Lucintel's latest market report analyzed that thermoplastic vulcanizate provides attractive opportunities in the automotive, fluid handling, consumer goods, medical, and footwear applications. The thermoplastic vulcanizate market is expected to reach $1.8 billion by 2028 with a CAGR of 5.5%. In this market, automotive is the largest segment by application.
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Based on application, the thermoplastic vulcanizate market is segmented into automotive, fluid handling, consumer goods, medical, footwear, and others. The automotive segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to the increasing use of thermoplastics as a high-performing and lightweight material in vehicle parts, such as gaskets, air duct covers, headlamps seats, vibration dampeners, and panel hole plugs.
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The Thermoplastic Vulcanizate Market is marked by the presence of several big and small players. Some of the prominent players offering thermoplastic vulcanizate include JSR, Exxon Mobil, RTP, DuPont de Nemours, Mitsui, and Celanese.
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