Thermoplastic Vulcanizate (TPV) Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 5.33 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players-Market---Key-Players.webp "Thermoplastic Vulcanizate (TPV) Market Major Players")
*Disclaimer: Major Players sorted in no particular order |
Thermoplastic Vulcanizate (TPV) Market Analysis
The Thermoplastic Vulcanizate Market size is estimated at 429.84 kilotons in 2024, and is expected to reach 557.30 kilotons by 2029, growing at a CAGR of 5.33% during the forecast period (2024-2029).
- The major factors driving the market studied are the surge in demand for TPVs from the automobile industry, the increase in utilization in the consumer goods industry, and the growing initiatives of companies to use recyclable materials in TPVs.
- However, TPV's poor resistance to chemicals and wear and the fluctuation in raw material prices are likely to restrain the market's growth.
- The market is expected to experience major growth opportunities due to its growing use in the healthcare industry and surging demand for electrical appliances.
- During the forecast period, the TPV market is estimated to register the fastest growth and be the most dominant in Asia-Pacific.
Thermoplastic Vulcanizate (TPV) Market Trends
The Automotive Segment to Dominate the Market
- The launch of new and innovative automobiles has also opened up a wide range of new possibilities for the global automotive market. Thermoplastic materials have gained widespread appeal in the automotive industry owing to their lightness, versatility in design, and the cost advantages of their parts.
- Thermoplastic vulcanizate (TPV) is frequently employed in producing automotive components like weatherstripping, seals, and gaskets. Moreover, TPV also boasts strong chemical durability, superior heat tolerance, and outstanding dimensional consistency. These characteristics render it a flexible substance suitable for various uses in automobile components.
- A few advantages of thermoplastic vulcanizate (TPV) in the automotive market include:
- Performance: Excellent long-term performance, making it a great choice for meeting vehicle durability standards.
- Lightweight: This material is very light, allowing engineers to mold thinner profiles, effectively reducing weight even more.
- Design Flexibility.
- Recyclability: Resulting in reduced waste and cost-savings.
- According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), automotive production globally increased from 84.83 million units in 2022 to 93.54 million units in 2023, increasing by 17% annually.
- Furthermore, according to the European Automobile Manufacturers Association, in the first three quarters of 2023 (January 2023 to September 2023), the total production of cars in the region increased by almost 14% compared to the same period in 2022. This substantially boosted the growth of the global TPV market.
- Various automotive manufacturing companies such as Hyundai Motor Group, BMW Group, Toyota, Honda, Ford Motor Company, and General Motors have announced investments in electric vehicle manufacturing in North Carolina, Michigan, Ohio, Missouri, Kansas, and other states, which is likely to boost the automotive manufacturing, thereby increasing the demand for thermoplastic vulcanizate (TPV) for automotive parts.
- In July 2023, VinFast, a Vietnam EV manufacturer, announced the plan to construct an electric vehicle factory in North Carolina with an investment of USD 4 billion to expand in the US market. The factory aims to begin production in 2025.
- As of 2022, General Motors, an American multinational automotive manufacturing company, announced an investment worth more than USD 7 billion to produce electric vehicles in the United States.
- Hence, the automotive sector is projected to exhibit the highest demand for TPV during the forecast period, solidifying its dominance in the market.
Asia-Pacific to Witness the Fastest Growth
- For many years, the demand for TPV has remained the highest in the Asia-Pacific due to heavy demand from the automotive, building and construction, consumer goods, and other industries of countries such as China, India, Japan, and South Korea.
- India and China are the world's most populous countries, making them significant markets for automotive, consumer goods, and building and construction. For instance, China is the world's largest automobile market in terms of production and sales. According to the China Association of Automobile Manufacturers (CAAM), vehicle production in China reached 30.16 million units in 2023, witnessing a growth of 11.6% compared to the previous year.
- Furthermore, according to the Society of Indian Automotive Manufacturing (SIAM) data, in the financial year 2023, India manufactured 4.58 million vehicles, marking a notable increase from the 3.65 million produced in 2022—a growth rate of about 25%.
- China is the global leader in building construction and is poised to drive nearly half of the world's new construction activities in the coming decade. Moreover, China is set to invest USD 1.43 trillion in 2025. The National Development and Reform Commission (NDRC) highlights the Shanghai Plan, earmarking a substantial USD 38.7 billion investment by 2025.
