1. Necessity of Weight Reduction in Automobile Industry to Drive the Market
The usage of thermoplastic vulcanizate (TPV) in the automobile industry has increased rapidly in the past few years, due to the growing need for improvement in mileage, and increasing government standards for emissions. According to industry experts, the weight of a car is reduced by 5% when TPV is used. This reduction in weight, thereby, enhances the dynamics of the vehicles, reduces energy consumption, and improves fuel economy; which, in turn, is expected to drive the market for thermoplastic vulcanizate over the forecast period.
2. Asia-Pacific Estimated to be the Largest Market
Asia-Pacific is estimated to be the largest market for thermoplastic vulcanizate, during the forecast period. The region is the largest manufacturing hub for automobiles and its related components. Factors, such as growing automotive production and sales in the region, coupled with the increase in foreign investment in the automotive sector, are expected to drive the market in Asia-Pacific.
3. Automotive to be the Largest End-user Industry
As per the study scope, the thermoplastic vulcanizate market is segmented by end-user industry into automotive, building & construction, consumer goods, healthcare, etc. However, automotive is estimated to be the largest among these end-user industries. Thermoplastic vulcanizate has been extensively used in numerous automotive applications, such as automotive airbags, tires, under-the-hood components, sealing components, and interior & exterior components. It offers manufacturers the advantages of design and flexibility, which helps in reducing the overall weight and controlling greenhouse gasses emissions, thus, increasing the use of thermoplastic vulcanizate in the automotive industry.
4.Leading Companies to Watch
The report also examines the role of the leading market players involved in the industry. Some of the key players listed in the study are:
Mitsui Chemicals, Inc.
Exxon Mobil Corporation
Mitsubishi Chemical Corporation
Mordor Intelligence is a market intelligence and advisory firm operating in 14 industry segments, serving over 600 clients, worldwide.