The market for thermoplastic vulcanizates is approximated to be USD 2.6 billion in 2022, and it is projected to reach USD 4.9 billion by 2032 at a CAGR of 6.5%.
Thermoplastic Vulcanizates (TPVs) are a type of thermoplastic elastomer that combines the processing ease of thermoplastics with the physical properties of vulcanized rubbers. They are produced by the cross-linking of a thermoplastic polymer and a rubber polymer through a process called dynamic vulcanization. TPVs offer a number of advantages, including good heat resistance, low compression set, excellent dimensional stability, and good electrical insulation properties. They are commonly used in applications such as seals, gaskets, and flexible automotive parts, due to their combination of high elasticity, strength, and durability.
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The thermoplastic vulcanizates can be used in several application segments, such as automotive, fluid handling, footwear, consumer goods, medical, and others. In the automotive segment, it is used to make pipes, seals, gaskets, weatherstrips, grips covers, and other under-hood applications, etc.
The demand for thermoplastic vulcanizates is mainly furnished by several segments such as automotive, fluid handling, footwear, consumer goods, medical, and others. Some of the leading companies involved in the manufacturing of thermoplastic vulcanizates are LyondellBasell Industries Holdings B.V. (Netherlands), Celanese Corporation (US), DuPont de Nemours, Inc. (US), Mitsui Chemicals, Inc.(Japan), and Trinseo Plc (US). These companies and other regional companies cater to the global demand for thermoplastic vulcanizates.
LyondellBasell Industries Holdings B.V. (Netherlands) deals in various segments, such olefins and polyolefins-Americas; olefins and polyolefins-Europe, Asia, international; intermediates and derivatives; advanced polymer solutions; refining; and technology. The company produces thermoplastic vulcanizates under its advanced polymer solutions segment, which also produces and markets polypropylene compounds, engineered plastics, masterbatches, colors and powders, engineered composites, and advanced polymers. The company has 19,100 employees, which helps in achieving the goals of the company. The company has a diverse business footprint across the globe.
Celanese Corporation (US) engages in the provision of technology and specialty materials businesses. It operates through the mentioned segments, which include: engineered materials, acetate tow, and acetyl chain. The company engaged in producing various specialty elastomers for several end-use industries such as automotive, electronics, chemical, paints and coatings, paper and packaging, textiles, medical, and others. The company has a strong global presence in Asia Pacific, the Americas, Europe, and the Middle east region. However, the company has operating facilities in North America, Europe, and Asia that consists of approx. 35 production facilities. The company has employed 8,529 employees as of December 2021.
Mitsui Chemicals, Inc.(Japan) is involved in a wide range of businesses, including the production and sale of petrochemical, basic chemical, and functional chemical products. The company also has operations in the fields of health care, information and communications, and energy. The company has a strong global presence, with operations in Asia, Europe, and the Americas. Mitsui Chemicals is known for its innovative products and technology and is a leader in the development of new materials and solutions for a variety of industries.
Thermoplastic Vulcanizates Market by Processing Method (Injection Molding, Extrusion), Application (Automotive, Footwear, Consumer Goods, Fluid Handling, Medical), and Region (North America, Europe, South America, APAC, MEA) - Global Forecast to 2032
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