China Thermoplastic Vulcanizates Market Growth & Trends
The China thermoplastic vulcanizates market is anticipated to reach USD 839.9 million by 2030, expanding at a CAGR of 11.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing thermoplastic vulcanizates (TPV) demand in automotive component production is anticipated to remain the key driving factor for regional market growth over the forecast period.
Increasing policy formulation by environmental protection agencies and governments across the globe to reduce carbon emission through improved fuel efficiency has compelled manufacturers to inculcate plastics as substitute alloys and metal in major automotive applications.
Rising consumer predilection for advanced and light weight passenger cars is expected to drive innovation and R&D in the regional automotive industry. Such factors have driven polymer consumption in automotive applications and are anticipated to fuel TPV demand.
However, thermoplastic vulcanizates exhibit excellent physical and chemical properties in comparison to thermoset plastics, thus gaining preference in terms of their application consumption.
It further finds application in end-use industries such as industrial, electronics and construction. Increasing usage as a replacement for non-environment friendly PVC coupled with rising construction spending in the country is anticipated to fuel growth over the forecast period.
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China Thermoplastic Vulcanizates Market Report Highlights
The automotive segment accounted for the largest revenue share of 62.3% in 2022. It is widely used in automotive seals, dust covers, air intake systems & ducts, pass-thru seals, and cooler hoses among other components.
The medical devices segment is expected to grow at the fastest CAGR of 12.1% during the forecast period. This is due to the wide range of applications of TPV in the medical device sector.
The molding & extrusion segment accounted for the largest revenue share of 50.5% in 2022 and is expected to grow at the fastest CAGR of 11.5% during the forecast period.
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