Thermoplastic Polyolefin Industry Trends and key Insights by 2024
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On the other hand, Mitsubishi Chemicals recently introduced ZELAS, an olefin (base) thermoplastic. ZELAS promises to be a high-performance thermal plastic with high rubber content, finding application in automotive interiors and exteriors, construction materials, and in the medical sector.
According to the TMR estimations, the opportunity in the global thermoplastic polyolefin market were US$2.3 bn in 2015. Expanding at a healthy CAGR of 7.3% during the forecast period of 2016 to 2024, the valuation of the market is projected to reach US$4.3 bn by the end of 2024. DuPont, Dow Chemical, Noble polymers, Spartech, Arkema S.A, Sumitomo Chemical, SABIC, INOES, A. Schulman, Saudi Aramco, GAF, and S&E Specialty polymers are some of the other key players identified by the report in the global TPO market.
Emerging Economies in Asia Pacific Extending Demand
Based on end-users, the report segments the global thermoplastic polyolefin market into automotive, home appliances, building and construction, industrial, footwear, and others including rubber goods. Out of these, the automotive industry serves the maximum demand for TPO, accounting for 60% of the share in 2015. Automotive components made from thermoplastic polyolefin such as door panels, bumpers, dashboard skins, instrument panels, and trims are lighter in weight and offer robust durability. With increasing demand for fuel efficient vehicles, the automotive industry is extending the application of TPO for various components, which will ensure this industry to remain most prominent end-user segment of the market throughout the forecast period.
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Region-wise, North America and Europe serve the maximum demand for TPO, accounting for 55% of the shares in 2015. However, with vast population and rapid urbanization, several emerging economies such as India, China, Japan, and South Korea are expected to make Asia Pacific the most lucrative region in the global thermoplastic polyolefin market towards the end of the forecast period.
Thriving Building and Construction Industry Propelling Uptake
Apart from the flourishing automotive industry, the prosperity of building and construction industry is another prominent factor driving the global thermoplastic polyolefin market. The building and construction industry uses TPO to manufacture roofing membranes and door panels, as they offer desirable UV-resistance along with durability. Moreover, stringent regulations pertaining to growing environment concerns with increasing carbon emission is another favorable factor for the global thermoplastic polyolefin market. On the other hand, volatility of raw material prices and the threat of substitutes such as polyvinyl chloride, thermoplastic vulcanizate, and thermoplastic polyurethane are expected to hinder the growth rate of the market.
According to the lead analyst of the report, “The medical industry is opening new opportunities for the players in the global TPO market, utilizing it for insulation and jacketing of wires and cables in IV sets, home appliances, and urine bags.” The analyst expects automotive industry to expand the demand at most prominent rate during the forecast period, with the construction industry closely behind.
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The information presented in this review is based on a Transparency Market Research report, titled, “Thermoplastic Polyolefin Market (End User - Automotive, Building & Construction, Home Appliances, Medical, Industrial, and Footwear) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Key Segments of the Global Thermoplastic Polyolefin Market
TPO Market – End-user Analysis
Building & Construction
Others (Rubber Goods, etc.)
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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