- The thermoplastic vulcanizates market grew at over 5% in 2018. Growing trend of replacing metals with lightweight engineering plastics, such as thermoplastic vulcanizates, across various end-use verticals is driving growth.
- Use of thermoplastic vulcanizates (TVPs) for automotive exterior applications is likely to gain an uptick during the forecast period. Ranging from weather seals to glass run channels, thermoplastic vulcanizates are used in various automotive exterior parts for aesthetic, functional, and performance benefits.
- North America will continue to be the leading market for thermoplastic vulcanizates, given that the United States continues to be one of the largest consumers of thermoplastic vulcanizates globally.
- East Asia is poised to emerge as one of the high-growth markets for thermoplastic vulcanizates, with China being one of the major consumers of TVPs, followed by South Korea. Gains in these flourishing East Asian nations will be further underpinned by drastic makeover of the regional industrial paradigms that will sustain high demand for high-quality engineering plastics.
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What are the Key Growth Drivers of Thermoplastic Vulcanizates Market?
- Demand for thermoplastic elastomers (TPE) is on a significant rise, owing to growing use across automotive, fluid handling, consumer goods, and medical applications. Thermoplastic vulcanizates are estimated to emerge as one of the highly-desired TPE products through 2027, thereby driving thermoplastic vulcanizates market.
- Ever-increasing demand for lightweight materials with superlative properties, notably from industries like automotive, is fuelling investments in thermoplastic vulcanizates market.
- Rising government initiatives to promote usage of engineering plastics across various end-use industries is creating favorable grounds for adoption of thermoplastic vulcanizates, thereby propelling growth of thermoplastic vulcanizates market.
What are the Key Challenges Faced by Stakeholders of Thermoplastic Vulcanizates Market?
- End-user inclination toward use of styrenic block copolymer, a high-performance thermoplastic elastomer type, is on an upswing on account of its optimal performance in pressure-sensitive applications. This, in turn, is likely to create significant challenges for the stakeholders of thermoplastic vulcanizates market.
- Poor wear resistance of thermoplastic vulcanizates (TVPs) after repeated usage continues to be one of the key drawbacks hampering their adoption. This, in turn, is exerting high pressures on manufacturers to offer wear-resistant thermoplastic vulcanizates with enhanced shelf-life.
Thermoplastic Vulcanizates Market – Competitive Landscape
- In 2019, ExxonMobil Corporation - a leading player in the thermoplastics vulcanizates market - inaugurated a 90,000 tonne/year resins plant and 140,000 tonne/year butyl plant in Singapore. This move was aimed at serving the increasing needs of Asian end-users which, in turn, will help the company to scale up its expansion across the key Asian countries. These two new production facilities will preeminently cater to Asia, wherein a burgeoning middle-class population is sustaining the demand for specialty products.
- In 2018, DuPont - a leading player in the thermoplastic vulcanizates market - made an official announcement that it is going to make an investment of over $80 million for establishment of a new manufacturing unit in East China. This new manufacturing unit will be responsible for production of compounded and high-end engineering plastics & adhesives to cater to needs of multiple end-use verticals, such as electronics, transportation, and others. This planned manufacturing site is estimated to be fully operational in 2020. DuPont and the government officials of Zhangjiagang in East China signed this strategic deal at a grand ceremony held in Shanghai at the popular China International Import Expo (CIIE).
- In 2017, Mitsui Chemicals, Inc. - a key player in the thermoplastic vulcanizates market – made an official announcement of acquiring the business of thermoplastic styrene elastomers of Asahi Kasei Corp.'s Sunvieo. Utilized primarily for automotive applications, thermoplastic elastomers are being adopted as a viable alternative of polyvinyl chloride and vulcanized rubber. This new product launch will help the company tap into a wider customer base and attain long-term profitability.
Founded in 1918, Celanese Corporation has its official headquarters in Irving, Texas. The company manufactures and commercializes thermoplastic vulcanizates for applications such as automotive, consumer applications, construction, and others. The company offers a broad portfolio of products with robust R&D capabilities to cater to the ever-evolving consumer needs & preferences.
Mitsubishi Chemical Corporation
Founded in 1934, Mitsubishi Chemical Corporation is one of the leading manufacturers of thermoplastic vulcanizates for use across home appliances and automotive applications. As one of the chief subsidiaries of Mitsubishi Chemical Holdings Corporation, the company extensively focuses on R&D to come up with new technologies to cater to the diverse demands of various end-use industries.
Founded in 2004, Lanxess Aktiengesellschaft is a specialty chemicals company that has its corporate headquarters in Cologne, Germany. The company was founded through the spin-off of chemicals division along with parts of the polymer’s business of Bayer AG.
Founded in 1961, Ravago SA is a company producing high-quality plastics and its corporate headquarters are located in Luxembourg, Europe. The company is predominantly active in the space of building materials, polymer & chemical distribution, and recycling & compounding of elastomeric and plastic raw materials.
Founded in 1863, Solvay S.A. is a Belgium-based chemical company and has its corporate headquarters in Neder-Over-Heembeek, Brussels, Belgium. Solvay is well-known for developing advanced materials & specialty chemicals according to the needs & specifications of every industry. Solvay assists its customers in terms of finding and implementing responsible and value-added solutions best-suited to their needs.
Other players profiled in the thermoplastic vulcanizates market report are Exxon Mobil Corporation (Santoprene), Mitsui Chemicals, Inc., (MILASTOMER), Teknor Apex (Sarlink), Celanese Corporation (Forprene), Kraton Polymers (Kraton G), DuPont (DuPont ETPV), Alfagomma (Alfater XL)
An Adaptive Approach to Modern-day Research Needs
Thermoplastic Vulcanizates Market- End Users Turn to Super-TPVs to Replace High-Cost Thermoset Rubbers
Novel developments in the thermoplastic vulcanizates market space are opening up new scope for large-scale adoption of thermoplastic vulcanizates in challenging industrial applications. One of such promising developments is the ‘super thermoplastic vulcanizates (super-TPVs)’, which are being increasingly embraced by the industrial operators to replace high-cost thermoset rubbers.
Introduction of super thermoplastic vulcanizates has paved new opportunities for adoption of thermoplastic vulcanizates in highly demanding and challenging applications, such as automotive under-the-hood applications.
In addition, super TVPs are also being used for appliance and industrial components that are subjected to unusually high temperature requirements, given that super TVPs offer unbeatable heat resistance in comparison to the conventional variants.
Thermoplastic Vulcanizates Market – Research Methodology
The Fact.MR research study on thermoplastic vulcanizates market offers industry-best intelligence and insights into the global thermoplastic vulcanizates market forecast. The report on thermoplastic vulcanizates market gives an all-inclusive analysis of the thermoplastic vulcanizates market and its growth potential over the forecast period, including a detailed segmentation.
The research study on thermoplastic vulcanizates market is a result of extensive research methodology, comprising of a primary phase and a secondary phase.
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Thermoplastic Vulcanizates Market: Segmentation
- Under the Hood
- Building & Construction
- Consumer Goods
- Medical & Healthcare
- House Hose/Tubing
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa