Global Thermoplastic Vulcanizates (TPV) Market By Application (Automotive, Fluid Handling, Consumer Goods, Medical) Expected To Reach USD 1.87 Billion By 2020
Global thermoplastic vulcanizates (TPV) market is expected to reach USD 1.87 billion by 2020, according to a new study by Grand View Research, Inc. Growing demand for lightweight, high performance materials from automotive industry is expected to drive the global thermoplastic vulcanizates market. Increasing government intervention for improving fuel efficiency has prompted the use high performance engineering plastics including TPV which has fueled its demand. Growth of consumer goods industry in BRIC nations is also expected to have a positive impact on the global market. Volatile price of key feedstock is expected to remain a key challenge for market participants over the forecast period.Automotive was the largest application segment and accounted for 59.8% of total TPV consumption in 2013. Strong shift in trend towards replacing metals and heavy plastics with engineering plastics in order to reduce the overall weight of automobiles is expected to drive this segment over the forecast period. Medical is expected to witness the highest growth rate of 7.6% from 2014 to 2020. Growing awareness regarding the use of phthalate free medical devices and equipment is expected to drive TPV demand in medical industry. View summary of this report @ http://www.grandviewresearch.com/industryanalysis/thermoplastic-vulcanizates-industry