Market revenue in 2022 | USD 31.1 million |
Market revenue in 2030 | USD 59.7 million |
Growth rate | 8.5% (CAGR from 2022 to 2030) |
Largest segment | Automotive |
Fastest growing segment | Medical |
Historical data | 2018 - 2021 |
Base year | 2022 |
Forecast period | 2023 - 2030 |
Quantitative units | Revenue in USD million |
Market segmentation | Automotive, Fluid Handling, Consumer goods, Medical, Footwear, Athletic Shoes |
Key market players worldwide | JSR Corp, Exxon Mobil Corp, DuPont de Nemours Inc, Mitsui Chemicals Inc, Celanese Corp Class A, LyondellBasell Industries NV Class A, Mitsubishi Electric Corp, Ravago Chemicals, Kumho Petrochemical, Avient Corp, Ravago |
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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 55.95% in 2022. Horizon Databook has segmented the South Korea 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.
The growing automotive industry is anticipated to play a significant role in the TPV market in South Korea. South Korea is one of the prominent manufacturers of automobiles globally. The country exports cars mainly to Australia, the UK, Russia, the U.S., Saudi Arabia, Canada, Mexico, and Italy.
Factors such as the availability of cheap labor, proximity to raw material suppliers, substantial tax benefits for R&D, and product testing by government agencies are attracting investors to the automotive industry in South Korea. Furthermore, the self-driving technology is growing significantly in South Korea. The country has successfully implemented self-driving vehicles for commercial use.
In April 2024, Hyundai Motor Group announced the testing of its innovative autonomous vehicles. The South Korean government has also been providing increased support for autonomous driving technology. For instance, in December 2023, the Seoul Metropolitan Government launched two Shimya A21 autonomous buses, which span 9.8 km. The buses can be used by passengers free of cost.
Horizon Databook provides a detailed overview of country-level data and insights on the South Korea thermoplastic vulcanizates market , including forecasts for subscribers. This country databook contains high-level insights into South Korea thermoplastic vulcanizates market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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