Thermoplastic vulcanizates are used across various industries in different forms. Thermoplastic elastomers (TPE) is one of the significant types that is widely used across multiple industries like automotive, consumer goods, fluid handling and medical applications. Its demand in these industries is on rise which drives the global thermoplastic vulcanizates market. Thermoplastic vulcanizates are also popular as vital ingredients in making lightweight materials. Automotive segment is dealing challenges in terms of vehicle weight and thermoplastic vulcanizates is eyed as a promising and visible solution. Government initiatives are also focused on enhancing the use of engineering plastics in all industries. Favorable government regulation and direction boost the global thermoplastic vulcanizates market.
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North America leads market
Latest Fact.MR report estimates the global thermoplastic vulcanizates market growth to be more than 5% in the year 2018. This growth rate was attained on the backdrop of using lightweight engineering plastics instead of metals in end-use segments. The global market is expected to grow at 5% CAGR during the forecast period 2018-2027. The report indicates towards growth in consumption of thermoplastic vulcanizates in automotive sector for exterior applications. Thermoplastic vulcanizates offers performance and functional benefits which make it ideal to be used in a range of products that include weather seals and channels of glass runs.
According to the fact.MR report, North America led global thermoplastic vulcanizates market in past years and will continue to do so in the forecast period. Also United States is assessed to lead the thermoplastic vulcanizates market in consumption. East Asia is an emerging region owing to the fast paced consumption of thermoplastic vulcanizates in China. The major reason behind the prominent growth of market in East Asia is the changes in industrial paradigm that has shifted towards using high quality engineering plastics in different applications.
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Styrene block copolymer is viable alternative
Major stake holders in global thermoplastic vulcanizates market are facing challenges due to presence of alternatives. Styrene block copolymer has surfaced as a new attraction amongst end users. It is a high-performance thermoplastic elastomer that works great in pressure-sensitive applications. Moreover, thermoplastic vulcanizates exhibit poor wear resistance that hampers the growth rate of its adoption across industries. Manufactures are focusing to develop wear resistant thermoplastic vulcanizates with better shelf-life
Competitive landscape is intense and market players are practicing collaboration and acquisitions to penetrate grater in market. ExxonMobil Corporation installed a resin plant that has the capacity to produce 90,000 tons/year. This new move was to extend the production capacity to suffice the growing demand in Asia region. DuPont is making huge investment to set up new manufacturing unit in China which will be involved in producing engineering plastics of grater quality. The production capacity will cater the needs in multiple industries that include transportation and electronics. Mitsui Chemicals, Inc. acquired Asahi Kasei Corp.’s Sunvieo to gain advantage of its business of thermoplastic styrene elastomers. They are planning to launch a new product to attain greater customer base and expand their business.
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