According to a report,”Thermoplastic Vulcanizates (TPV) Market Analysis By Application (Automotive, Fluid Handling, Consumer Goods, Medical) and Segment Forecasts to 2020″, published by Grand View Research, Inc.,Global thermoplastic vulcanizates (TPV) market is expected to reach USD 1.87 billion by 2020, Growing demand for lightweight, high performance materials from automotive industry is expected to drive the global thermoplastic vulcanizates market. Increasing government intervention for improving fuel efficiency has prompted the use high performance engineering plastics including TPV which has fueled its demand. Growth of consumer goods industry in BRIC nations is also expected to have a positive impact on the global market. Volatile price of key feedstock is expected to remain a key challenge for market participants over the forecast period.
Key Takeaways from the report:
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Global thermoplastic vulcanizates market demand was 297.9 kilo tons in 2013 and is expected to reach 470.8 kilo tons by 2020, growing at a CAGR of 6.8% from 2014 to 2020.
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North America dominated the global TPV market and accounted for 34.6% of global demand in 2013. The regional market is characterized by several favorable government initiatives including Corporate Average Fuel Economy (CAFE) program which mandates an average mileage of approximately 29 miles per gallon which is expected to go up to 35.5 miles per gallon by 2016. Implementation of such initiatives has prompted automotive manufacturers to reduce overall weight of automobiles in order to achieve optimum fuel efficiency. This trend is expected to drive the regional TPV demand over the next six years.
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Asia Pacific is expected to witness the highest growth of 7.4% over the forecast period. Growth of key end-use industries including automotive and healthcare particularly in China and India is expected to drive the regional TPV market.
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Major companies operating in the global TPV market have been constantly involved in R&D and product development to cater specific end-use requirements. Key industry participants include The Dow Chemical Company, Exxon Mobil, Solvay Engineered Polymers, DuPont Performance Elastomers, Arkema Inc., Kraton Polymers and Dexco Polymers.
Global thermoplastic vulcanizates (TPV) market volume by application, 2012 – 2020 (Kilo Tons)
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Automotive was the largest application segment and accounted for 59.8% of total TPV consumption in 2013. Strong shift in trend towards replacing metals and heavy plastics with engineering plastics in order to reduce the overall weight of automobiles is expected to drive this segment over the forecast period. Medical is expected to witness the highest growth rate of 7.6% from 2014 to 2020. Growing awareness regarding the use of phthalate free medical devices and equipment is expected to drive TPV demand in medical industry
Grand View Research has segmented the TPV market on the basis of application and region:
Global Thermoplastic Vulcanizates (TPV) Application Outlook (Volume, Kilo Tons, Revenue, USD Million, 2012 – 2020)
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Automotive
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Fluid Handling
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Consumer Goods
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Medical
Global Thermoplastic Vulcanizates (TPV) Regional Outlook (Volume, Kilo Tons, Revenue, USD Million, 2012 – 2020)
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North America
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U.S.
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Europe
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UK
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Germany
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Asia Pacific
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Japan
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China
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Central & South America
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Middle East & Africa
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About Grad View Research, Inc.
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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