The global thermoplastic vulcanizates market is forecast to grow at a CAGR of 6.31% during the period 2017-2021.
The report, Global Thermoplastic Vulcanizates Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is the introduction of advanced TPVs by focusing on R&D. The increased competition observed within the TPV market, along with intense rivalry with other TPE markets, demands for innovative product launches. This has promptly led key players in the market to increase their focus and spending on R&D and other technological advances, resulting in the development of advanced TPVs. They perform better than regular TPVs in terms of functionality, cost efficiency, and sustainability. The innovation of advanced TPVs will help key players to differentiate their products in terms of performance when compared with regular TPVs.
According to the report, one of the major drivers for this market is the increased adoption in automotive industry. The global TPV market is mainly driven by the automotive industry, and it has the highest consumption share of the material in industrial applications. In the automotive industry, TPV is used to manufacture automotive exterior parts, such as mud guards, weather seals, glass run channel, door trim skin, side molding, roof molding, and roof antenna cover. In addition, TPVs are used in manufacturing automotive interior parts, such as interior skins, door trim, instrumental panel, airbag cover, and dashboard covers. The growing consumption of TPV in the motor vehicle sector for production of these parts, owing to lightweight and high oil, chemical, and heat resistance is the major driver of the global TPV market.