PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1015249
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1015249
According to Stratistics MRC, the Global Thermoplastic Vulcanizates Market is accounted for $1.60 billion in 2020 and is expected to reach $3.07 billion by 2028 growing at a CAGR of 8.5% during the forecast period. Factors such as increasing demand for low-on-emission, safe, and high-performance vehicles and growth of the consumer goods industry are driving the market growth. However, the sudden decline of the automotive industry in some countries is hampering the growth of the market.
Thermoplastic vulcanizates are composed of a polyolefin matrix which consists of dispersed and continuous phases. They are produced by cross-linking of melted rubber with a thermoplastic material at a particular temperature. These polymers resemble the properties of ethylene propylene diene monomer (M- class) rubber.
Based on the end user, the automobile segment is anticipated to expand at a rapid pace during the forecast period owing to the growing demand for lightweight and high-performance materials in the automobile industry. By geography, North America is going to have high growth during the forecast period which can be attributed to the strong product demand from various industries such as automobile, healthcare, and consumer goods, in the region.
Some of the key players profiled in the Thermoplastic Vulcanizates Market include Exxon Mobil Corporation, Mitsui Chemicals Inc, Mitsubishi Chemical Corporation, LyondellBasell Industries holdings BV, Orbia, PolyOne Corporation, Kumho Polychem, Elastron TPE, LCY GROUP, RTP Company, Ravago, Celanese Corporation, Teknor Apex, FM Plastics, and Trinseo.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.