9 Rest of Europe
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Colombia
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2.2.4.4 Rest of South America
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2.2.5 Middle East and Africa
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2.2.5.1 Saudi Arabia
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2.2.5.2 Qatar
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2.2.5.3 United Arab Emirates
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2.2.5.4 Nigeria
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2.2.5.5 Egypt
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2.2.5.6 South Africa
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2.2.5.7 Rest of Middle East and Africa
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Thermoplastic Vulcanizate (TPV) Market Size FAQs
How big is the Thermoplastic Vulcanizate Market?
The Thermoplastic Vulcanizate Market size is expected to reach 429.84 kilotons in 2024 and grow at a CAGR of 5.33% to reach 557.30 kilotons by 2029.
What is the current Thermoplastic Vulcanizate Market size?
In 2024, the Thermoplastic Vulcanizate Market size is expected to reach 429.84 kilotons.
