High use of Thermoplastic Vulcanizates in speciality chemicals sector is driving the market growth with CAGR of 6.31% till 2023, as per 360marketupdates.com. Increased adoption in automotive industry will be the main market driver. Fluctuating raw material prices will pose challenges to growth.
Thermoplastic vulcanizates (TPVs) are a diverse class of thermoplastic elastomers (TPEs), which have a high content of cross-linked rubber and low content of thermoplastics. TPVs possess the combined properties of high elasticity and high processability and recyclability, thus outperforming conventional rubber. They have been known among green polymers for the past few years and are extensively used in various industries, such as automotive, electronics, construction, medical, and office and sports equipment. The mechanical and thermal properties of TPVs are diverse and are better than other thermoplastics.