Thermoplastic Vulcanizate Market is anticipated to grow at a CAGR of 5.5% during 2023-2028
The global thermoplastic vulcanizate market is projected to reach $1.8 billion by 2028, at a CAGR of 5.5% during 2023-2028. The growth of thermoplastic vulcanizate market is driven by growing use of thermoplastics as a replacement of metals in end use industries; rising demand for eco-friendly, lightweight, durable, and safe materials; and favorable government policies to use recyclable materials across various countries.
Some of the Key Questions answered in this exclusive report are:
Q.1 What are some of the most promising, high-growth opportunities for the thermoplastic vulcanizate market by application (automotive, fluid handling, consumer goods, medical, footwear, and others) and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 What are the business risks and threats to the thermoplastic vulcanizate market?
Q.4 What are some changing demands of customers in the thermoplastic vulcanizate market?
Q.5 What are the new developments in the thermoplastic vulcanizate market? Which companies are leading these developments?
Q.6 What strategic initiatives are being implemented by key players for business growth?
Q.7 What are some of the competitive products and processes in this thermoplastic vulcanizate area and how big of a threat do they pose for loss of market share via product substitution?
Q.8 What M&A activity has occurred in the last 5 years in this thermoplastic vulcanizate market?
Market Segmentation:
Based on application, the thermoplastic vulcanizate market is segmented into automotive, fluid handling, consumer goods, medical, footwear, and others. The automotive segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to the increasing use of thermoplastics as a high-performing and lightweight material in vehicle parts, such as gaskets, air duct covers, headlamps seats, vibration dampeners, and panel hole plugs.
North America will remain the largest region due to extensive production of passenger cars with the use of thermoplastics, presence of key players, and growing trend of electric vehicles in the region.
Key Players in the thermoplastic vulcanizate market are JSR, Exxon Mobil, RTP, DuPont de Nemours, Mitsui, and Celanese.
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