Thermoplastic Vulcanizates Market 2030 Drivers Overview, Competitive Landscape & Future Plans

 

The global thermoplastic vulcanizates (TPV) market size was valued at USD 1,650.3 million in 2023 and is projected to reach USD 2,921.80 million by 2030, expanding at a CAGR of 8.7% from 2024 to 2030. This growth is primarily driven by the rapidly increasing demand for lightweight, sustainable, and high-performance materials across multiple industries. Thermoplastic vulcanizates (TPVs) are recognized for offering an exceptional combination of flexibility, toughness, and processability, along with superior resistance to heat, fluids, and chemicals. These features make TPVs highly suitable for manufacturing lightweight automotive components such as weather seals, car door trims, under-the-hood parts, and various engine-related elements, helping manufacturers meet performance and efficiency standards.

A significant shift in the automotive industry toward replacing conventional PVC plastics with safer alternatives including TPVs has also contributed to rising demand. Stringent regulations related to the use of polyvinyl chloride (PVC), particularly within interior and under-the-hood automotive applications, have encouraged manufacturers to transition toward TPVs, which offer better recyclability and environmental compatibility. Additionally, a widespread move toward replacing metal parts with lighter materials to improve fuel efficiency has further accelerated the adoption of TPVs. As fuel economy and low-emission targets continue to intensify, TPVs are increasingly viewed as an essential material class for future automotive design and engineering.

The TPV market is moderately consolidated, with major companies focusing heavily on research and development, material innovations, and broader application expansion. Key market participants including Dawn Polymer, Ravago Manufacturing, RTP Company, Mitsui Corporation Inc., Celanese Corp., and Trinseo are actively developing improved grades with advanced performance characteristics. Many of these firms are also strengthening their manufacturing frameworks to increase operational capabilities and expand their regional market presence.

Key Market Trends & Insights:

  • North America dominated the global market with a 34.0% revenue share in 2023, supported by the region’s strong automotive production, high-quality manufacturing standards, and growing use of TPVs across healthcare, industrial, and consumer goods applications.
  • The Asia Pacific region is expected to remain one of the fastest-growing markets, driven by rapid industrialization and expanding manufacturing activities in emerging economies such as China and India, where demand from automotive, electronics, and construction industries is rising sharply.
  • Based on grade, the natural segment accounted for 54.1% of the market in 2023, supported by its versatile material properties and the ease with which it can be customized for various applications. The standard black segment is projected to grow substantially due to its extensive use in automotive sealing systems, construction components, and industrial applications.
  • By processing method, injection molding held the largest market share in 2023, as it offers efficiency, precision, and suitability for large production volumes. The extrusion molding segment also captured a notable share and is expected to experience strong growth, particularly in applications requiring continuous profiles like seals and tubing.
  • In terms of application, the automotive segment was the largest in 2023, and this dominance is expected to continue due to the industry's increasing focus on lightweight, durable materials. Meanwhile, the medical & healthcare segment is projected to witness the fastest CAGR, supported by rising demand for safe, flexible, and biocompatible materials in medical devices and equipment.

Order a free sample PDF of the Thermoplastic Vulcanizates Market Intelligence Study, published by Grand View Research.

Market Size & Forecast:

  • 2023 Market Size: USD 1,650.3 Million
  • 2030 Projected Market Size: USD 2,921.80 Million
  • CAGR (2024-2030): 8.7%
  • North America: Largest market in 2023
  • Asia Pacific: Fastest growing market

Key Companies & Market Share Insights:

Companies in the TPV market are leveraging both organic and inorganic strategies including new product launches, mergers, acquisitions, and joint ventures to sustain and enhance their market position.

In August 2023, Teknor Apex Company, Inc. introduced its Sarlink RX 3100B Series of TPVs, which contain up to 40% recycled content. These new multi-purpose grades, featuring 84 Shore A and 94 Shore A hardness, are designed for various automotive applications and offer sustainability benefits by reducing reliance on virgin petroleum-based materials. Produced using post-industrial recycled (PIR) content, the new grades provide more consistent quality compared to materials derived from post-consumer recycled (PCR) sources, reinforcing the industry's increasing focus on circularity and sustainable material development.

Key Players

  • Dawn Polymer
  • Ravago Manufacturing.
  • RTP Company
  • DuPont de Nemours, Inc.
  • Mitsui Chemicals Inc.
  • Celanese Corp.
  • LyondellBasell Industries Holdings B.V.
  • Mitsubishi Chemical Corp.
  • KRAIBURG TPE GmbH & Co. KG
  • Teknor Apex Company, Inc.
  • Trinseo
  • Hexpol AB
  • JSR Corporation
  • Zeon Corporation

Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.

Conclusion:

The global thermoplastic vulcanizates market is set to experience strong and sustained growth, driven by rising demand for lightweight, durable, and environmentally friendly materials across major industries such as automotive, electronics, and healthcare. Increasing regulatory pressure to reduce the use of PVC, along with the ongoing transition toward fuel-efficient and electric vehicles, continues to strengthen the market outlook for TPVs. Expanding applications in emerging economies particularly in Asia Pacific are further boosting consumption, supported by rapid industrialization and growing manufacturing capacity. Technological advancements and enhanced R&D initiatives are enabling companies to introduce more efficient, customizable, and sustainable TPV grades. Overall, the market is expected to evolve toward high-performance and eco-conscious solutions, ensuring consistent long-term growth through 2030.

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