Thermoplastic Vulcanizates Market Size, Share & Trends Analysis Report By Application (Automotive, Fluid Handling, Consumer Goods, Medical, Footwear, Others), By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the thermoplastic vulcanizates market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for thermoplastic vulcanizates market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of thermoplastic vulcanizates market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Thermoplastic Vulcanizates Market Categorization:

The thermoplastic vulcanizates market was categorized into four segments, namely application (Automotive, Fluid Handling, Consumer Goods, Medical, Footwear), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The thermoplastic vulcanizates market was segmented into application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The thermoplastic vulcanizates market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into sixteen countries, namely, the U.S.; Canada; Mexico; Germany; France; the UK.; Russia; China; India; Japan; Australia; South Korea; Brazil; Argentina; Saudi Arabia; and South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Thermoplastic vulcanizates market companies & financials:

The thermoplastic vulcanizates market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• JSR Corporation - JSR Corporation, formerly known as Japan Synthetic Rubber Products Corporation, was founded in 1957 and is headquartered in Minato-ku, Tokyo. In 1997, the company rebranded itself as JSR Corporation. It operates in four main business segments: elastomers, plastics, digital solutions, life sciences, and other ventures such as lithium-ion capacitors and electrical storage devices. JSR Corporation is primarily engaged in the manufacturing and marketing of petrochemicals and performance-based materials, which are utilized in various industries, including automotive, electronics, industrial, and engineering. The company has subsidiaries in Asia, North America, and Europe. Its product portfolio encompasses elastomers, packaging materials, semiconductor materials, electronic materials, display materials, thermoplastic elastomers, emulsion, digital 3D manufacturing, electronic storage devices, and plastics. Among its offerings, JSR Corporation provides thermoplastic vulcanizates through its TPEs portfolio. As of 2019, the company employed more than 8,748 individuals across all its manufacturing facilities. 

• Exxon Mobil Corporation - Exxon Mobil Corporation, a leading energy provider and chemical manufacturer, was established in 1999 through the merger of Mobil Corporation and Exxon Corporation. Headquartered in Texas, the company is publicly traded on the New York Stock Exchange. With a diverse portfolio, Exxon Mobil operates through four business divisions: upstream, chemical, downstream, and natural gas and power marketing. The chemical division offers many products, including plastics, rubber, TVP, plasticizers, acids, additives, solvents & fluids, and more. These products cater to various end-use markets such as automotive, construction, lubricants, medical & healthcare, oil & gas, consumer goods, utility, and packaging. The plastics segment includes polyethylene, polypropylene, elastomers, advanced polypropylene, and performance polyolefin. Exxon Mobil has manufacturing facilities across North America, South America, Europe, Asia Pacific, and the Middle East & Africa to serve global markets. As of January 2019, the company employed approximately 74,900 individuals. 

• Teknor Apex - Teknor Apex, established in 1924, is a versatile material science corporation headquartered in Rhode Island, United States. The company conducts its operations through six distinct divisions: chemical, garden hose, teknor color, engineering thermoplastics, thermoplastic elastomers, and vinyl. Teknor Apex actively participates in PVC recycling initiatives and has been honored with numerous environmental accolades for producing eco-friendly goods. Its product range caters to various industries, including packaging, building & construction, consumer goods, wire & cable, healthcare, automotive, and more. With six production divisions spread across nine locations in the United States and additional facilities in Belgium, China, Singapore, and the United Kingdom, Teknor Apex ensures a global presence. 

• LCY Chemical Corporation - LCY Chemical Corporation, headquartered in Taipei, Taiwan, was established in 1965. In 2018, KKR & Co. Inc. acquired the company. LCY Chemical Corporation specializes in the manufacturing of petrochemicals and operates through eight business divisions, including solvents, methanol, rubber, electronic grade chemicals, performance plastics, and energy. The company's product portfolio comprises performance plastics, methanol & solvent, thermoplastic elastomers, water solutions, bio-based drums, and storage warehousing products. Within its performance plastics portfolio, LCY Chemical Corporation offers TPV to various end-use industries such as automotive and rubber. The company has manufacturing plants in Taiwan, China, the U.S., and Qatar, with nine plants across these regions. 

