Market Size of Thermoplastic Vulcanizate (TPV) Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Thermoplastic Vulcanizate (TPV) Market Analysis
The Thermoplastic Vulcanizate (TPV) Market size is expected to grow from 417.05 kilotons in 2023 to 558.11 kilotons by 2028, at a CAGR of 6% during the forecast period (2023-2028).
The COVID-19 pandemic disrupted the thermoplastic vulcanizate market, resulting in a reduction in supply due to transportation restrictions and a decline in demand from various sectors. Nonetheless, the market rebounded in 2022 due to increased demand from the automotive, building, and construction industries.
- The major factors driving the market studied are the surge in demand from the automobile industry, the increase in utilization in the consumer goods industry, and favorable government policies related to using recyclable materials.
- However, poor resistance to chemicals and low wear resistance, and fluctuation in raw material prices could restrain the thermoplastic vulcanizate market.
- Growing use in the healthcare industry and surging demand for electrical appliances are expected to be major growth opportunities for the market.
