Global thermoplastic vulcanizates market forecast at $4.9 billion by 2032
Pune, India – The global thermoplastic vulcanizates market was valued at USD 2.6 billion in 2022 and is projected to reach USD 4.9 billion by 2032, growing at a cagr 6.5% from 2022 to 2032 according to Markets and Markets. Thermoplastic vulcanizates (TPVs) are a type of thermoplastic elastomers that combines the characteristics of both thermoplastic and elastomers. They are created by physically combining a thermoplastic resin with a vulcanized elastomer, resulting in a material that has the flexibility and elasticity of an elastomer but can also be melted and re-molded like a thermoplastic. TPVs have high strength, chemical resistance, and low-temperature flexibility. They are commonly utilized various segments such as automotive, construction, fluid handling, medical consumer goods, and others.
Thermoplastic vulcanizates have several favorable properties, such as excellent flexibility & elasticity, good chemical and temperature resistance, lightweight, ease of processing, etc. In the automotive industry, thermoplastic vulcanizates are commonly used for manufacturing panel hole plugs, gaskets, vibration dampeners, air inlet duct covers, headlamp seals, and weatherstripping seals. Raising concern about carbon emissions, & sustainability are the prime factors that drive the market of thermoplastic vulcanizates. Nowadays, many countries focus on eliminating the levels of carbon emissions, which drives the demand for EVs, and this helps in boosting the demand for TPV in the forecast period.
TPV (thermoplastic vulcanizate) prices fluctuate owing to a variety of reasons, such as changes in raw material supply and demand, geopolitical events, economic conditions, and currency exchange rates. Furthermore, production costs, technological advances, and market competition can all impact TPV prices. Oil prices play a dominant role in the price dynamics of thermoplastic vulcanizates, as most of the raw materials are derived from them. The majorily raw materials used for manufacturing the TPV are EPDM rubber and polypropylene.
TPVs (thermoplastic vulcanizates) manufactured from renewable, biobased materials such as corn starch, sugar cane, or plant-based polymers are known as biobased thermoplastic vulcanizates. These Biobased TPVs offer better properties as compared to the traditional TPV and are used in various end-use industries such as automotive and electronics. They are considered to be environmentally friendly due to their reduced dependence on fossil fuels and lower carbon footprint compared to conventional TPVs made from petroleumbased polymers. However, The prices of biobased TPVs can fluctuate due to similar factors as conventional TPVs but also depend on the availability and cost of the biobased raw materials.
In the era of technology, several innovations have taken place to enhance conventional materials’ properties. It is very well known that thermoplastic vulcanizates have good chemical resistance, excellent fatigue resistance, and superior performance at elevated temperatures. Despite having excellent properties, thermoplastic vulcanizates cannot be used under aggressive temperatures and environmental oil conditions for prolonged periods of time because of the progressive change in their mechanical properties, such as fatigue resistance and strength. In view of this, several technological advancements are carried out nowadays to address these issues.
By Application, the Automotive segment accounted for the highest CAGR during the forecast period Thermoplastic vulcanizates offer several properties such as good elasticity, high durability, good heat & chemical resistance, and many more. These TPVs are light in weight have recyclable in nature. These are used in making several automobile parts, such as panel hole plugs, gaskets, vibration dampeners, air inlet duct covers, headlamp seals, and weatherstripping seals. Nowadays, many countries are focussing on decreasing carbon emissions, and in view of this, as TPVs offer less weight properties, so many automotive manufacturers are focussing on utilizing the TPVs made several products. This drives the demand for TPVs in the forecast period.
Injection Molding is one of the most important techniques for processing TPV material due to its high productivity and clean and residue-free operation. Apart from this, this processing method offers several advantages, such as high efficiency and high productivity, can be used for making complex shapes, reduces the need for manual labor, cost-effective, maintains tolerances values, and others. Due to these advantages, many manufacturers of several end-use industries use this processing method. Automotive manufacturers mainly use this processing method because of its excellent advantages.
The Asia Pacific region is the hub of foreign investments and expanding industrial sectors largely due to the availability of low-cost labor and cheap availability of land. As a result of this, industrialization is rising in the region, which raises the demand for rubber products. In addition to this, the automotive industry is also growing in this region, as TPVs are used in making seals, gaskets, hoses, etc. Governments of several countries in this region focus on reducing their carbon footprint by shifting the utilization of conventional vehicles towards electric vehicles. This enhances the demand for EVs in the region, which escalates the demand for thermoplastic vulcanizates in the forecast period.