Global Thermoplastic Vulcanizates Market Size, Share And Forecast To 2031

(MENAFN- Straits Research) Introduction

The global market for thermoplastic vulcanizates was valued at USD 1.6 billion in 2021, and it is anticipated to reach USD 2.89 billion by 2030 at a CAGR of 6.78%.

Thermoplastic vulcanizates (TPVs) are particular types of thermoplastic elastomers where dynamic vulcanization of the rubber phase occurs during melt mixing with a semicrystalline thermoplastic matrix phase at high temperature. The term "thermoplastic vulcanizates" (TPVs) refers to polymer blends containing minute rubber particles evenly spread throughout a thermoplastic matrix. They are created by heating thermoplastic, melting rubber to specific temperatures, and forming a cross-link. Thermoplastic materials and vulcanized rubber elastomers are both characteristics of TPVs. They have lower production costs than other polymers and are more lightweight, strong, heat-, chemical-resistant, and fluid-resistant. TPVs are therefore frequently utilized in producing consumer goods, electrical, medicinal, sporting, and personal care products, as well as industrial and automobile components.

Market Dynamics

• Governments increase healthcare investments.

The thermoplastic vulcanizates market is developing due to the rapid expansion of the healthcare industry due to increased population, urbanization, and disposable income. The unique properties of thermoplastic vulcanizates based on polyvinylidene fluoride, acrylic rubber, and ethylene-methacrylic acid, such as flexibility, resilience, extendability, and sealability, make them ideal for medical & life science products like gloves, catheters, syringe tips, drug vial closures, injection sites, tubing, hoses, and more. Growing healthcare investment strengthens the sector. The Australian government will invest $1.3 billion in the Health and Medical Industry Growth Plan in 2018 to improve health care. According to the European Commission, healthcare and long-term care spending will rise one-third by 2060. The thermoplastic vulcanizates market will be driven by cumulative healthcare investments, as the growing healthcare industries globally will raise demand for medical products.

• The expanding market for consumer electronics

Electrical and electronic applications such as wire and cable insulation, plugs, bushings, enclosures, connections, and more heavily utilize thermoplastic vulcanizates based on polyvinylidene fluoride, acrylic rubber, and ethylene-methacrylic acid. High-end consumer electronics' biggest European market is the United Kingdom, according to the Department for International Trade. According to Invest in India, India's consumer electronics and appliances market is predicted to be the fifth-largest in the world by 2025. The production of different electronic components, including wire and cable insulation, plugs, bushings, enclosures, connections, and more heavily relies on thermoplastic vulcanizates. As a result, the demand for thermoplastic vulcanizates is fueled by the growing consumer electronics market.

Growth opportunities for the global thermoplastic vulcanizates market

• Rising demand for Bio-Based Thermoplastic Vulcanizate

Many people favour bio-based polymer materials to reduce reliance on non-renewable resources like petroleum and promote sustainable development of the polymer materials sector. It is the first time that the use of PLA in elastic materials has been established. Bio-based thermoplastic vulcanizates (TPV) are built of poly(lactide) (PLA) and ethylene-co-vinyl acetate rubber (EVA) that have been manufactured utilizing dicumyl peroxide (DCP) as a curing agent. The synthesis of bio-based TPVs is supported in most nations because they have minimal carbon emissions and are biodegradable by nature. Since they are made from renewable resources, including starch-based polymers, polylactides (PLAs), polyhydroxyalkanoates (PHAs), cellulose-based polymers, and soy-based polymers, they are currently seen as sustainable alternatives to conventional petroleum-based polymers. Bio-based TPEs are anticipated to significantly expand the market because they offer a green alternative and cost competitiveness for bio-based TPE producers compared to their synthetic competitors.

According to region, the market is divided into North America, Europe, Asia-Pacific, South America and the Middle East & Africa. Asia-Pacific dominates the market.

China and Japan's demand drives the Asia-Pacific market. China produces the most automobiles. In recent years, however, car output fell. Economic developments and China's trade conflict with the U.S. damaged the car industry.

Many multinational corporations have set up production plants in China because of its vast consumer market. Consumer goods manufacturing may increase thermoplastic vulcanizate demand.

Tokyo is a leading market for investments and development potential among Japan's main cities, especially in the residential sector.

The automotive, construction, consumer goods, and electronics industries are expected to drive domestic demand for thermoplastic vulcanizate throughout the projected period. The Asia-Pacific region is therefore predicted to dominate the industry.

Key Highlights

• The global market for thermoplastic vulcanizates was valued at USD 1.6 billion in 2021, and it is anticipated to reach USD 2.89 billion by 2030 at a CAGR of 6.78%.
• The global thermoplastic vulcanizates market is broken down into five parts based on raw materials, method, application, end-use industry, and region. Further, based on raw materials, the market is divided into Polypropylene/Ethylene Propylene Diene Monomer, Polypropylene/Ethylene Octene Copolymer, Polypropylene/Natural Rubber, EPDM/Polyolefin Blends, Butyl/Halobutyl/P.P., and Others.
• According to the method, the market is divided into Extrusion Moulding, Blow Moulding, Injection Moulding, and Others.
• Based on application , the market is segmented into Conveyor Belts, Fluid Handling, Tubing & Hoses, Seals & Gaskets, Wire & Cable Sheath, Drug Vial Closures, and Others.
• The market is divided into Automobile (Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV), and Others), Electrical & Electronics, Medical & Lifescience, Building & Construction (Residential, Commercial, Industrial, and Infrastructural), Sports & Leisure, and Others, based on end-use industry. The Automobile industry dominates the end-use industry segment.
• According to region, the market is divided into North America, Europe, Asia-Pacific, South America and the Middle East & Africa. Asia-Pacific dominates the market.