Growing application scope of thermoplastic polyolefins in automobile and construction industries is predicted to drive thermoplastic polyolefins (TPO) market growth over the coming years. Automotive industry which contributed USD 2 billion to global thermoplastic polyolefins market share in 2015, is predicted to witness a substantial growth over 2016-2023 owing to outstanding product features such as design flexibility, processing ease, lightweight, thermal resistance, and ability to be recycled. Also, this weight reducing property of TPO enhances the overall vehicle performance in terms of speed, fuel efficiency, and handling. TPO market size in construction industry is expected to grow at a rate of 6.8% over 2016-2023 in terms of revenue due to rapid industrialization in BRICS countries. Furthermore, TPOs find extensive applications in manufacturing roof tops for both commercial and residential sectors due to its solar radiation inhibiting characteristics. They also find applications in medical and packaging industries.
U.S. Thermoplastic Polyolefins Market size, by application, 2012-2023 (Kilo Tons)
According to Global Market Insights, Inc., “Thermoplastic Polyolefins(TPO) Market share is expected to touch USD 4 billion by 2023.” Strict government norms towards reduction of greenhouse emissions is expected to support the industry growth over the coming years. Increasing preference to replace polyvinyl chloride (PVC) with TPO due to the health risks associated with PVC applications is predicted to boost TPO market revenue over the coming seven years.
North America thermoplastic polyolefins (TPO) market size worth USD 860 million in 2015, is anticipated to witness a significant growth over 2016-2023 due to rapidly growing automotive, construction, medical, and packaging industries in the region. U.S. is expected to contribute substantially towards the regional growth over the coming years. Asia Pacific market is anticipated to exceed USD 1.3 billion by 2023. Growing expenditure in construction sector, primarily in Japan, China, and India are expected to fuel the product demand over the period of 2016-2023.
Europe thermoplastic polyolefins (TPO) market is forecast to record a CAGR of 5% over 2016-2023 owing to its growing applications in healthcare and packaging industries. France, UK, Germany, and Italy are predicted to be key revenue pockets of the region. Central & South America thermoplastic polyolefins market is projected to witness highest gains of 7% over the coming seven years.
Key industry players include Sumitomo Chemical Company, Arkema S.A., LyondellBasell Industries, ExxonMobil Corporation, Dow Chemical Company, S&E Specialty polymers, DuPont, INEOS Chemicals Company, Saudi Aramco Company, A. Schulman, Mitsui & Company Limited, SABIC Chemical manufacturing company, Noble polymers, and Polisystem UK Limited. Coming years will witness various strategic collaborations and alliances between the industry participants. Moreover, brand visibility and geographical expansion will be major growth strategies adopted by the market players over the coming timeframe