Global Thermoplastic Vulcanizates (TPV) Market is
expected to reach USD 1.87 billion by 2020, according to a new study by Grand
View Research, Inc. Growing demand for lightweight, high performance materials
from automotive industry is expected to drive the global thermoplastic
vulcanizates market. Increasing government intervention for improving fuel
efficiency has prompted the use high performance engineering plastics including
TPV which has fueled its demand. Growth of consumer goods industry in BRIC
nations is also expected to have a positive impact on the global market.
Volatile price of key feedstock is expected to remain a key challenge for
market participants over the forecast period.
Automotive was the largest
application segment and accounted for 59.8% of total TPV consumption in 2013. Strong
shift in trend towards replacing metals and heavy plastics with engineering
plastics in order to reduce the overall weight of automobiles is expected to
drive this segment over the forecast period. Medical is expected to witness the
highest growth rate of 7.6% from 2014 to 2020. Growing awareness regarding the
use of phthalate free medical devices and equipment is expected to drive TPV
demand in medical industry.
Browse full research report on Thermoplastic Vulcanizates
Market: http://www.grandviewresearch.com/industry-analysis/thermoplastic-vulcanizates-industry
Further key findings from the
study suggest:
- Global thermoplastic vulcanizates market demand was
297.9 kilo tons in 2013 and is expected to reach 470.8 kilo tons by 2020,
growing at a CAGR of 6.8% from 2014 to 2020.
- North America dominated the global TPV market and
accounted for 34.6% of global demand in 2013. The regional market is
characterized by several favorable government initiatives including
Corporate Average Fuel Economy (CAFE) program which mandates an average
mileage of approximately 29 miles per gallon which is expected to go up to
35.5 miles per gallon by 2016. Implementation of such initiatives has
prompted automotive manufacturers to reduce overall weight of automobiles
in order to achieve optimum fuel efficiency. This trend is expected to
drive the regional TPV demand over the next six years.
- Asia Pacific is expected to witness the highest
growth of 7.4% over the forecast period. Growth of key end-use industries
including automotive and healthcare particularly in China and India is
expected to drive the regional TPV market.
- Major companies operating in the global TPV market
have been constantly involved in R&D and product development to cater
specific end-use requirements. Key industry participants include The Dow
Chemical Company, Exxon Mobil, Solvay Engineered Polymers, DuPont
Performance Elastomers, Arkema Inc., Kraton Polymers and Dexco
Polymers.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/plastics-polymers-and-resins
For the purpose of this study, Grand View Research has
segmented the TPV market on the basis of application and region:
Global Thermoplastic Vulcanizates (TPV) Application
Outlook (Volume, Kilo Tons, Revenue, USD Million, 2012 - 2020)
- Automotive
- Fluid
Handling
- Consumer
Goods
- Medical
Global Thermoplastic Vulcanizates (TPV) Regional Outlook
(Volume, Kilo Tons, Revenue, USD Million, 2012 - 2020)
- North
America
- U.S.
- Europe
- UK
- Germany
- Asia
Pacific
- Japan
- China
- Central
& South America
- Middle
East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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