LONDON, Sept. 28, 2016 /PRNewswire/ -- The China TPV market is anticipated to reach USD 430.5 million by 2024, according to a new report by Grand View Research, Inc. Increasing thermoplastic vulcanizates demand in automotive component production is anticipated to remain the key driving factor for regional market growth over the forecast period.
Increasing policy formulation by environmental protection agencies and governments across the globe to reduce carbon emission through improved fuel efficiency has compelled manufacturers to inculcate plastics as substitute alloys and metal in major automotive applications.
Rising consumer predilection for advanced and light weight passenger cars is expected to drive innovation and R&D in the regional automotive industry. Such factors have driven polymer consumption in automotive applications and are anticipated to fuel TPV demand.
However, thermoplastic vulcanizates exhibit excellent physical and chemical properties in comparison to thermoset plastics, thus gaining preference in terms of their application consumption.
It further finds application in end-use industries such as industrial, electronics and construction. Increasing usage as a replacement for non-environment friendly PVC coupled with rising construction spending in the country is anticipated to fuel growth over the forecast period.
Further key findings from the report suggest:
China thermoplastic vulcanizates (TPV) market demand was 54.5 kilo tons in 2015 and is expected to reach 101.7 kilo tons by 2024, growing at a CAGR of 7.2% from 2016 to 2024
Automotive emerged as the leading application segment and accounted for 62.5% of total market volume in 2015. Rising carbon emission levels and implementation of stringent governmental regulations are expected to boost the market demand for lightweight materials to reduce overall automobile density and curb emission levels by improving fuel efficiency
Medical grade TPV's are gaining wide popularity among manufacturers owing to the risk of latex-associated allergic reaction from conventionally used rubber in medical devices. Escalating investments on medical devices by manufacturers to develop devices approved under regulations is expected to fuel consumption significantly.
China TPV market is fragmented among multinational players and small domestic companies. Key industry participants in the market include DuPont, Mitsui Chemicals, RTP Company, Teknor Apex, Solvay Engineered Polymers, Kraton Polymer LLC, Chemtura Corporation, ExxonMobil, Covestro. Other major players include Shenzen Zhongsuwang Plastic Products Co., Ltd., Zylog Plastalloys Pvt. Ltd., Nanjing Jinling Opta Polymer Co., Ltd. and Changshu Huajie Plastic Co. Ltd.
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