Thermoplastic Vulcanizates Market Size, Share, Analysis, Trends, Growth, 2032

Thermoplastic Vulcanizates Industry Prospective:

The global thermoplastic vulcanizates market size was evaluated at $2,100 million in 2023 and is slated to hit $4,100 million by the end of 2032 with a CAGR of nearly 8.8% between 2024 and 2032.

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Thermoplastic Vulcanizates Market: Overview

Thermoplastic vulcanizates are vulcanized alloys comprising EPDM rubber compressed in a polypropylene (PP) matrix. These products are the key components of the thermoplastic elastomer family of polymers. Reportedly, they combine features of vulcanized rubber with the processing abilities of thermoplastics. Furthermore, these products find a slew of applications in the electrical, healthcare, automotive, household devices, and construction sectors.

Key Insights

• As per the analysis shared by our research analyst, the global thermoplastic vulcanizates market is projected to expand annually at the annual growth rate of around 8.8% over the forecast timespan (2024-2032)
• In terms of revenue, the global thermoplastic vulcanizates market size was evaluated at nearly $2,100 million in 2023 and is expected to reach $4,100 million by 2032.
• The global thermoplastic vulcanizates market is anticipated to grow rapidly over the forecast timeline owing to favorable product features such as elasticity, weather resistance, flexibility, low compression, recyclability, and cost-efficiency.
• In terms of application, the automotive segment is slated to register the highest CAGR over the forecast period.
• Based on the grade, the natural segment is predicted to contribute majorly towards the global industry size in the upcoming years.
• On the basis of processing method, the injection molding segment is predicted to lead the segmental growth in the ensuing years.
• Region-wise, the Asia-Pacific thermoplastic vulcanizates industry is projected to register the fastest CAGR during the projected timespan.

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Thermoplastic Vulcanizates Market: Growth Factors

Beneficial characteristics of the product will propel the expansion of the global market over 2024-2032

Favorable product features such as elasticity, weather resistance, flexibility, low compression, recyclability, and cost-efficiency will steer the growth of the global thermoplastic vulcanizates market. Furthermore, a growing shift towards the replacement of metals with lightweight substances including thermoplastic vulcanizates for enhancing fuel efficacy in vehicles will boost the global market trends. Apart from this, the large-scale use of product in vehicle interiors & exteriors including spoilers & trims, wiper systems, flappers, and air guides & dams will also steer the market demand. Apart from this, growing customer preference for fuel-conserving automotive globally will steer the expansion of the market across the globe.

Thermoplastic Vulcanizates Market: Restraints

Changing product costs have severely impacted the global industry dynamics in recent years

Oscillation in the raw component costs and strict laws pertaining to the use of the product can restrict the expansion of the global thermoplastic vulcanizates industry. Rise in the costs of exports of product can create hurdles in the expansion of the industry across the globe.

Thermoplastic Vulcanizates Market: Opportunities

Government laws favoring product use can open new growth avenues for the global market over the forecast period

Supportive laws enacted by the Environmental Protection Agency on GHG emissions along with favorable EU laws for developing thermoplastic vulcanizates apps for developing lightweight & fuel-efficient automotive are likely to create new growth avenues for the global thermoplastic vulcanizates market. In addition to this, a rise in the fund allocation for developing the product by the U.S. Government is likely to scale up the expansion of the market globally.

Thermoplastic Vulcanizates Market: Challenges

Availability of alternate products can challenge the expansion of the global industry over the forecast period

Easy access to product substitutes such as conventional rubber and thermoplastic elastomers at cost-effective rates can challenge the expansion of the thermoplastic vulcanizates industry globally.  Furthermore, these products cannot sustain high temperatures and oiliness in the environment, thereby restricting the expansion of the industry across the globe.

Thermoplastic Vulcanizates Market: Segmentation

The global thermoplastic vulcanizates market is divided into application, grade, processing method, and region.                                           

In application terms, the thermoplastic vulcanizates market across the globe is bifurcated into automotive, medical & healthcare, construction & architecture, electric & electronics, and consumer goods segments. Additionally, the automotive segment, which acquired nearly 50% of the global market earnings in 2023, is slated to register the fastest annual rate of growth in the forecast timespan. The expansion of the segment in the next few years can be subject to escalating use of the product in automotive owing to its high performance and lightweight nature.

Based on the grade, the global thermoplastic vulcanizates industry is divided into natural and standard black segments. Moreover, the natural segment, which accumulated approximately 44% of the global industry earnings in 2023, is projected to make key contributions towards the global industry revenue over the analysis timeline. The segmental surge in the ensuing years can be credited to the natural-grade materials being highly resistant, durable, and flexible.  

On the basis of processing method, the global thermoplastic vulcanizates market is sectored into injection molding and extrusion molding segments. Furthermore, the injection molding segment, which led the segmental growth in 2023, is likely to prop up the expansion of the industry across the globe in the upcoming years. Furthermore, the rise in the use of injection molding in processing the product will drive the segmental surge in the ensuing years.

Thermoplastic Vulcanizates Market: Report Scope

Thermoplastic Vulcanizates Market: Regional Insights

North America is expected to maintain the leading status in the global market in the next few years

North America, which contributed about 70% of the global thermoplastic vulcanizates market size in 2023, is expected to maintain global market domination in the upcoming years. Furthermore, the regional market surge in the next couple of years can be due to a rise in the product demand in the automotive sector in North America. Furthermore, the rise in the penetration of thermoplastic vulcanizates in the healthcare sector will further proliferate the expansion of the market in the sub-continent. Apart from this, a rise in passenger car production in the U.S. will help the market gain traction in the sub-continent.

Asia-Pacific thermoplastic vulcanizates industry is anticipated to register the fastest growth rate in the forecast timeframe. The swift surge of the industry in the sub-continent can be attributed to a rise in the manufacture of the product in countries such as India, Thailand, China, and Indonesia. Apart from this, the presence of giant players in the region will contribute humungously towards the industry growth in the region.

Key Developments

• In the second half of 2023, Teknor Apex Company, Inc., launched a new Sarlink RX 3100B Series of TPVs comprising nearly 40% recycled contents.

Thermoplastic Vulcanizates Market: Competitive Space

The global thermoplastic vulcanizates market profiles key players such as:

• LyondellBasell Industries Holdings B.V.
• Teknor Apex Company Inc.
• Dawn Polymer
• JSR Corporation Ravago Manufacturing
• RTP Company
• KRAIBURG TPE GmbH & Co. KG
• Hexpol AB
• DuPont de Nemours Inc.
• Celanese Corp.
• Mitsui Chemicals Inc.
• Mitsubishi Chemical Corp.
• Trinseo
• Zeon Corporation.

The global thermoplastic vulcanizates market is segmented as follows:

By Application

• Automotive
• Medical & Healthcare
• Construction & Architecture
• Electric & Electronics
• Consumer Goods

By Grade 

• Natural
• Standard Black

By Processing Method 

• Injection Molding
• Extrusion Molding

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa