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Thermoplastic Vulcanizates Market Segmented By Type, Form, Global Market Size, Source And Geography
The vulcanization of melted rubber with moldable polymer additives is called thermoplastic vulcanizates. They are composed of disperse and continuous phases embedded in a polyolefin matrix. The properties of thermoplastic vulcanizates are similar to that of EPDM rubber (ethylene propylene diene monomer (M- class) rubber). They are known for light weight, high strength, mechanical resistance, low cost of production, durability, and its reliable nature. Owing to these features, they are used in various applications such as automotive, fluid handling, consumer goods, and others.
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The global thermoplastic vulcanizates market has been driven by the growing consumption of thermoplastic polymers in heavy end industries. It is predicted that the market is set to witness a higher growth due to an increase in the number of manufacturing units to produce polymer-based additives in automotive, chemical and construction industries.
The global thermoplastic vulcanizates market is further categorized into application segment. On the basis of application, the market is further segmented into automotive, fluid handling, consumer goods, and others. Among these, automotive segment holds the major share in the market due to various features offered by the product such as reliable, high standard performance, recyclability, safety, and other features. It is also predicted that the medical segment is set to expand at a higher CAGR due to growing demand of polymers in applications such as gaskets, thermoset rubber in medical devices, and others. The growing use of thermoplastic polymers in toothbrushes, shavers and food packaging sectors has promoted the consumer good segment confidently.
The global Thermoplastic vulcanizates Market is spanned across five key regions of the world namely Asia Pacific, North America, Europe, Latin America and the Middle East & Africa. Among these, North America holds a major share in the market and is anticipated to continue its dominance due to rising demand of thermoplastic vulcanizates in end use industries. Asia Pacific is predicted to witness a higher CAGR owing to growing popularity of polymer-based additives in automotive, construction and industrial machinery. Europe has observed a rapid growth in the market due to stringent regulations set by the government to achieve sustainable development in the region. Moreover, Latin America and the Middle East & Africa have noticed a significant development in the market owing to growing demand of polymers in oil & gas, steel and petrochemical industries.
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Some of the major players functioning in the global thermoplastic vulcanizates market are Arkema (France), Asahi Kasei Corporation (Japan), BASF SE(Germany), BAYER AG(Germany), The Dow Chemical Company (U.S.), Dow Corning Corporation (U.S.), Eni S.p.A. (Italy), Exxon Mobil Corporation (U.S.), Mitsubishi Chemical Holdings Corporation (Japan), among others.
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