Thermoplastic Vulcanizate Industry Analysis in East Asia

Study on Thermoplastic Vulcanizates in East Asia by Natural, Standard Black, and Pre-Colored Grade for Automotive, Construction, Consumer Goods, Electronics, and Healthcare from 2024 to 2034

Analysis of Thermoplastic Vulcanizate Industry Covering Countries Includes Analysis of China, Japan, and South Korea

Thermoplastic Vulcanizate Sales Outlook for East Asia (2024 to 2034)

Fact.MR, in its recently published market study, reveals that sales of thermoplastic vulcanizates (TPVs) in East Asia are projected to reach US$ 294.4 million in 2024, with the market projected to increase at 8% CAGR and reach US$ 636 million by the end of 2034.

East Asian countries are undergoing rapid manufacturing growth and industrialization. TPVs find applications in numerous industries, including consumer goods, electronics, construction, automotive, etc. With an expansion of these industries, a significant increase in the demand for thermoplastic vulcanizates is also experienced in the region. Countries in the region are investing heavily in infrastructure development, such as utilities, buildings, and networks. TPVs find applications in construction for roofing membranes, insulation materials, and window seals owing to their longevity and weather resistance.

Growing environmental awareness along with the implementation of stringent regulations on materials utilized in the manufacturing sector is projected to lead to the rising preference for sustainable and eco-friendly materials, such as thermoplastic vulcanizates. Countries in the region are adopting these materials to meet sustainability goals and comply with set regulations. Moreover, constant advancements in thermoplastic vulcanizate technology are projected to lead to improved processing capabilities, thus making TPVs an attractive option for application in end-use industries, such as automotive, manufacturing, etc.

Report Attributes Details
Thermoplastic Vulcanizate Sales in East Asia (2024E) US$ 294.4 Million
Projected Sales (2034F) US$ 636 Million
Demand Growth (2024 to 2034) 8% CAGR
Sales in South Korea (2024E) US$ 60.9 Million
Sales in China (2034F) US$ 330 Million
Demand Growth for Natural Grade Thermoplastic Vulcanizates (2024 to 2034) 8.3% CAGR
Market Share of Automotive Sector (2024E) >56%
Key Companies Profiled
  • TSRC Corporation
  • Solvay S.A.
  • Kuraray Co., Ltd.
  • LCY Group
  • Asahi Kasei

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Which Key Factors are Contributing to Increased Consumption of Thermoplastic Vulcanizates in East Asia?

“Expansion of Manufacturing Sector Driving Huge Demand for TPVs”

Growth of the manufacturing sector in East Asia is attributed to several factors, including technological innovation, high investments, and favorable government policies. Surging industrialization is forecasted to lead to a manifold increase in production capacities in multiple sectors. Thermoplastic vulcanizates are projected to emerge as one of the prominent materials in this context because of their remarkable applicability and versatility across numerous industries.

TPVs play a vital role in enhancing the longevity and performance of consumer goods. Industries ranging from footwear and sports equipment to household appliances leverage some unique properties of thermoplastic vulcanizates to deliver products, which excel in terms of resilience, flexibility, and durability. The burgeoning middle class in the region is estimated to contribute to surging demand for high-quality goods, thus contributing to the adoption of thermoplastic vulcanizates in several sectors.

Country-wise Insights

What Opportunities are Available for Thermoplastic Vulcanizate Suppliers in China?

“Noteworthy Expansion of Construction and Automotive Sectors”

Attribute China
Market Value (2024E) US$ 157.1 Million
Growth Rate (2024 to 2034) 7.7% CAGR
Projected Value (2034F) US$ 330 Million

Thermoplastic vulcanizates find application in numerous construction products, including roofing membranes, gaskets, and seals due to their flexibility and weather resistance. Rapid infrastructure development and urbanization in China are projected to lead to the expansion of the construction sector, which further increases demand for TPVs. Moreover, rising production and demand for automobiles in China are anticipated to lead to growing sales of thermoplastic vulcanizates for numerous components, such as seals, gaskets, etc.

Why is Japan Projected an Attractive Market for Thermoplastic Vulcanizate Manufacturers?

“Growing Emphasis on Quality Improvement of Products”

Attribute Japan
Market Value (2024E) US$ 76.4 Million
Growth Rate (2024 to 2034) 8.6% CAGR
Projected Value (2034F) US$ 174.4 Million

Japan is well-known for its concentration on quality improvement and technological innovation. Thermoplastic vulcanizates offer advantages over conventional materials, based on recyclability, performance, and processing. Thus, manufacturers from different end-use industries, including automotive, construction, etc. in Japan are adopting TPVs to enhance the sustainability and performance of their products.

