Advantage of using Thermoplastic Vulcanizate is projected to escalate the Thermoplastic Vulcanizate market growth at CAGR of 6.1% during 2020–2027
According to our latest market study on “North America Thermoplastic Vulcanizate Market Forecast to 2027 – COVID-19 Impact and North America Analysis – By End-Use (Automotive, Building and Construction, Consumer Goods, Healthcare, Others), and Country,” the market was valued at US$ 659.21 million in 2019 and is projected to reach US$ 1,048.92 million by 2027; it is expected to grow at a CAGR of 6.1% during the forecast period. The report highlights key factors driving the market growth and prominent players, along with their developments in the market.
Thermoplastic vulcanizate (TPV) is a mixture of rubber particles distributed in a thermoplastic matrix. TPV, therefore, has mixed properties, including the characteristics of the vulcanized rubber elastomer as well as the handling properties of the thermoplastic material. Typical TPV contains approximately two-thirds of ethylene propylene diene monomer and one-third of impact polypropylene. This mixture of raw materials can also differ, such as polypropylene with natural rubber, polypropylene and ethylene-octene copolymers, and others. These materials have a wide range of hardness, excellent flex fatigue, high impact resistance, and superior resistance to acids, bases, and aqueous media. Due to its manufacturing versatility and ease of processing, TPV is used in applications requiring durability and lightweight characteristics, such as in vehicles, construction, and others. The increasing demand for lightweight and high-performance materials in the automotive industry is expected to fuel demand for thermoplastic vulcanizations (TPVs) over the forecast period.
TVPs are increasingly being used as an alternative for thermoset rubbers, such as SBR, EPDM, and chlorosulfonated polyethylene, due to their improved durability, protection, low maintenance, and low manufacturing costs. In addition, their growing adoption for the production of lightweight interiors and exteriors, such as air guides and dams; wiper systems; spoilers and trims; flapper door seals; handles and grips; mattresses and cup holders, is expected to drive segment growth over the forecast period.
The North America Thermoplastic Vulcanizate market is concentrated with a few well-established players such as Mitsui Chemicals, Inc., Celanese Corporation, Mitsubishi Chemical Corporation, Kumho Polychem, Trinseo, Teknor Apex, ExxonMobil, Zeon Chemicals L.P., Alphagary, and Ravago.
Impact of COVID-19 Pandemic on Thermoplastic Vulcanizate Market
The U.S has the highest number of confirmed cases of COVID-19, as, compared to Mexico and Canada. This is likely to impact the chemical and materials industry in the region as, due to the COVID-19, the supply chain is likely to get affected. In addition, the overall manufacturing processes, research, and development activities will also impact market growth.
The report includes the segmentation of the North America Thermoplastic Vulcanizate market as follows:
By End-Use Industry
- Automotive
- Building & Construction
- Consumer Goods
- Healthcare
- Others
- US
- Canada
- Mexico
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