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 report by Grand View Research:
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
o U.S.
·
Europe
o UK
o Germany
·
Asia Pacific
o Japan
o China
·
Central & South America
·
Middle East & Africa
Access press release by Grand View Research: http://www.grandviewresearch.com/press-release/global-industrial-insulation-market
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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