Polymer blends with finely dispersed, micron-sized rubber particles in a thermoplastic matrix are called thermoplastic vulcanizates, or TPVs for short. They are made by mixing thermoplastic material and melted rubber at certain temperatures to form a cross-link. The characteristics of thermoplastic polymers and vulcanised rubber elastomers are present in TPVs. They have lower production costs than other polymers and are stronger, lighter, and more resistant to heat, chemicals, and liquids. The production of consumer goods, electrical, medical, sports, and personal care products, as well as automotive and industrial components, uses TPVs extensively. 

One of the main elements fostering a favourable market outlook is the expanding automobile sector throughout the world. Lightweight automotive elements like car doors, bumpers, battery frames, weather seals, and under-the-hood components are frequently made with TPVs. Moreover, the market is expanding because to the rising demand for long-lasting consumer goods. Accordingly, the market is expanding as a result of the rising demand for TPVs in the healthcare sector as an alternative to polyvinyl chloride (PVC). They provide improved hardness and visual clarity and are utilised in the production of disposable gloves, blood bags, and catheters. Other elements that are stimulating growth are the introduction of bio-based TPVs and other product improvements. These new and biodegradable versions come from renewable materials including polylactides (PLAs), polyhydroxyalkanoates (PHAs), and polymers based on starch, cellulose, and sot. It is projected that further factors, such as fast industrialization and the adoption of supportive government regulations encouraging the use of TPVs for sustainable development, will propel the industry even further.

However, there are several challenges that limit the expansion of global thermoplastic vulcanizate market. A major obstacle to the global thermoplastic vulcanizate (TPV) market is the high cost of raw materials, particularly EPDM-related ones. The cost of purchasing EPDM-based raw materials, which are used to make TPV, may have a significant effect on the profitability of companies. Furthermore, because raw material prices fluctuate, market participants may find it challenging to maintain consistent pricing and profits. The high cost of raw materials may limit the adoption of TPVs, especially in regions where consumers are price-sensitive. Additionally, prices for thermoplastic vulcanizate (TPV) can vary for a number of reasons, including shifts in the supply and demand for raw materials, developments in geopolitics, changes in the state of the economy, and fluctuations in exchange rates. Moreover, TPV prices can be impacted by market rivalry, technological advancements, and production costs. Since the majority of the raw ingredients for thermoplastic vulcanizates are produced from oil, oil prices have a significant impact on their price dynamics. These factors can hinder the market's general expansion.

The thermoplastic vulcanizate market was unsettled by the COVID-19 pandemic, which led to a decrease in demand from multiple industries and a diminution in supply because of transportation limitations. In spite of this, the market recovered in 2022 as a result of higher demand from the building, construction, and automobile industries. That being said, the coronavirus outbreak has had a significant impact on auto production and disrupted the entire automotive value chain. Several nations have stopped manufacturing—aside from producing necessities—in an effort to stop the coronavirus from spreading. This is anticipated to have an effect on the demand for plastics in automotive applications during the course of the projection.

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Avient Corporation, Celanese Corporation, DuPont de Nemours, Inc., HEXPOL AB, Lotte Chemical Corporation, LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Corporation, Mitsui Chemicals, Inc., RTP Company, Trinseo Plc, Others.

By Processing Method: Based on the Processing Method, Global Thermoplastic Vulcanizate Market is segmented as; Extrusion, Injection Molding.

By Application: Based on the Application, Global Thermoplastic Vulcanizate Market is segmented as; Automotive, Consumer Goods, Fluid Handling, Footwear, Medical.

By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.