THERMOPLASTIC VULCANIZATE (TPV) MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Thermoplastic Vulcanizate (TPV) Market Analysis:

The market size of Thermoplastic Vulcanizate (TPV) is anticipated to expand from 417.05 kilotons in 2023 to 558.11 kilotons by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 6% during the forecast period (2023–2028).

The COVID-19 pandemic had a disruptive impact on the thermoplastic vulcanizate market, leading to a decrease in supply due to transportation restrictions and a decline in demand from various sectors. Nevertheless, the market experienced a resurgence in 2022, owing to increased demand from the automotive, building, and construction industries.

The primary drivers of the market include the upsurge in demand from the automobile industry, the rise in utilization in the consumer goods industry, and favorable government policies concerning the use of recyclable materials. However, the market for thermoplastic vulcanizate may be restrained by poor resistance to chemicals and low wear resistance, as well as fluctuations in raw material prices.

The growing use of thermoplastic vulcanizate in the healthcare industry and the surging demand for electrical appliances are expected to be significant growth opportunities for the market. The Asia-Pacific region is projected to be the largest and fastest-growing region during the forecast period.

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