The Middle East and Africa thermoplastic vulcanizate market was valued at US$ 98.14 million in 2019 and is projected to reach US$ 151.52 million by 2027; it is expected to grow at a CAGR of 5.7% during the forecast period.
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 also 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 Middle East and Africa thermoplastic vulcanizate market is segmented into automotive, building & construction, consumer goods, healthcare, and others. In 2019, the automotive segment dominated the Middle East and Africa thermoplastic vulcanizate market.
Geographically, the Middle East and Africa thermoplastic vulcanizate market is segmented into the South Africa, Saudi Arabia, the UAE, and Rest of Middle East and Africa. Rest of Middle East and Africa contributed to the largest share of the Middle East and Africa thermoplastic vulcanizate market. The rest of the Middle East & Africa includes Bahrain, Egypt, Iran, Iraq, Kuwait, Oman, Qatar, Nigeria, and Morocco, among others. As the thermoplastic vulcanizate (TPV) are extensively used in under-the-hood, industrial hose, and electrical applications, the demand for the same is increasing in the region. The development of the building and construction industries is propelling the demand for thermoplastic vulcanizate (TPV) in the region. Also, a rise in the demand for industrial products such as vehicles and electronics will support the growth of the thermoplastic vulcanizate (TPV) market in the region.
Mitsui Chemicals, Inc.; Celanese Corporation; Kumho Polychem; Trinseo; ExxonMobil; Zeon Chemicals L.P.; Alphagary; and Ravago are among the major players present in the Middle East and Africa thermoplastic vulcanizate market.
Impact of COVID-19 Pandemic on Thermoplastic Vulcanizate Market
South Africa has the largest COVID-19 cases in the Middle East and Africa region, and is followed by Saudi Arabia and the UAE, among others. The UAE was the first country in Middle East and Africa to report a confirmed case of COVID-19. Due to lockdown in Middle East and African countries, various chemicals & materials companies remain closed, which led to the reduction in the sale of various products that has negatively impacted the growth of the market in the region.
Overall size of the Middle East and Africa 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.