Thermoplastic Vulcanizates Market To witness Strong Sales Outlook Ahead (2021 - 2028)
Thermoplastic Vulcanizates Industry Overview The global thermoplastic vulcanizates market size was valued at USD 1.55 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.9% from 2021 to 2028. Increasing demand for lightweight and sustainable solutions that provide extreme durability coupled with improved safety is projected to assist the market growth over the forecast period. Thermoplastic Vulcanizates (TPVs) are high-performance elastomers that offer excellent flexibility, ease of processing, durability, and resistance to heat, fluids, and chemicals. These features make them suitable for use in the production of lightweight automotive parts, such as car doors, weather seals, and under-the-hood components. TPVs are now increasingly being used as an alternative for PVC plastic owing to several stringent regulations regarding the usage of PVC in the automotive sector, which, in turn, is expected to boost the product demand in t...