- Furthermore, the construction sector of Malaysia grew in 2023, with a total of 9144 projects successfully implemented until September 2023, according to Public Works Minister Datuk Seri Alexander Nanta Linggi. In addition, there has been an increase in the country's investments in various commercial construction projects. For instance, Google invested around USD 2 billion in developing the country’s first data center and a Google Cloud hub in May 2024. The new hubs will be developed at a business park in central Malaysia’s Selangor state to meet the growing demand for cloud services and artificial intelligence literacy programs for Malaysian students and educators.
- According to a representative from China's National Medical Products Administration (NMPA), the nation has emerged as one of the largest markets globally for medical devices. The medical device sector in China has seen swift growth, boasting an average annual growth rate of 10.54% over the last five years, according to NMPA.
- According to Invest India, the present value of the medical devices sector in India is projected to be around USD 11 billion. India stands out as the quickest-expanding market for medical devices among the developing nations. The export of medical devices has witnessed a CAGR of 9% to 11% over the past five years. It is anticipated that India's medical device exports will surpass USD 10 billion by the year 2025.
- Given the above-mentioned facts and factors, the demand for TPV is expected to increase at the fastest rate in the Asia-Pacific market during the forecast period.
Thermoplastic Vulcanizate (TPV) Industry Overview
The thermoplastic vulcanizate (TPV) market is consolidated, with the top players accounting for a substantial share of the studied market. The major companies (in no particular order) include Celanese Corporation, Ravago, Mitsui Chemicals Inc., Teknor Apex, and Shandong Dawn Polymer Materials Co. Ltd.
Thermoplastic Vulcanizate (TPV) Market Leaders
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Celanese Corporation
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Ravago
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Mitsui Chemicals Inc.
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Teknor Apex
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Shandong Dawn Polymer Materials Co. Ltd.
*Disclaimer: Major Players sorted in no particular order
Thermoplastic Vulcanizate (TPV) Market News
- April 2024: Celanese Corporation disclosed the qualifications of a specialty compounder in China. This qualification enables the production of Santoprene thermoplastic vulcanizate (TPV). By doing so, Celanese bolsters its supply chain in Asia, emphasizing its dedication to satisfying the rising appetite for bespoke, high-performance materials among its clientele.
- October 2023: Celanese corporation has commercially launched its sustainable TPV grades under the ECO R label. ECO-R solutions offer a more recyclable option than traditional thermoset rubber. These solutions, tailored for automotive, consumer goods, and construction sectors, push the boundaries by integrating post-consumer recyclate (PCR) into their formulations.
- August 2023: Teknor Apex unveiled the Starlink TPVs, boasting a significant milestone in its sustainability drive with up to 40% recycled content. The newly introduced Sarlink RX 3100B Series contains Post-Industrial Recycled (PIR) content, ensuring superior processability and performance. Through this product launch, the company boosted its product portfolio and enhanced its presence in the market studied.
Thermoplastic Vulcanizate (TPV) Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumption and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Extensive Demand from the Automobile Industry
- 4.1.2 Increase in Use of Thermoplastic Vulcanizate in the Consumer Goods Industry
- 4.1.3 Growing Initiative of Companies for Using Recyclable Materials in TPV
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4.2 Restraints
- 4.2.1 Poor Chemical and Wear Resistance
- 4.2.2 Fluctuation in Raw Material Prices
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 ByEnd-user Industry
- 5.1.1 Automotive
- 5.1.2 Building and Construction
- 5.1.3 Consumer Goods
- 5.1.4 Healthcare
- 5.1.5 Other End-user Industries
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5.2 By Geography
- 5.2.1 Asia-Pacific
- 5.2.1.1 China
- 5.2.1.2 India
- 5.2.1.3 Japan
- 5.2.1.4 South Korea
- 5.2.1.5 Malaysia
- 5.2.1.6 Thailand
- 5.2.1.7 Indonesia
- 5.2.1.8 Vietnam
- 5.2.1.9 Rest of Asia-Pacific
- 5.2.2 North America
- 5.2.2.1 United States
- 5.2.2.2 Canada
- 5.2.2.3 Mexico
- 5.2.3 Europe
- 5.2.3.1 Germany
- 5.2.3.2 United Kingdom
- 5.2.3.3 France
- 5.2.3.4 Italy
- 5.2.3.5 Spain
- 5.2.3.6 NORDIC Countries
- 5.2.3.7 Turkey
- 5.2.3.8 Russia
- 5.2.3.9 Rest of Europe
- 5.2.4 South America
- 5.2.4.1 Brazil
- 5.2.4.2 Argentina
- 5.2.4.3 Colombia
- 5.2.4.4 Rest of South America
- 5.2.5 Middle East and Africa
- 5.2.5.1 Saudi Arabia
- 5.2.5.2 Qatar
- 5.2.5.3 United Arab Emirates
- 5.2.5.4 Nigeria
- 5.2.5.5 Egypt
- 5.2.5.6 South Africa
- 5.2.5.7 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%) Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Celanese Corporation
- 6.4.2 Elastron TPE
- 6.4.3 Kumho Polychem
- 6.4.4 LCY
- 6.4.5 Mitsubishi Chemical Group Corporation
- 6.4.6 Mitsui Chemicals Inc.
