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Thermoplastic Vulcanizates Market Global Industry Analysis, Size, Share, Growth, Trends, Forecast
Synopsis of Thermoplastic Vulcanizates Market:
Thermoplastic Vulcanizates are composed of a polyolefin matrix which consists of dispersed and continuous phases. They are prepared by cross-linking of melted rubber with a thermoplastic material at a specific temperature. These polymers resemble the properties of EPDM rubber (ethylene propylene diene monomer (M- class) rubber).The important trends and factors which are influencing the market positively are light weight, high strength, and low processing costs.
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As per our market survey, the Global Thermoplastic Vulcanizates Market is segmented into application. Based on application, the market is further sub-divided into automotive, fluid handling, consumer goods, medical, sports, and others. Among these, automotive segment holds a major share of the market on account of growing use of thermoplastic materials in non-load bearing parts and interiors such as battery frames and car bumpers.
The medical segment is projected to witness a higher CAGR in the market due to growing use of plastics in gaskets and stoppers during the forecast period. Owing to these factors, extrusion process is widely used in the market during the forecast period. The growing demand from sports and fluid handling segments has propelled the thermoplastic market to observe a rapid growth. Moreover, the reduction in waste, durability and reliable nature are the important elements which are attributed to the extensive use of polymers in heavy end industries during the projected period, 2017-2023.
The Global Thermoplastic Vulcanizates Market is segregated into five crucial 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 due to growing demand of thermoplastic polymers in heavy industries. The enactment of government-based initiative such as Corporate Average Fuel Economy has induced the manufacturers to replace the metals with plastics in automotive industry due to its efficient and optimal performance.
The Asia Pacific region is estimated to witness a higher CAGR in the Thermoplastic Market because they are recyclable, easy to use and produce less waste which makes them applicable in various applications such as consumer goods, packaging and health care sectors. China, Japan and India are the major players in this region due to growing use of polymers in end-use industries such as automotive, construction, sports, industrial machinery, energy, marine, and others. The availability of raw materials has prompted the manufacturers and investors to shift their focus from metals and heavy plastics to lightweight materials.
A notable growth is observed in the European market due to stringent regulations set by the government and its primary objective to achieve sustainable development in the region. It is estimated that the rising disposable income in the consumer goods segment has propelled the market to witness a rapid growth in the region. Owing to these factors, Germany, the U.K. and Italy are projected to be the major contributors to the market during the forecast period.
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The Global Thermoplastic Vulcanizates Market is segmented into application. On the basis of application, the market is further categorized into automotive, fluid handling, consumer goods, medical, sports, and others. Among these, automotive segment holds a major share in the market owing to growing use of plastic materials to produce high performance and corrosion resistant vehicles. The investors in the health care industry are encouraging the manufacturers to use Thermoplastic Vulcanizates as a substitute for polyvinyl chloride products due to its ecofriendly and durable nature. Therefore, the medical segment is predicted to witness a rapid growth in the market owing to increasing use of thermoset rubber in the medical devices.
Asahi Kasei Corporation
The Dow Chemical Company
Dow Corning Corporation
Exxon Mobil Corporation
Mitsubishi Chemical Holdings Corporation
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