Feb 10, 2022   SOURCE: BusinessWire

The Worldwide Thermoplastic Polyolefin Industry is Expected to Reach $6.2 Billion by 2026 - ResearchAndMarkets.com

The "Thermoplastic Polyolefin (TPO) Market by Type (In-situ TPO, Compounded TPO, & POEs), Application (Automotive, Building & Construction, Medical, Wire & Cables), and Region (APAC, North America, Europe, MEA, South America) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global thermoplastic polyolefin (TPO) market size is estimated to be USD 4.5 billion in 2021 and is projected to reach USD 6.2 billion by 2026, at a CAGR of 6.4% between 2021 and 2026.

The compounded TPO accounted for the largest market share of 41.0% in 2020. Automotive is estimated to be the largest end-use industry of TPOs during the forecast period, followed by building & construction in terms of volume. TPOs are used for exterior body parts such as bumpers, rocker panels, body seals, automotive gaskets, doors & windows, and other parts. Recent developments in TPO have enabled their use in underhood applications in the automobile industry.

Compounded TPO is projected to be the largest segment by type in Thermoplastic polyolefin (TPO) market

Based on type, compounded TPO accounted for the majority share of the TPO market in 2020. These TPOs are high-performance elastomers engineered to improve the performance of a broad range of end-products and applications. The increasing adoption in the automotive industry to reduce the weight of vehicles and improve their fuel efficiency helps to drive the TPOs market. Also, TPOs can be processed by various techniques such as injection molding, profile extrusion, thermoforming, and blow molding. It is weather-resistant and does not degrade on exposure to solar radiation. Hence, it is extensively used in making roofs and other outdoor applications.

Automotive is projected to be the largest segment by application in Thermoplastic polyolefin (TPO) market

The automotive industry led the TPOs market in 2020. The TPOs market in the automotive segment is projected to grow owing to increased competition among players to provide lightweight and robust auto parts, growing demand for vehicles, supportive government policies, development of transportation infrastructure, and rapid economic growth.

APAC accounts for the largest share in Thermoplastic polyolefin (TPO) market by region

The TPOs market in APAC accounted for the largest share of the overall market in 2020. The demand for TPO is expected to grow due to the developing construction and automotive sectors. In APAC, Japan dominated the TPOs market in 2020, followed by China and South Korea. The market is projected to register a high CAGR during the forecast period. Strong growth in automobile sales is expected to drive the market for TPOs in the region. Besides, the growth of the construction sector is expected to enhance the market.

Market Dynamics

Drivers

  • Increasing Usage of Tpos in Exterior and Interior Parts of Automobiles to Drive the Market
  • Steady Growth in the Building & Construction Industry Will Drive the Market
  • Increasing Usage of Tpo Waterproofing Membrane in the Repair and Maintenance Activities

Restraints

  • Raw Material Price Volatility

Opportunities

  • Intra Replacement of Other Thermoplastic Polymers with Tpos
  • Increasing Penetration of Evs Across the Globe to Provide An Opportunity for Market Growth
  • Increasing Demand from Emerging Applications
  • Increasing Demand from the Packaging Industry

Challenges

  • Increasing Trend of Plastic Recycling

Companies Mentioned

  • Alphagary Limited
  • Borealis Ag
  • Dow Inc.
  • Elastron
  • Exxon Mobil Corporation
  • Formosa Plastics Corporation
  • GAF
  • Hexpol Ab
  • Ineos Group Holdings S.A.
  • Lyondellbasell Industries N.V.
  • Mitsui Chemicals, Inc.
  • Noble Polymers
  • Polyone Corporation
  • Raigh Refining and Petrochemical Company
  • RTP Company
  • Sabic
  • Saudi Aramco
  • Sumitomo Chemical Co. Ltd.
  • Teknor Apex Company
  • The Mitsubishi Chemical Holding Group.
  • Washington Penn

For more information about this report visit https://www.researchandmarkets.com/r/knpq2k