05-Oct-16 The global Thermoplastic Polyolefin (TPO) market was valued at US$ 2,313.2 mln in 2015 and is likely to reach US$4356.8 mln by 2024, expanding at a CAGR of 7.3% between 2016 and 2024, as per Transparency Market Research. North America leads the global TPO market in terms of volume and value and accounted for more than 35% share of the global TPO market in 2015. High demand for TPO in automotive and building & construction industries has been the major factor driving the demand for TPO in North America since the last few years. However, Asia Pacific is expected to replace North America as the market leader during the forecast period. Exponential growth in the automotive industry is Asia Pacific is projected to boost the demand for TPO in the near future. The TPO market in Europe and Middle East & Africa is expected to exhibit stable growth during the forecast period. Latin America is likely to provide promising growth opportunities for the TPO market in the next few years.
Excellent abrasion, freedom of design, and lightweight properties are the key factors propelling the demand for TPO in the automotive industry across the globe. The U.S. constituted substantial share of the global TPO market in 2015. Expansion in the automotive industry and rise in building & construction activities are the prominent factors augmenting the demand for TPO in the U.S. Furthermore, increase in demand for TPO roofing systems in commercial construction activities is expected to drive the market during the forecast period. TPO based roofing systems are 100% recyclable and can be used to improve credits with Leadership in Energy and Environmental Design (LEED). The automotive industry in Brazil and Mexico is expanding at significant rate as compared to that in the U.S. This is anticipated to offer growth opportunities for TPO automotive components in Brazil and Mexico during the forecast period.
China, India, and Japan held large share of the TPO market in Asia Pacific in 2015. Increase in automotive production in countries such as India, China, Vietnam, Thailand, and Malaysia is estimated to propel the TPO market during the forecast period. Europe followed Asia Pacific in terms of consumption of TPO in 2015. Countries such as Germany, France, and the U.K. constituted more than 50% share of the consumption of TPO in Europe in 2015. Thus, the TPO market in the region is projected to expand at a steady rate in the near future. End-users such as automotive and building & construction in Middle East & Africa are likely to provide ample growth opportunities for the TPO market.
Major companies operating in the TPO market include Lyondell Basell Industries Holding B.V., Exxon Mobil Corporation, Mitsui Chemicals, Inc., Borealis AG, Mitsubishi Chemical Holding Corporation, Chevron Phillips Chemical Company LLC, and INEOS Group Limited.
Previous News
Next News
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}