Thermoplastic elastomers (TPEs) are one of the fastest growing polymeric materials which combine the elastic and mechanical properties of crosslinked rubbers with the melt processability of thermoplastics [1, 2]. TPEs find lot of applications in automotives, buildings and constructions, wires and cables, soft touch etc. The most important advantage of a TPE is its ability to reuse and recycle the production scrap and waste. TPVs or dynamic vulcanisates are a special class of TPEs, produced by simultaneously mixing and cross-linking a rubber with a thermoplastic at elevated temperature [3–5]. As a result a typical morphology is formed, where the cross-linked rubber particles are finely dispersed in a continuous matrix of thermoplastic. TPVs based on blends of PP and EPDM rubber are most significant from a commercial point of view, where the rubber phase is generally cross-linked either by activated phenol formaldehyde resins or by peroxides. There are almost 100 grades in the TPV product portfolio which are used globally in the automotive, household appliance, electrical and construction.