Global Thermoplastic Vulcanizate (TPV) Market Size By Application (Automotive, Medical, Fluid Handling, Consumer Goods), By Competitive Landscape, By Geographic Scope And Forecast

Thermoplastic Vulcanizate (TPV) Market Size And Forecast

Thermoplastic Vulcanizate (TPV) Market size was valued at USD 1.62 Billion in 2024 and is projected to reach USD 2.71 Billion by 2031, growing at a CAGR of 6.60% from 2024 to 2031.

The global market is driven by the factors such as strong demand for lightweight materials with superior properties, especially from the automobile industry. The Global Thermoplastic Vulcanizate (TPV) Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Thermoplastic Vulcanizate (TPV) Market Definition

A thermoplastic vulcanizate is a blend of rubber particles that are dispersed in a thermoplastic matrix. The TPV has combined properties involving the characteristics of vulcanized rubber elastomer and processing properties of the thermoplastic material. Thermoplastic vulcanizate contains about two-thirds of ethylene propylene diene monomer and one-third of the polypropylene. This raw materials combination may vary, and applications of TPVs are in industrial, automotive, consumers, electricals, and hoses tubing. Increasing demand for lightweight and sustainable solutions that provide extreme durability coupled with improved safety may assist the market growth over the forecast period.

Thermoplastic Vulcanizates (TPVs) are high-performance elastomers that have properties like excellent flexibility, ease of processing, durability, and resistance to heat, fluids, and chemicals. These features make them suitable for the production of lightweight automotive parts like car doors, weather seals, and under-the-hood components. TPVs are widely used as an alternative for PVC plastic as they consist of several stringent regulations regarding the usage of PVC in the automotive sector, which may boost the product demand in the coming years. In addition, the rising preference for lightweight materials, such as TPV, over metals to increase fuel efficiency in automobiles may increase the product demand over the forecast period.

Favorable federal regulations laid down by various agencies, such as the Environmental Protection Agency (EPA) and National Highway Traffic Safety Administration (NHTSA), regarding carbon emissions along with the EU initiatives to develop TPV’s application for the creation of lightweight and fuel-efficient cars may augment the growth of the global market. High raw material costs associated with EPDM may pose hindrances in terms of profitability. Furthermore, the outbreak of COVID-19 across the globe has caused a sharp slowdown in the manufacturing industries due to the imposition of nationwide lockdowns in the cities to contain the spread of coronavirus, which may further hinder the market growth in the third and fourth quarters of 2020.

Global Thermoplastic Vulcanizate (TPV) Market Overview

Automotive lightweight materials have observed robust growth during the past couple of years due to the increasing demand for luxurious, low-on-emission, safe, and high-performance vehicles. As a result, suppliers and manufacturers are introducing various solutions that help OEMs for tightening the regulations and satisfy the widening range of consumer personal tastes. The main applications of TVP in the automotive industry include hose coverings, air inlet duct covers, gaskets, seals, convoluted boots, vibration dampeners, strut covers, ignition components, bushings, and window seals.

TPV flexible automotive under-the-hood components have air intake tubes and bellows, wheel well flares, steering system bellows, and sound abatement parts. The Global Thermoplastic Vulcanizate (TPV) Market is driven by the factors like strong demand for lightweight materials with superior properties, especially from the automobile industry. The strong shift and trend towards replacing metals with lightweight materials like TPV to increase the fuel efficiency in automobiles are bolstering the global market. Moreover, research and development initiatives in developing superior TPV and their novel applications are lucrative opportunities for the industry participants.

However, volatility in raw material prices coupled with environmental concerns and regulatory guidelines might hinder the market growth. The increasing demand for thermoplastic vulcanizate as a replacement for PVC in the healthcare segment is the factor that fuels the growth of the global Thermoplastic Vulcanizate (TPV) Market in the future. Thermoplastic vulcanizates consist of unique characteristics like drug absorption, environment-friendliness, optical clarity, and toughness that result in a significant rise in the demand for thermoplastic vulcanizates for manufacturing catheters, blood bags, and disposable gloves.

Further, the growing focus on R&D activities may stimulate the growth of the Thermoplastic Vulcanizate (TPV) Market shortly. Furthermore, technological advancements and increasing demand for electric vehicles are increasing the demand for lightweight, durable, and recyclable products. A gradual increase in electric vehicles on roads may propel the market growth in North America. However, the lockdown imposed by the government in the region to reduce the spread of the coronavirus has led to a decline in TPV consumption, thus, negatively impacting its demand in various applications. Order cancellations, restrictions on exports and imports, and shipping complications are hampering the market growth.

Global Thermoplastic Vulcanizate (TPV) MarketSegmentation Analysis

The Global Thermoplastic Vulcanizate (TPV) Market is Segmented on the basis of Application And Geography.

Thermoplastic Vulcanizate (TPV) Market, By Application

• Automotive• Medical• Fluid Handling• Consumer Goods• Others

Based on Application, The market is segmented into Automotive, Medical, Fluid Handling, Consumer Goods, and Others. The automotive industry is expected to dominate the Thermoplastic Vulcanizate (TPV) Market during the forecast period. Thermoplastic vulcanizate has been extensively used in numerous automotive applications, such as automotive airbags, tires, under-the-hood components, sealing components, and interior & exterior components.

Thermoplastic Vulcanizate (TPV) Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of Geography, The Global Thermoplastic Vulcanizate (TPV) Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia Pacific region is projected to dominate the Thermoplastic Vulcanizate (TPV) Market during the forecast period, this growth is attributed to increasing demand from the automotive industry. Asia-Pacific is the largest manufacturer of automobiles and their components.

Key Players

The “Global Thermoplastic Vulcanizate (TPV) Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Exxon Mobil Chemical, Arkema Inc., The Dow Chemical Company, Dexco Polymers, DuPont Performance Elastomers, Kraton Polymers, Zylog Plastalloys, Solvay Engineered Polymers, Mitsui Chemicals, Inc., and Celanese Corp.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• June 2021Celanese Corporation (NYSECE), a global chemical and specialty materials company, announced the signing of a definitive agreement to acquire the Santoprene™ TPV elastomers business of Exxon Mobil Corporation. Celanese will acquire the industry-renowned Santoprene™ brand as part of a comprehensive TPV product portfolio, along with intellectual property, production and commercial assets, and a world-class organization.

Report Scope

Research Methodology of Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

Customization of the Report

• In case of any please connect with our sales team, who will ensure that your requirements are met.