The demand for thermoplastic vulcanizate (TPV) is increasing globally because of its diverse properties, such as unique aesthetics and high performance. TPVs are a class of rubber-like material that is modified with additional plastic materials to create a new compound. This leads to enhanced stability and makes the material more abrasion resistant and wear resistant than traditional rubber materials. TPVs can be recycled into another usable form at end of life; therefore, they do not contribute to the contamination of traditional landfill sites with used tires. TPVs also provide good strength, oil resistance, chemical resistance and high functional efficiency as compared with other similar products, such as polyurethane or natural rubber.
Automotive Manufactures are Preferring TPV over Traditional Rubber Material
Thermoplastic vulcanizates have many advantages over traditional rubber materials. They are lighter in weight, which reduces the overall weight of the component. They are also easier to process, which results in shorter manufacturing times and lower production costs. In addition, thermoplastic vulcanizates exhibit better mechanical properties than traditional rubber materials, making them more durable and less prone to failure.
Thermoplastic vulcanizates are a particularly good choice for automotive applications, where weight savings and performance are key requirements. They have been used in a number of high-profile automotive projects, including the BMW i8 and the Ford GT. In both cases, thermoplastic vulcanizates were used to create lightweight components that met the demanding performance requirements of the application.
Thermoplastic vulcanizates are also being used in a range of industrial applications. Some examples include: vibration damping in power tools, sealing gaskets in water pumps, electrical insulation in motors and transformers.
Medical Industry is Offering Lucrative Opportunity for Thermoplastic Vulcanizates Market
Thermoplastic vulcanizates are materials that combine the properties of both thermoplastics and vulcanized rubber. This combination makes them ideal for medical applications, where they can provide both flexibility and durability. One common use of thermoplastic vulcanizates in medical devices is as seals. They are being used to create a tight seal between two parts, preventing fluid from leaking out. This is important in medical devices, where it is essential to keep liquids from escaping. In addition, thermoplastic vulcanizates can also be used to make tubing. This tubing can be used in a variety of applications, such as blood collection or drug delivery. It is important that the tubing be flexible enough to allow the blood to flow through the tubing with ease.
Thermoplastic vulcanizates are quickly becoming a staple in the medical industry, and it is likely that their use will continue to grow in the years to come.
Thermoplastic Vulcanizates are More Expensive than Traditional Alternatives
Thermoplastic vulcanizates are more expensive than conventional rubber or plastics. This is because the production process of thermoplastic vulcanizates is more complex and requires higher temperatures. In addition, the materials used to make thermoplastic vulcanizates are also more expensive. However, the advantages of thermoplastic vulcanizates over traditional rubber or plastic materials make them worth the extra cost. For example, thermoplastic vulcanizates have better mechanical properties and can be recycled more easily than traditional rubber or plastic materials. As a result, they are becoming increasingly popular in a variety of industries.
However, growth of the thermoplastic vulcanizates market is expected to increase in the future. This is due to their increased use in green technology applications such as electric vehicles and green tire production. Demand is also expected to increase in the medical industry because of the material's ability to resist cold temperatures better than traditional rubber or plastic materials. Manufacturers are currently developing innovative ways to meet the growing demand for thermoplastic vulcanizates by improving existing recycling processes and creating new recycling methods.
North America is the Largest Consumers in the global Thermoplastic Vulcanizates Market
Thermoplastic vulcanizates (TPVs) are a type of plastic that Thermoplastic Vulcanizates Market is composed of rubber and plastic. They are used in a variety of applications, including automotive parts, medical devices, and consumer goods. North America is the largest consumer of thermoplastic vulcanizates, followed by Europe and Asia. Wherein, the automotive sector dominated the market, accounting for nearly half of the total demand; however, the medical devices applications segment is expected to grow at the fastest rate during the forecast period. This growth will be driven by rapid adoption rates of TPVs in stents and pacemaker leads for cardiovascular implants, among others.
North America currently accounts for 42% share of global Thermoplastic Vulcanizates Market followed by Europe and Asia with 28% and 25% shares respectively. Currently, Europe holds more than 40% share of medical devices thermoplastic vulcanizates market, but is expected to lose its market share to Asia Pacific by 2022.
Vendor Landscape of Thermoplastic Vulcanizates Market
Some of the key vendor in the global market are Exxon Mobil Corp., JSR Corporation, RTP Company, Mitsui Chemicals, Inc., DuPont de Nemours, Inc., Celanese Corp., Mitsubishi Chemical Corp., LyondellBasell Industries Holdings B.V., KUMHO POLYCHEM, and Ravago Manufacturing
The global thermoplastic vulcanizates market is witnessing a surge in competition, with new players entering the fray. This is attributable to the growing demand for thermoplastic vulcanizates from various end-use industries, such as automotive, medical, construction, and electrical and electronics. New entrants are focusing on expanding their production capacities to cater to the increasing demand for thermoplastic vulcanizates. They are also adopting innovative marketing strategies to strengthen their foothold in the market.
Key players in the global thermoplastic vulcanizates market are focusing on expanding their product portfolios and strengthening their distribution channels. They are also undertaking research and development (R&D) activities to innovative products that can meet the needs of end-use industries in a cost-effective manner.
Please Note: The above mentioned segmentation/companies/countries are likely to differ in the actual report as they are based on preliminary research.