Thermoplastic Vulcanizates Market Size, Share, and Industry Analysis, By Processing Method (Injection Molding, Extrusion, and Others), By Application (Automotive, Consumer Goods, Fluid Handling, Footwear, Medical, and Others), and Regional Forecast, 2024-2032

TPVs, also known as thermoplastic vulcanizates, offer a range of desirable properties that are highly sought after in consumer goods applications. These properties include a soft and tactile feel, good grip, resistance to wear and tear, and flexibility. TPVs are commonly used in the production of sporting goods, toys, grips, handles, and various other consumer products. The consumer goods segment primarily drives the thermoplastic vulcanizates (TPV) market. The consumer goods segment is currently the fastest-growing segment in the TPV market.

The footwear segment also drives the thermoplastic vulcanizates market. TPVs are commonly used in the soles of shoes for their excellent grip and wear resistance. They provide the necessary toughness and flexibility, ensuring comfort and longevity. The material's good abrasion resistance also contributes to the sole's durability, making it suitable for shoes designed for sports, outdoor activities, and daily wear.

• In Asia Pacific, compliance with government regulations and environmental concerns may increase production costs and limit market opportunities for TPV.

TPVs are ideal for overmolding applications on footwear, where a soft, rubber-like material is molded over a harder substrate. This process is often used to create ergonomic grips on shoe laces, waterproof seals on boots, and decorative or functional elements on various types of shoes. The overmolding process with TPV enhances the aesthetic appeal and functionality of the footwear.

• In 2022, North America dominated the thermoplastic vulcanizates market with approximately 33% of the market share.

The major thermoplastic vulcanizates Market consumers by region are China, Japan, and India in Asia Pacific; the U.S. & Canada in North America; Germany and France in Europe; and Saudi Arabia and UAE in the Middle East.

• In 2022, the total production of automotive vehicles in North America was 14.70 million.


• Europe’s total production of automotive vehicles in the year 2022 was 12.2 million.

Segmentation

Key Insights

The report covers the following key insights:

• Key Emerging Trends – For Major Regions


• Key Developments: Mergers, Acquisitions, and Partnerships


• Latest Technological Advancement


• Insights on Sustainability


• Porters Five Forces Analysis


• Impact of COVID-19 on the Market

Analysis by Processing Method

By processing method, the market is segmented into injection molding, extrusion and others. The injection molding segment holds a significant share of the global thermoplastic vulcanizates market.

• Injection molding is a popular method used in the manufacturing of parts from thermoplastic vulcanizates (TPVs). This process is particularly well-suited for TPVs due to their unique properties and versatility. TPVs combine the characteristics of vulcanized rubber, such as elasticity and low compression set, with the processing ease of thermoplastics, making them ideal for a wide range of applications.


• TPVs are used in a variety of injection-molded consumer goods due to their durability, flexibility, and resistance to various environmental factors. Applications include sporting goods, toys, grips, handles, and other consumer products where a soft-touch feel, good grip, and resistance to wear and tear are valued.

Analysis by Application

By application, the market is divided into automotive, consumer goods, fluid handling, footwear, medical and others. The automotive segment holds a considerable share of the global thermoplastic vulcanizates market.

• Over the past few years, there has been a significant increase in demand for luxurious, low-emission, safe, and high-performance vehicles, leading to the growth of automotive lightweight materials.


• Polyvinyls (PVs) are widely used in the production of automobile interior and exterior components such as air guides and dams, spoilers and trims, flappers, and wiper systems. Furthermore, the global consumer trend toward fuel-efficient vehicles has resulted in a higher demand for thermoplastic vulcanizates (TPV) in the automotive industry.

Regional Analysis

The global market is geographically segmented into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific holds a considerable share of the thermoplastic vulcanizates market. The Asia Pacific region is a popular destination for foreign investment due to the availability of low-cost labor and cheap land, resulting in an expanding industrial sector. This has led to a rise in demand for rubber products as industrialization in the region continues to grow. The automotive industry is also on the rise in this region, as TPVs are being used in the manufacturing of seals, gaskets, and hoses, which in turn is contributing to the growth of the TPV market in this region.

Total sales of vehicles globally by region in 2022

• Asia Pacific        -    49%


• Europe               -    20%


• North America -   18%


• South America   -   6%


• Rest of world     -   7%

Key Players Covered

The report will include the profiles of key players, such as Avient Corporation, Celanese Corporation, Elastron TPE, Exxon Mobil Corporation, FM Plastics, Kumho Polychem, LCY GROUP, LyondellBasell Industries holdings B.V., Mitsubishi Chemical Corporation, Mitsui Chemicals Inc., Ravago, RTP Company, and Teknor Apex.

Key Industry Developments

• In August 2022, Celanese Corporation partnered with Ravago, a polymer distributor, to distribute the Santoprene and Geoplast TPV product portfolio across North America, including the USA, Canada, and Mexico.


• In July 2022, Mitsui Chemicals created an eco-friendly thermoplastic vulcanizate (TPV) called Milastomer, which uses recycled polyolefin as its main component. Milastomer is currently used in the automotive, building and construction, and everyday goods.