- 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.
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.
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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)
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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.
Scope of the Report
An Adaptive Approach to Modern-day Research Needs
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.
Thermoplastic Vulcanizates Market – Research Methodology
This research report on thermoplastic vulcanizates market is a diligent compilation of data garnered from independent primary and secondary research phases. Secondary research in the thermoplastic vulcanizates market report usually revolves around in-depth analysis of credible resources, which include newspapers, journals, trade magazines, paid data sources, and others.
Primary research for thermoplastic vulcanizates market report is all about interaction with industry experts, which gives the report an edge in terms of credibility.
Chapter 1- Executive Summary
This chapter in the thermoplastic vulcanizates market report gives a brief introduction to the market, wherein a quick definition of the product ‘thermoplastic vulcanizates’ is also discussed. In addition, this chapter also gives the demand side trends of the thermoplastic vulcanizates market and offers a detailed opportunity assessment for the aspiring players to take a note of.
Chapter 2- Market Overview
This chapter in the thermoplastic vulcanizates market report gives a quick introduction to the thermoplastic vulcanizates market taxonomy, wherein classification of the thermoplastic vulcanizates market into various segments is discussed.
Chapter 3- Market Background
This chapter in the thermoplastic vulcanizates market report gives a quick view of the global economic outlook along with brief outlooks of all the end-use industries involved in the thermoplastic vulcanizates market. Moreover, this chapter also talks about market dynamics of thermoplastic vulcanizates market, wherein the key trends, opportunities, challenges, and drivers are talked about.
Chapter 4- Pricing Analysis
This chapter in the thermoplastic vulcanizates market report gives a regional pricing analysis framework along with a detailed pricing break-up for better understanding of users. Also, this chapter talks about an average pricing analysis benchmark of the thermoplastic vulcanizates market for the readers to take into utmost consideration.
Chapter 5- Global Thermoplastic Vulcanizates Market Analysis and Forecast
This chapter in the thermoplastic vulcanizates market report offers a deep-dive into the analysis of market size and forecast of thermoplastic vulcanizates market on the basis of application.
Chapter 6- North America Thermoplastic Vulcanizates Market Size and Forecast
This chapter in the thermoplastic vulcanizates market report briefs about the North American thermoplastic vulcanizates market, across key countries such as the US and Canada. In addition, this chapter in the thermoplastic vulcanizates market also offers insights into dynamics influencing the regional market growth.
Chapter 7- Latin America Thermoplastic Vulcanizates Market Size and Forecast
This chapter in the thermoplastic vulcanizates market report gives incisive insights into the Latin American thermoplastic vulcanizates market and also offers a deep dive into the dynamics having far-reached impact on the regional market growth.
Chapter 8- Europe Thermoplastic Vulcanizates Market Size and Forecast
This chapter in the thermoplastic vulcanizates market report offers a clear picture of the European thermoplastic vulcanizates market, focusing on demand scenario across the key EU5 countries. Also, this chapter in the thermoplastic vulcanizates market report gives you a detailed view of the trends impacting the regional market growth.
Chapter 9- East Asia Thermoplastic Vulcanizates Market Size and Forecast
This chapter in the thermoplastic vulcanizates market report gives a detailed breakdown of thermoplastic vulcanizates market. Also, this chapter gives details about regional drivers boosting the regional market growth.
Chapter 10- South Asia Thermoplastic Vulcanizates Market Size and Forecast
This chapter in the thermoplastic vulcanizates market report gives a clear picture of growth of thermoplastic vulcanizates market across the South Asian countries along with regional dynamics shaping growth of the market.
Chapter 11- Oceania Thermoplastic Vulcanizates Market Size and Forecast
This chapter in the thermoplastic vulcanizates market report gives an unbiased view of the Oceania thermoplastic vulcanizates market growth and regional factors boosting market growth.
Chapter 12- MEA Thermoplastic Vulcanizates Market Size and Forecast
This chapter in the thermoplastic vulcanizates market report gives an all-inclusive analysis of MEA thermoplastic vulcanizates market, primarily the demand scenario across GCC countries.
Chapter 13- Competition Landscape and Company Profiles
This chapter in the thermoplastic vulcanizates market report gives an overall analysis of the competition dashboard along with key profiles of the industry players, wherein factors like revenue footprint, key focus areas, regional analysis, and others are discussed in detail.
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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