- 6.4.7 Ravago
- 6.4.8 RTP
- 6.4.9 Shandong Dawn Polymer Materials Co. Ltd
- 6.4.10 Teknor Apex
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Rising Usage in the Healthcare Industry
- 7.2 Growing Demand in Electrical Applicances
Thermoplastic Vulcanizate (TPV) Industry Segmentation
Thermoplastic vulcanizates (TPVs) are a type of thermoplastic elastomer in which the rubber phase vulcanizes during melt mixing with a semicrystalline thermoplastic phase at high temperatures. The beneficial properties associated with using TPV are recyclability, superior UV stability, and low-temperature flexibility. TPVs have extensive applications in the production of lightweight automotive parts, building materials, consumer goods, and various other industrial sectors.
The market is segmented by end-user industry and geography. By end-user industry, the market is segmented into automotive, building and construction, consumer goods, healthcare, and other end-user industries (industrial seals and gaskets, footwear, HVAC systems, and sporting goods). The report also covers the market size and forecasts for the thermoplastic vulcanizate (TPV) in 28 countries across the major regions. For each segment, the market size and forecasts are based on volume (tons).
| ByEnd-user Industry | Automotive | |
| Building and Construction | ||
| Consumer Goods | ||
| Healthcare | ||
| Other End-user Industries | ||
| By Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Malaysia | ||
| Thailand | ||
| Indonesia | ||
| Vietnam | ||
| Rest of Asia-Pacific | ||
| By Geography | North America | United States |
| Canada | ||
| Mexico | ||
| By Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| NORDIC Countries | ||
| Turkey | ||
| Russia | ||
| Rest of Europe | ||
| By Geography | South America | Brazil |
| Argentina | ||
| Colombia | ||
| Rest of South America | ||
| By Geography | Middle East and Africa | Saudi Arabia |
| Qatar | ||
| United Arab Emirates | ||
| Nigeria | ||
| Egypt | ||
| South Africa | ||
| Rest of Middle East and Africa |
Thermoplastic Vulcanizate (TPV) Market Research FAQs
How big is the Thermoplastic Vulcanizate Market?
The Thermoplastic Vulcanizate Market size is expected to reach 429.84 kilotons in 2024 and grow at a CAGR of 5.33% to reach 557.30 kilotons by 2029.
What is the current Thermoplastic Vulcanizate Market size?
In 2024, the Thermoplastic Vulcanizate Market size is expected to reach 429.84 kilotons.
Who are the key players in Thermoplastic Vulcanizate Market?
Celanese Corporation, Ravago, Mitsui Chemicals Inc., Teknor Apex and Shandong Dawn Polymer Materials Co. Ltd. are the major companies operating in the Thermoplastic Vulcanizate Market.
Which is the fastest growing region in Thermoplastic Vulcanizate Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Thermoplastic Vulcanizate Market?
In 2024, the Asia Pacific accounts for the largest market share in Thermoplastic Vulcanizate Market.
What years does this Thermoplastic Vulcanizate Market cover, and what was the market size in 2023?
In 2023, the Thermoplastic Vulcanizate Market size was estimated at 406.93 kilotons. The report covers the Thermoplastic Vulcanizate Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Thermoplastic Vulcanizate Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Thermoplastic Vulcanizate (TPV) Industry Report
Statistics for the 2024 Thermoplastic Vulcanizate (TPV) market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thermoplastic Vulcanizate (TPV) analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
