The market growth is primarily driven by the ascending demand for the product from key industries, including automotive, electrical & electronics, and building and construction in emerging countries such as Thailand and the Philippines.Furthermore, the growing demand for high-performance and lightweight vehicles and durable electronics has increased the demand for thermoplastic vulcanizates (TPVs) in these industries. Owing to its significant penetration in the region, TPV offers better flexibility and durability than other thermoplastic elastomers.
Unlike conventional TPVs, bio-based TPVs do not take several hundred years to degrade into the environment. Rising plastic accumulation and recycling & reuse are the major concerns for regional governments. The growing concerns related to the environmental impact, recyclability, and decomposition time in landfills of the products they purchase are expected to positively impact the growth of the bio-based thermoplastic vulcanizates market over the forecast period.
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Southeast Asia Thermoplastic Vulcanizates Market Report Highlights
Automotive dominated the source segment with more than 52.77% share in 2023 due to the rising demand for lightweight, high-performance materials like TPVs, which are alternative to traditional rubber and helping to reduce the overall vehicle weight
The building and construction segment is expected to grow at a significant CAGR of 8.3% over the forecast period. The market is expected to benefit from rising construction spending and consumers' growing inclination toward sustainable and lightweight building materials over conventional materials
TPVs are increasingly used as an alternative for thermoset rubbers, such as SBR, EPDM, and chlorosulfonated polyethylene, owing to their better reliability, safety, low maintenance, and low cost of manufacturing the parts. They’re used in the automotive sector for applications like weather seals for windshields, sunroofs, and roof lines
Indonesia dominated the market with the highest revenue share in 2023, owing to ongoing urbanization and rising disposable income. The growth of this industry in the country is expected to contribute to the demand for TPVs used for developing several electronic and household appliances
Key Southeast Asia Thermoplastic Vulcanizates Company Insights
Key companies, such as Dow Chemical Thailand, APAR Industries, KK Kompounding Tech Giant Limited, Elkem ASA, Teknor Apex, and MT PLAS (M) SDN BHD, among others are actively participating in strategies to maintain their presence in the market. Some of the strategic initiatives adopted by the market players are new product launches, partnerships, capacity expansions, collaborations, and regional expansion.
List of Key Players in the Southeast Asia Thermoplastic Vulcanizates Market
Dow Chemical Thailand
APAR Industries
KK Kompounding Tech Giant Limited
Elkem ASA
Teknor Apex
MT PLAS (M) SDN BHD
Elastron TPE
Preeco Engineering Sdn Bhd
MCPP INDONESIA
Nexeo Plastics, LLC
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