Who Supplies the World’s Most Advanced TPVs? Find Out Here

 The report "Thermoplastic Vulcanizates Market by Processing Method (Injection Molding, Extrusion), Application (Automotive, Footwear, Consumer Goods, Fluid Handling, Medical), and Region (North America, Europe, South America, APAC, MEA) - Global Forecast to 2032", is approximated to be USD 2.6 billion in 2022, and it is projected to reach USD 4.9 billion by 2032, at a CAGR of 6.5%.

Rising population, increasing disposal income, rising industrialization, improving living standards, rising concerns towards sustainability, increasing economic activities, rising developmental activities, increasing demands of automotive vehicles, and stringent emissions norms across the countries are boosting the growth of thermoplastic vulcanizates. However, the fluctuating prices of the raw materials for producing thermoplastic vulcanizates are the prime restraint factor that affects the market of thermoplastic vulcanizates. Opportunities in the thermoplastic vulcanizates market are the usage of bio-based thermoplastic vulcanizates in various end-use industries and increasing its demands across the medical and healthcare sector. Technological advancements in thermoplastic vulcanizates becoming a major challenge for the market.

Browse in-depth TOC on "Thermoplastic Vulcanizates Market"

318 – Tables
40 – Figures
228 – Pages

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By Processing Method, Injection Molding accounted for the largest share in 2021

Injection molding is a typical industrial processing method that is used to produce several products made from thermoplastic vulcanizates, such as toys, automotive components, etc. The TPV material is melted and then injected under high pressure into a mold in this procedure. The mold is then cooled, allowing the material to harden into the appropriate shape. After that, the mold is opened, and the portion is removed. This method is suitable for generating a wide range of TPV parts because it can generate complex forms with good dimensional precision and reproducibility.

By Application, the Automotive segment accounted for the largest share in 2021

Thermoplastic vulcanizates are gaining much popularity in various commercial and industrial fields, especially the automotive industry. This is attributed to its several favorable properties, such as lower compression set, lower stiffness, greater resistance to fatigue, better elastic recovery, higher ultimate mechanical properties, higher melt strength, enhanced resistance to heat and chemicals, improved high-temperature utility, and others. Thermoplastic vulcanizates are found in numerous applications in the automotive industry, such as weatherstripping, door and trunk seals, air intake ducts, air cleaner housings, engine compartment seals, radiator hoses, vacuum hoses, gaskets, seals, and bushings.

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Asia Pacific accounted for the largest share of the Thermoplastic Vulcanizates Market in 2021

Because of increasing developmental activities, rising economic expansion, increasing population, improving living standards, stringent emissions norms, growing concern towards sustainability, and increasing demands of automotive vehicles in the Asia Pacific region, which, in turn, are expected to lead the growth of the thermoplastic vulcanizates market. Owing to the increasing income of people in this region, the demand for automotive vehicles, consumer goods, the need for residential and non-residential complexes etc., are increasing, which also led the market of thermoplastic vulcanizates in the forecast period.

Thermoplastic Vulcanizates Companies

The thermoplastic vulcanizates market comprises major players such as LyondellBasell Industries Holdings B.V. (Netherlands), Celanese Corporation (US), DuPont de Nemours, Inc. (US), Mitsui Chemicals, Inc.(Japan), Trinseo Plc (US)., Mitsubishi Chemical Corporation (Japan), Lotte Chemical Corporation (South Korea), RTP Company (US), HEXPOL AB. (Sweden), and Avient Corporation (US) and others are covered in the thermoplastic vulcanizates market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the thermoplastic vulcanizates market.

1. ExxonMobil Chemical Company (USA)

A pioneer in TPV technology, ExxonMobil is widely known for its Santoprene™ brand, which has set the benchmark for TPV quality across automotive weather seals, under-the-hood parts, and consumer goods. The company invests heavily in R&D and has a strong global supply chain network.

2. Mitsui Chemicals, Inc. (Japan)

Mitsui Chemicals offers TPVs under the Milastomer™ brand, serving the automotive, sealing, and soft-touch applications. Known for excellent weatherability and low-density grades, the company is expanding its presence in emerging Asian markets and focusing on bio-based product innovations.

3. Celanese Corporation (USA)

Following its acquisition of Ducor Petrochemicals and Ravago’s Santoprene compounding assets, Celanese has strengthened its position in TPV materials. The company’s Vandar® and Forprene® series are known for high heat resistance and structural integrity, catering to demanding industrial and automotive applications.

4. RTP Company (USA)

RTP Company specializes in custom-engineered thermoplastic compounds, including TPVs for industrial, consumer, and electrical sectors. With global compounding facilities, RTP is known for delivering tailored solutions with precise performance attributes such as colorability, softness, and strength.

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5. LyondellBasell Industries N.V. (Netherlands)

LyondellBasell is one of the largest plastics, chemicals, and refining companies in the world. The company produces TPV compounds that offer a balance of elasticity, resistance to oil and heat, and easy processing. These materials are used extensively in flexible seals, hoses, and overmolding applications.

6. Kraton Corporation (USA)

Kraton’s SBC-based polymers and EPDM-PP blends are used in high-performance TPV solutions, mainly under its Kraton™ and Cariflex™ brands. The company is well-positioned in the automotive and medical sectors, where high purity and durability are critical.

7. Teknor Apex Company (USA)

Teknor Apex offers a wide range of thermoplastic elastomer products including Sarlink® TPVs, which are engineered for performance and processability. The company serves markets such as building & construction, consumer goods, and automotive with global manufacturing capabilities.

8. Ravago Group (Luxembourg)

A significant player in thermoplastic compounding, Ravago offers TPV solutions tailored for automotive and industrial markets. The company also provides toll compounding services and private-label formulations, serving clients with a wide array of performance and regulatory requirements.

9. INEOS Styrolution (Germany)

While primarily focused on styrenic polymers, INEOS has broadened its thermoplastic portfolio to include TPV materials through strategic partnerships and innovation. The company focuses on sustainable and recyclable polymer blends that align with automotive lightweighting and eco-friendly construction.

10. BASF SE (Germany)

BASF provides TPV-type products within its broader elastomer and polymer solutions portfolio. Known for its innovation and material science leadership, BASF’s customized TPVs are developed to meet specific application needs such as low VOC automotive parts and soft-touch overmolding.