The global thermoplastic vulcanizates (TPV) market size was US$ 1.6 billion in 2021. The global thermoplastic vulcanizates (TPV) market is forecast to grow to US$ 3.1 billion by 2030, registering a compound annual growth rate (CAGR) of 7.8% during the forecast period from 2022 to 2030.

Regional Analysis

The Asia-Pacific thermoplastic vulcanizates (TPV) market is leading due to the contribution of China and Japan. China is the largest automotive producer, which is increasing the demand for thermoplastic vulcanizates.
Moreover, the country is focusing on increasing the production and sales of electric vehicles. Thus, the government authorities and private companies are aiming to grow the production of electric vehicles. Thus, the regional thermoplastic vulcanizates (TPV) market is forecast to witness huge growth potential in the country.
In addition, the anticipated growth of other end-user industries, such as consumer goods and electronics industries, is likely to boost the growth of Asia-Pacific thermoplastic vulcanizate during the study period.
Factors Influencing the Market Growth

TPV is a lightweight alternative to thermoset rubber materials, which finds its applications in the automotive and construction sectors. The material is used in the manufacturing of suspension bellows, air ducts, tubing, cable jacketing, plugs, molded seals, grommets, bumpers. Thus, the growth of the automotive industry will drive the growth of the global thermoplastic vulcanizates (TPV) market during the study period.
The applications of TPV in the medical industry are likely to benefit the overall thermoplastic vulcanizates (TPV) market. TPVs are often a mixture of scattered rubber particles in a thermoplastic matrix, giving the material both elastomer and thermoplastic capabilities. Natural rubber is used in the manufacturing of gloves and septa. Thus, it will contribute to the growth of the global thermoplastic vulcanizates (TPV) market during the forecast period.
The demand for enhanced performance and flexibility in the construction sector is likely to drive the thermoplastic vulcanizates (TPV) market forward.
COVID-19 Impact Analysis

The COVID-19 pandemic significantly limited the growth of the construction and automotive segment. These sectors witnessed significant downfall due to the declining demand from consumers, growing concerns towards social distancing, and import-export bans. Thus, the demand for thermoplastic vulcanizates (TPV) also declined significantly.

The demand for gloves and other essential things increased significantly from the medical segment. Thus, the medical segment revived the growth of the global thermoplastic vulcanizates (TPV) market. The market is forecast to witness favorable opportunities as the companies resume manufacturing activities.

Competitors in the Market

Exxon Mobil corporation
Mitsubishi Chemicals Inc
Teknor Apex
Ravago
KUMHO POLYCHEM
The Dow Chemical Company
Arkema Inc.
DuPont Performance Elastomers
Solvay Engineered Polymers
Dexco Polymers
Other Prominent Players
Market Segmentation

The global thermoplastic vulcanizates (TPV) market segmentation focuses on End-User and Region.

Global Thermoplastic Vulcanizate (TPV) Market, By End-User Industry:

Automotive
Building and Construction
Consumer Goods
Healthcare
Other End-User Industries
Global Thermoplastic Vulcanizate (TPV) Market, By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America