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The TPO (Thermoplastic Polyolefins) market has seen a tremendous growth taking momentum, which is connected to various market trends that have marked the development of the industry. TPOs is a kind of thermoplastic elastomers with a special female of polypropylene and ethylene propylene rubber which gives them a unique set of properties and they are widely used in industry. An important factor leading to the market‟s growth is the continuous growth of the light weight materials comeuppance in the automotive sector. In order to gain fuel efficiency and decrease the environmental effects automakers have introduced the TPOs as a preferred material that help in the production of lightweight components; for instance, bumpers, interior panels and under-the-hood parts. However, it as well complies with the primary automotive industry’s motto of sustainable development and environmental awareness.
Moreover, a critical phenomenon is the increasing attention devoted to the green solutions in business areas related to sustainability. Heat stabilizers such as Thermoplastic Polyolefins have a capability of recyclability and can be remade into something to the same quality as previously made. Due to the fact that more people are becoming aware of the global environmental issues, there is a trend of higher demand of green tech that include TPO, as a more environment-friendly replacement of the traditional materials. Among the many sectors that have jumped on the bandwagon, automotive, and construction, packaging, and consumer goods industries are actively seeking sustainable materials with an intention of being more environmentally friendly and align with corporate sustainability goals of individual companies.
As a nominated motive power behind TPO market, the construction industry has taken the leading role. The performance factors in terms of the TPOs being well capable of freelancing from weather, durability and installation flexibility make them good choices in different roofing situations. Constuction related fields' prioritizing energy efficient and sustainable methods of construction has been one of the factors speading the uptake of TPO as roofing material. The feature of the material to capture sunlight and thus to decrease heat absorption, in line with the construction industry's work on improving energy effectiveness, provides the most suitable option for making energy cost reduction of buildings possible.
Besides, the medical industry undergone an increasing spread of EPOs with the help of material characteristics like biocompatibility and chemical resistance. TPOs are used in medical devices, packaging, and in minor parts of a major system, where they add up to the expansion of market segments. The criteria of healthcare industry’s stringent regulations as well as the material choice is the key one too. TPO is the leading material option that guarantees compliance, yet it offers diversity in the issue of design and functions.
Additionally, the plastic industry saw the Asian-Pacific region to be a big engine for the market for Thermoplastic Polyolefins (TPO) industry. The area's industrial revolution, urbanization and growth of the auto and construction industries have buoyed the need for this product.
Thermoplastic Polyolefins Market Highlights:
Thermoplastic Polyolefins Market Synopsis
Thermoplastic polyolefins are high-performance polypropylene based compound, which has the combination of polyolefin semi-crystalline thermoplastic and amorphous elastomeric components. They are derived from the blending of ethylene propylene diene monomer rubber or ethylene propylene rubber and polypropylene material. Moreover, during their manufacturing process, they do not have any vulcanization step. They improve ductility and offer high impact resistance. They exhibit superior properties such as high chemical resistance and excellent weather durability, which make them suitable for utilization in numerous end-use application such as building & construction, industrial, home appliances, automotive, medical, and others.
As per our analysis, some of the important market factors and trends identified in the Thermoplastic Polyolefins Market are flourishing growth of the automotive industry, rapid industrialization, improved home appliances manufacturing industries. In addition, increasing per capita disposable income combined with rising tendency to own personal vehicle is expected to propel the automotive segment growth which is further likely to fuel the growth of the market. Thermoplastic polyolefins are used in the manufacturing of door panels and roofing membranes in building & construction industry, so rising building and construction activities in developing and developing nations along with high adoption rare from this industry is estimated to fuel the growth of the market during the assessment period, 2017-2023. Furthermore, strict regulations regarding the carbon emission is another favorable factor for the growth of the market. On the other hand, the tremendous growth of the medical industry in developed regions along with the usage of thermoplastic polyolefins based product present a lucrative opportunity for the market growth in the upcoming years. However, fluctuation in raw material prices along with the threat of substitutes such as thermoplastic polyurethane, polyvinyl chloride, and other thermoplastic compounds are estimated to hinder the growth of the market over the assessment period.
The Thermoplastic Polyolefins Market Share by Application (2016), (%)
Source: MRFR Analysis
Regional Analysis
The Thermoplastic Polyolefins Market is spanned across five regions: Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among these, North America emerged as the leading market and is predicted to grow with the moderate CAGR over the forecast period, 2017 to 2023, due to average growth of automotive and significant growth of the medical sector. North America is further segmented into U.S. and Canada, the U.S. accounted for the largest regional Thermoplastic Polyolefins Market Share and is estimated to grow with the healthy CAGR during the assessment period on account of rising expenditure in research and development by the prominent market players. The U.S. is followed by Canada which is expected to register moderate growth owing to rising base for pharmaceutical industries. The European market is estimated to witness above-average growth on account of the presence of automobile manufacturers in this region. In Europe, numerous countries such as Germany, U.K., France, Italy, and Russia are among the major contributors in the regional market growth and is estimated to retain their dominance due to the wide utilization of thermoplastic polyolefins in the manufacturing of automotive components.
Thermoplastic Polyolefins Market in the Asia Pacific is predicted to register tremendous growth on account of burgeoning demand from automotive sector along with high penetration of thermoplastic polyolefins manufacturer in this region. The demand for thermoplastic polyolefins is estimated to surge in various countries such as Japan, China, India, South Korea, Taiwan, Malaysia, Thailand, and Australia on account of increasing construction activities along with favorable government regulations. Furthermore, the huge population along with rapid urbanization in emerging economies are predicted to establish the Asia Pacific as the most lucrative region in the Thermoplastic Polyolefins Market. In Latin America, countries such as Brazil and Mexico are among the dominated region and is estimated to retain their dominance due to continuous demand from the automotive sector. Moreover, the countries of the Middle East and Africa such as Oman, Qatar, Saudi Arabia, the United Arab Emirates (UAE), and Turkey are expected to register a steady growth due to rising building & construction activities in this region. Moreover, increasing consumer spending on home appliances along with the continuous growth of the automotive sector in developing countries of Latin America and the Middle East and Africa is estimated to drive the market growth.
Segmentation
The Thermoplastic Polyolefins Market is categorized on the basis of Application and Region. On the basis of Application, the Thermoplastic Polyolefins Market is classified into automotive, medical, home appliances, building & construction, industrial, and others. Others segment include rubber goods, packaging, wire & cable, battery, and footwear. On the basis of the Region, the Thermoplastic Polyolefins Market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa.
Key Players
Some of the prominent players operating in the Thermoplastic Polyolefins Market are Exxon Mobil Corporation (U.S.), S&E Specialty Polymers (U.S.), SABIC (Saudi Arabia), INEOS Olefins & Polymers (UK), Johns Manville. A Berkshire Hathaway Company (U.S.), Arkema SA (France), The Hexpol group of companies (U.S.), LyondellBasell (the Netherlands), Sumitomo Chemical Co., Ltd. (Japan), RTP Company (U.S.), Noble Polymers (U.S.) among others.
Geographical Analysis
The Thermoplastic Polyolefins Market Report covers brief analysis of geographical regions such as North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
Intended Audiences
- Thermoplastic polyolefins manufacturers
- Traders and Distributors of thermoplastic polyolefins
- Production Process Industries
- Potential Investors
- Raw Material Suppliers
- Nationalized Laboratory
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