Thermoplastic Polyolefin (TPO) is defined as a polymer/filler blend that usually consists of some fraction of a thermoplastic, an elastomer, or rubber, and usually a filler. Also, TPO compounds are resin blends of polypropylene (PP) and uncrosslinked EPDM rubber and polyethylene. They are characterized by high impact resistance, low density, and good chemical resistance. Furthermore, TPOs are used for exterior body parts such as bumpers, rocker panels, body seals, automotive gaskets, doors & windows, and other parts. Moreover, many companies are expanding their product portfolio by focusing on launching new products in the market which in turn is also contributing to the growth of the market. For instance, in Dec 2020, SABIC launched a new polyolefin plastomer-based solution for liquid containers with superior leakage resistance.
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The Thermoplastic Polyolefin Market is expected to grow at a steady rate of around 6% owing to the wide applications of TPO in various industries such as aerospace, automotive, construction, and medical, etc. For example, TPO is used in the automotive industry for preparing exterior body parts such as bumpers, automotive gaskets, doors & windows and others. Thus, growth in the end-user industries is expected to drive the demand for TPO globally.
According to UnivDatos Market Insights (UMI)’ research report “Global Thermoplastic Polyolefin Market”, the market is expected to witness robust growth during the forecast period (2022-2028). This is mainly due to the growing environmental concerns coupled with the increasing construction sector.
Based on type, the market is segmented into in-situ TPO, compounded TPO, and others. The compound TPO category is to witness a higher CAGR during the forecast period. This is mainly because these are high-performance elastomers designed to improve performance in a wide range of end products and applications. Additionally, properties such as weather resistance and non-degradable to sunlight exposure are also some of the factors due to which they are widely used in the production of roofing and other exterior materials.
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Based on the application, the market is categorized into automotive, building & construction, medical, industrial, footwear, and home appliances. Among these, the automotive to hold a significant share of the market in 2020. The growth of this segment can be attributed to the growing usage of TPO in automobiles mainly because it provides lightweight and highly durable auto parts. In addition, rapid economic growth in various countries leading to improvements in the transportation infrastructure and construction of vehicle production plants are also expected to positively influence the market of this segment in the upcoming years
APAC to witness extensive growth
For a better understanding of the market adoption of the thermoplastic polyolefin industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia-Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing construction and automotive industries. In addition, the growth of the healthcare sector and the development of the renewable energy industry is also driving the growth of the market. Furthermore, increased construction production is contributing to the demand for the thermoplastic polyolefin industry in the Asia-Pacific region as it finds applications in commercial and residential roofing owing to its properties such as weather resistance and cold resistance. Further, the TPO roofing systems offer significant reflectivity and energy efficiency, as well as strong UV resistance. Therefore, the use of the TPO in the roof system reduces the heat gain of the building.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Thermoplastic Polyolefin market are The Dow Chemical Company, Lyondellbasell Industries Holdings B.V., ExxonMobil Corporation, Mitsui Chemicals, Borealis AG, Mitsubishi Chemical Holdings Corporation, Chevron Phillips Chemical Company LLC, Avient Corporation, A.Schulman, and INEOS Capital Limited.
“Global Thermoplastic Polyolefin Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
1. By Type (In-situ TPO, Compounded TPO, and Others)
2. By Application (Automotive, Building & Construction, Medical, Industrial, Footwear, and Home Appliances)
3. By Region (North America, Europe, Asia-Pacific, Rest of the World)
4. By Company (The Dow Chemical Company, Lyondellbasell Industries Holdings B.V., ExxonMobil Corporation, Mitsui Chemicals, Borealis AG, Mitsubishi Chemical Holdings Corporation, Chevron Phillips Chemical Company LLC, Avient Corporation, A.Schulman, and INEOS Capital Limited)
Key questions answered in the study:
1. What are the current and future trends of the global thermoplastic polyolefin industry?
2. How the industry has been evolving in terms of type and application?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global thermoplastic polyolefin industry?
5. What is the customer orientation, purchase behavior, and expectations from the global thermoplastic polyolefin suppliers across various region and countries?
