Thermoplastic Vulcanizates Market Trends and Forecast, 2020 - 2027

 The global thermoplastic vulcanizates market size is anticipated to reach USD 2.4 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 6.5% over the forecast period. The growing demand for lightweight, high-performance materials from the automotive industry is expected to drive the global market. Increasing government intervention for improving fuel efficiency has prompted the use of high-performance engineering plastics including thermoplastic vulcanizate (TPV).

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The growth of the consumer goods industry in BRIC nations is also expected to have a positive impact on the global market. Volatile prices of key feedstock are expected to remain a key challenge for market participants over the forecast period. On the basis of application, the market is segmented into automotive, fluid handling, consumer goods, medical, and others.

The medical application segment is expected to witness the fastest growth over the forecast period. The high demand for advanced healthcare services owing to the availability of well-developed healthcare infrastructure, increasing incidences of Cardiovascular Diseases (CVDs), and rising aging population across the world is anticipated to drive the demand for medical devices.

This, in turn, is expected to have a positive impact on the segment’s growth. In addition, rising cases of COVID-19 at the community level is projected to propel the need for various medical equipment, such as peristaltic tubes, syringe tips, seals, gloves, masks, and others, thereby boosting the demand for medical-grade TPVs in the coming years.

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Thermoplastic Vulcanizates Market Report Highlights

• The global market was valued at USD 1.5 billion in 2019 and is estimated to expand at a CAGR of 6.5% from 2020 to 2027

• The automotive segment led the market and accounted for more than 58% share of the global revenue in 2019

• The significant growth was attributed to the high demand for lightweight and high-performance materials in the automotive industry

• Asia Pacific accounted for over 28% of the overall revenue in 2019 and is expected to register the fastest CAGR from 2020 to 2027

• India is projected to lead the APAC regional market, in terms of revenue share as well as growth rate, over the forecast period

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