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Category-wise Insights

Which Method is Widely Preferred for Thermoplastic Vulcanizate Processing?

“Rising Use of Extrusion Molding Method Due to Cost-effectiveness”

Attribute Extrusion Molding
Segment Value (2024E) US$ 177 Million
Growth Rate (2024 to 2034) 7.9% CAGR
Projected Value (2034F) US$ 378.7 Million

Extrusion molding generally needs minimum expenditure on tools in comparison to other manufacturing methods, including injection molding. In addition, the continuous nature of this process helps minimize labor costs and material waste, therefore contributing to its overall pocket-friendly nature for thermoplastic vulcanizate production.

Why is There High Demand for Thermoplastic Vulcanizates in the Automotive Sector?

“Growing Adoption of Thermoplastic Vulcanizates for Aesthetic and Functional Benefits”

Attribute Automotive
Segment Value (2024E) US$ 167.1 Million
Growth Rate (2024 to 2034) 8.7% CAGR
Projected Value (2034F) US$ 385 Million

Thermoplastic vulcanizates find more application in the automotive sector in the exterior parts of vehicles for aesthetic, functional, and performance benefits. Effective heat and chemical resistance, good elasticity, and high durability of thermoplastic vulcanizates are projected to make them one of the most preferred materials for automobiles.

They are used in the production of numerous automobile parts, such as panel hole plugs, headlamp seals, gaskets, air inlet duct covers, vibration dampeners, etc. Further, the growing concentration of automobile manufacturers on decreasing carbon emissions is also leading to the adoption of components manufactured by TPVs.

Competition Landscape

Fact.MR, a market research and competitive intelligence provider, in its newly published market analysis, asserts that thermoplastic vulcanizate suppliers in East Asia are adopting various strategies to increase their profit share with the production of new products. In addition, they are also concentrating on offering quality products and management of supply chain systems. Some of the leading manufacturers of thermoplastic vulcanizates in East Asia are TSRC Corporation, Solvay S.A., Kuraray Co., Ltd., LCY Group, and Asahi Kasei.

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Segmentation of Thermoplastic Vulcanizate Study in East Asia

  • By Grade :

    • Natural
    • Standard Black
    • Pre-Colored
    • Others
  • By Processing Method :

    • Injection Molding
    • Extrusion Molding
    • Blow Molding
  • By Application :

    • Automotive
      • Exteriors
        • Door Trims
        • Weather Seals
        • Mudguards
        • Air Intake Hoses
        • Door Cushion Rubbers
        • Glass Run Channels
        • Others
      • Interiors
        • Dashboard Skin
        • Airbag Covers
        • Console Box Liners
        • Seat Backboards
        • Under the Hoods
        • Armrest Covers
        • Assist Grips
        • Others
    • Construction & Architecture
      • Exteriors
      • Interiors
    • Consumer Goods
      • Sporting Goods
      • Kitchen Appliances
      • Others
    • Electric & Electronics
      • Wires & Cable Insulation
      • Plugs
      • Bushings
      • Connectors
      • Others
    • Medical & Healthcare
      • Syringe Tips
      • Peristaltic Tubes
      • Medical Device Components
        • O-rings
        • Seals
        • Gaskets
        • Valves
        • Others
  • By Country :

    • China
    • Japan
    • South Korea

- FAQs -

What are the sales projections for thermoplastic vulcanizates in the East Asian market?

Sales of thermoplastic vulcanizates in East Asia are set to reach US$ 294.4 million in 2024.

What is the demand outlook for thermoplastic vulcanizates by the end of 2034?

Demand for thermoplastic vulcanizates in East Asia is projected to reach a value of US$ 636 million by 2034.

What is the expected CAGR for thermoplastic vulcanizate sales from 2024 to 2034?

The East Asian market is approximated to expand at a CAGR of 8% from 2024 to 2034.

What is the projected share of the automotive sector in this market?

The automotive sector is projected to contribute more than 56% share of the East Asian market in 2024.

What is the market value for thermoplastic vulcanizates in South Korea?

The market in South Korea is poised to reach a value of US$ 60.9 million in 2024.

What is the forecasted sales growth rate for natural thermoplastic vulcanizates?

Sales of natural thermoplastic vulcanizates are forecasted to rise at a CAGR of 8.3% through 2034.

What are the projections for the market in China by 2034?

Revenue from the sales of thermoplastic vulcanizates in China is expected to reach US$ 330 million by 2034.

Thermoplastic Vulcanizate Industry Analysis in East Asia

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