Thermoplastic Vulcanizates Market Size, Share, Growth Analysis, By Type(Dynamic Vulcanization and Chemical Vulcanization), By Application(Automotive, Consumer Goods, and Industrial), By Region - Industry Forecast 2024-2031

Global Thermoplastic Vulcanizates Market size was valued at USD 1.57 billion in 2022 and is poised to grow from USD 1.69 billion in 2023 to USD 3.06 billion by 2031, growing at a CAGR of 7.7% in the forecast period (2024-2031).

The global market for thermoplastic vulcanizates (TPV) is poised for substantial growth in the forecast period, driven by increasing demand for lightweight and environmentally friendly solutions that offer exceptional durability and enhanced safety. TPVs, which are high-performance elastomers, exhibit outstanding flexibility, ease of processing, durability, and resistance to heat, fluids, and chemicals. These qualities make them ideal for the production of lightweight automotive components like car doors, weather seals, and engine-related parts. TPVs are being increasingly adopted as an alternative to PVC plastic in the automotive industry due to stringent regulations governing the use of PVC. This shift is anticipated to drive market demand in the coming years. Additionally, the automotive industry's strong inclination towards replacing metals with lightweight materials, such as TPV, to improve fuel efficiency, is expected to further boost the demand for TPVs during the forecast period. TPVs find extensive application in the production of interior and exterior components in automobiles, including wiper systems, air guides and dams, spoilers and trims, and flappers.

The global consumer preference for fuel-efficient vehicles is driving the demand for TPVs in the automotive sector and is expected to fuel market growth. Favorable regulations imposed by agencies like the Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) on carbon emissions, along with European Union initiatives to develop a TPV app for constructing lightweight and fuel-efficient vehicles, are anticipated to stimulate market expansion. However, the high cost of raw materials associated with EPDM may pose a profitability challenge. Supportive government policies aimed at promoting the use of lightweight and recyclable materials across various industries, including automotive and construction, are expected to drive demand for TPVs in the forecast period. Furthermore, the USD 2.0 trillion investment by the U.S. government in infrastructure development, including hospitals and construction projects, as part of the COVID-19 response, is projected to further propel the demand for TPVs in medical and fluid handling applications in the coming years.

US Thermoplastic Vulcanizates Market is poised to grow at a sustainable CAGR for the next forecast year.