LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global thermoplastic vulcanizates (TPV) market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global TPV market is expected to grow at a steady pace during the forecast period, owing to the increased consumption of TPVs over PVC, natural rubber, and other conventional materials, such as ethylene propylene diene monomer (EPDM). The major reason for its increasing popularity and demand is that the product not only replaces other materials but also outperforms them.
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The top three emerging market trends driving the global thermoplastic vulcanizates market according to Technavio research analysts are:
- Introduction of advanced TPVs by focusing on R&D
- Rising use of soft-touch TPVs in consumer goods and appliances
- Increased consumption of TPVs due to emerging BRICS nations
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Introduction of advanced TPVs by focusing on R&D
The increased competition observed within the TPV market, along with intense rivalry with other TPE markets, demands for innovative product launches. This has promptly led key players in the market to increase their focus and spending on R&D and other technological advances, resulting in the development of advanced TPVs. They perform better than regular TPVs in terms of functionality, cost efficiency, and sustainability. The innovation of advanced TPVs will help key players to differentiate their products in terms of performance when compared with regular TPVs.
In recent years, many manufacturers, such as Exxon Mobil, PolyOne, Teknor Apex, and The Dow Chemical Company, are developing advanced TPVs, such as lubricated TPVs, olefin-based copolymer TPVs, and PDMS and PA-based TPVs. This is expected to replace super TPVs developed earlier. During the forecast period, key players are anticipated to develop new product solutions and innovative TPVs, with the efficient use of available raw materials, adding value to their product offerings. This trend is expected to sustain during the period.
Rising use of soft-touch TPVs in consumer goods and appliances
The increase in demand for consumer goods and appliances with a soft touch and superior ergonomic functionality has led to the incorporation of TPV by consumer goods manufacturers. As a result, TPVs are now extensively used in the manufacture of many products in the consumer goods market, which includes soft grips for beer crates, handles and functional elements for toothbrushes, razors, trimmers, hair brushes, food storage seals, containers, and other daily use consumer goods.
“TPVs are used to improve the consumer-friendliness and grip characteristics of hand and power tools. The other areas which make use of the soft touch application of TPVs include sports, leisure, appliances, and tool markets that are mature and on the verge to saturation. The increased demand for consumer goods in developing economies shows the potential growth opportunities of the global TPV market,” says Ajay Adikhari, a lead analyst at Technavio for specialty chemicals research.
Increased consumption of TPVs due to emerging BRICS nations
The increased demand for TPV in BRICS nations and other leading countries, such as the US and Germany, will drive the market. The growth of infrastructural and construction activities in BRICS countries will lead to the increased demand for TPV, replacing PVCs in almost all applications. The increasing medical and construction industries in China, with a significant GDP growth, will lead the growth of the global TPV market during the forecast period. Also, the tremendous growth in the automotive industrial segment and other industries in India will enhance the market growth.
“The TPV market has huge growth opportunities in India as the country is the fastest growing economy in the world. The adoption of TPV in manufacturing roofing membranes in Russia and infrastructural development activities in Brazil and South Africa will boost the TPV market globally,” says Ajay.
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