The Asia Pacific thermoplastic vulcanizate market was valued at US$ 462.90 million in 2019 and is projected to reach US$ 745.87 million by 2027; it is expected to grow at a CAGR of 6.3% during the forecast period 2020-2027.
Thermoplastic vulcanizate (TPV) is a mixture of rubber particles distributed in a thermoplastic matrix. Therefore, TPV has mixed properties, including the characteristics of the vulcanized rubber elastomer as well as the handling properties of the thermoplastic material. Typical TPV contains approximately two-thirds of ethylene propylene diene monomer and one-third of impact polypropylene. This mixture of raw materials can differ, such as polypropylene with natural rubber, polypropylene and ethylene-octene copolymers, and others. These materials have a wide range of hardness, excellent flex fatigue, high impact resistance, and superior resistance to acids, bases, and aqueous media. Due to its manufacturing versatility and ease of processing, TPV is used in applications requiring durability and lightweight characteristics, such as in vehicles, construction, and others. The increasing demand for lightweight and high-performance materials in the automotive industry is expected to fuel demand for thermoplastic vulcanizations (TPVs) during the forecast period.
Based on end-use industry, the Asia Pacific thermoplastic vulcanizate market is segmented into automotive, building & construction, consumer goods, healthcare, and others. In 2019, the automotive segment dominated the Asia Pacific thermoplastic vulcanizate market.
Geographically, the Asia Pacific thermoplastic vulcanizate market is segmented into the Australia, India, China, Japan, South Korea, and Rest of Asia Pacific. Japan contributed to the largest share of the Asia Pacific region. The development in healthcare industry is expected to bolster the growth of the thermoplastic vulcanizate market in Japan. The impending 2020 Tokyo Olympics have led to the construction of sports complex and Olympic village in Japan. The use of thermoplastic vulcanizate for fluid handling applications in building & construction industries also favors the market growth. Also, an upsurge in the usage of thermoplastic vulcanizate in portable water applications, such as general seals, riser, tuber, supply lines, and flapper valves, is expected to foster the growth of the thermoplastic vulcanizate market in the country.
Mitsui Chemicals, Inc.; Celanese Corporation; Mitsubishi Chemical Corporation; Kumho Polychem; Trinseo; Teknor Apex; ExxonMobil; Zeon Chemicals L.P.; Alphagary; and Ravago are among the major players present in the Asia Pacific thermoplastic vulcanizate market.
Impact of COVID-19 Pandemic on Thermoplastic Vulcanizate Market
The COVID-19 outbreak is anticipated to cause a loss of more than 3 billion in the Asia Pacific region. The consequence and impact can be even worse and totally depends on the spread of the virus. The government of Asia Pacific is taking possible steps to reduce its effects by announcing lockdown, which is negatively impacting the market growth. The Governments have asked the chemical and materials manufacturers to delay their production, which will adversely affect the global supply of thermoplastic vulcanizate (TPV).
Overall size of the Asia Pacific thermoplastic vulcanizate market has been derived in accordance to primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the thermoplastic vulcanizate market.