Japan Thermoplastic Vulcanizates Market Size & Outlook

The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to thermoplastic vulcanizates market will help companies and investors design strategic landscapes.

Automotive was the largest segment with a revenue share of 61.01% in 2022. Horizon Databook has segmented the Japan thermoplastic vulcanizates market based on automotive, fluid handling, consumer goods, medical, footwear, athletic shoes covering the revenue growth of each sub-segment from 2018 to 2030.

Japan is a pioneer in the electrical and electronics industry, which is expected to drive the TPV market in the country. Japanese electronics manufacturers, such as Panasonic Holdings Corporation, Sony Corporation, Toshiba Corporation, Mitsubishi Electric Corporation, Hitachi, Ltd., and Fujitsu Limited, provide consumer electronics globally.

According to the Japan Electronics and Information Technology Industries Association (JEITA), the production of consumer electronic equipment, industrial electronic equipment, and electronic components & devices by Japanese electronics industries increased by 122.8%, 108.1%, and 91.9% from 2022 to 2023, respectively.

The increasing focus on renewable sources of energy in Japan is promoting the demand for TPV in the country. Japan is transitioning its energy supply into renewable sources; hence, TPV is used to sustain the infrastructural developments to meet this clean energy goal. For instance, in February 2024, Seiko Epson Corporation announced its plans to construct its first biomass power plant in Iida City, Japan.

Additionally, TPV plays a vital role in power generation plants, as the seals and gaskets made from TPV offer excellent resistance to heat, chemicals, and wear, making them ideal for use in power plant environments. They can withstand temperatures up to 200°C (392°F) and have good compression set resistance, ensuring a tight seal even under extreme conditions.