• RTP Company - RTP Company, established in 1982 and headquartered in Minnesota, U.S., specializes in the production of thermoplastic compounds. With a wide range of technologies available in sheet, film, and pellet forms, the company caters to various industries such as automotive, energy, industrial, and healthcare. Their product portfolio includes conductive and anti-static plastic compounds, EMI shielding plastic compounds, color and masterbatch, thermoplastic elastomer compounds, fire-resistant plastic compounds, high-temperature plastic compounds, structural and reinforced plastic compounds, wear-resistant and low friction thermoplastic compounds, as well as thermoplastic films. In addition, RTP Company offers thermoplastic elastomer compounds, known as TPV, for industrial, transportation, and durable goods applications. As a privately held company, RTP Company operates approximately 18 product plants worldwide, including Singapore, China, France, Germany, the U.S., and Mexico. As of January 2019, the company had around 1,600 employees. 

• DuPont de Nemours, Inc. - DuPont de Nemours, Inc., was founded in 1802 and is headquartered in Michigan, U.S. The company specializes in the production of high-performance materials, synthetic fibers, electronics, and specialty chemicals. It operates through four distinct business segments: electronics & imaging, transportation & industrial, nutrition & biosciences, and safety & construction. DuPont de Nemours offers many products, including adhesives, dispersion, thermoplastic elastomers, electrical insulation materials, electronic components, fluids, high-consistency rubber, liquid silicone rubber, low-consistency rubber, and parts & shapes. Its product portfolio also includes thermoplastic vulcanizates used in injection molding and extrusion applications. With a global presence in over 70 countries, including North America, Asia Pacific, Europe, South America, and the Middle East & Africa, the company employs approximately 35,000 individuals worldwide as of December 2019. 

• Zylog Plastalloys Pvt. Ltd. - Zylog Plastalloys Pvt. Ltd., founded in 1984 and headquartered in Maharashtra, India, specializes in the production of plastics, elastomers, and polymers. Its diverse range of products caters to multiple industries, such as healthcare, automotive, electronics, appliances, and wire & cable. The company's offerings are marketed under four distinct brands: Hipolyene, Hiflex, Neoplast, and Neoflex. Neoplast, one of its prominent brands, focuses on distributing thermoplastic vulcanizates across various sectors, including medical, automotive interiors & exteriors, and wire & cable. With three manufacturing facilities in India, two located in Maharashtra and one in Chennai, Zylog Plastalloys Pvt. Ltd. ensures efficient production and delivery of its high-quality products. 

• Mitsui Chemicals, Inc. - Mitsui Chemicals, Inc., a Tokyo-based company established in 1997, operates in various sectors, including mobility, healthcare, food and packaging, and essential materials. Within its mobility business, the company offers a range of products such as performance compounds, PP compounds, performance polymers, elastomers, and others. One of its notable offerings is the MILASTOMER TPV products, which find applications in automotive exterior and interior, architectural gaskets, drainpipes, and drain hoses. With a global presence in countries like the U.S., Germany, Singapore, and China, Mitsui Chemicals has established overseas affiliates and subsidiaries primarily in Europe, North America, and the Asia Pacific region. As of 2019, the company employed over 17,743 individuals worldwide. 

• Celanese Corporation - Celanese Corporation, originally known as The American Cellulose & Chemical Manufacturing Company, was founded in 1918 and later changed its name to its current one in 1927. The company is headquartered in Texas, U.S., and operates across six business segments: engineered materials, cellulose derivatives, intermediate chemistry, food ingredients, EVA (ethylene vinyl acetate) polymers, and emulsion polymers. Celanese offers thermoplastic elastomers within its engineered materials segment, including TPV, for various applications, such as automotive interiors and exteriors, household appliances, and electrical equipment. Additionally, the company supplies its products to multiple industries, including aerospace & defense, automotive & transportation, construction, chemicals, energy, food & beverage, medical & pharmaceuticals, packaging, consumer goods, and utility. Celanese is listed on the New York Stock Exchange and operates manufacturing facilities in several countries, including the U.S., Canada, Germany, Sweden, the Netherlands, China, and Singapore. It also has technical offices in the U.S., Germany, and China and sales offices in the U.S., Germany, the Netherlands, China, and Singapore. 

• KUMHO POLYCHEM - KUMHO POLYCHEM, headquartered in Seoul, South Korea, was founded in 1985. It was established as a collaboration between Japan Synthetic Rubber Co., Ltd. (currently JSR) and Korea Synthetic Rubber Industry Co., Ltd. (now Kumho Petrochemical Co., Ltd.). The company specializes in the production of EPDM, TPV, and high polymer rubber for various applications such as automotive body sealing, electric wires, tire tubes, hoses, and construction materials. With a production capacity of 220,000 MT/year of EPDM and 12,000 MT/year of TPV/KEPA, KUMHO POLYCHEM operates through an extensive global distribution network. As of January 2018, the company employed more than 204 individuals.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Thermoplastic Vulcanizates Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Thermoplastic Vulcanizates Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.