11-Apr-17 The automotive industry serves the maximum demand for TPO, accounting for 60% of the share in 2015 Transparency Market Research. Automotive components made from thermoplastic polyolefin such as door panels, bumpers, dashboard skins, instrument panels, and trims are lighter in weight and offer robust durability. With increasing demand for fuel efficient vehicles, the automotive industry is extending the application of TPO for various components, which will ensure this industry to remain most prominent end-user segment of the market throughout the forecast period. Apart from the flourishing automotive industry, the prosperity of building and construction industry is another prominent factor driving the global thermoplastic polyolefin market. The building and construction industry uses TPO to manufacture roofing membranes and door panels, as they offer desirable UV-resistance along with durability. Moreover, stringent regulations pertaining to growing environment concerns with increasing carbon emission is another favorable factor for the global thermoplastic polyolefin market. On the other hand, volatility of raw material prices and the threat of substitutes such as polyvinyl chloride, thermoplastic vulcanizate, and thermoplastic polyurethane are expected to hinder the growth rate of the market. According to TMR estimations, the opportunity in the global thermoplastic polyolefin market were US$2.3 bln in 2015. Expanding at a healthy CAGR of 7.3% during the forecast period of 2016 to 2024, the valuation of the market is projected to reach US$4.3 bln by the end of 2024. DuPont, Dow Chemical, Noble polymers, Spartech, Arkema S.A, Sumitomo Chemical, SABIC, INOES, A. Schulman, Saudi Aramco, GAF, and S&E Specialty polymers are some of the other key players identified by the report in the global TPO market.
Based on end-users, the report segments the global thermoplastic polyolefin market into automotive, home appliances, building and construction, industrial, footwear, and others including rubber goods. Region-wise, North America and Europe serve the maximum demand for TPO, accounting for 55% of the shares in 2015. However, with vast population and rapid urbanization, several emerging economies such as India, China, Japan, and South Korea are expected to make Asia Pacific the most lucrative region in the global thermoplastic polyolefin market towards the end of the forecast period.
TMR says that the global thermoplastic polyolefin (TPO) market is moderately consolidated with top seven companies collectively accounting for nearly two-third of the shares in 2015. Out of these, Exxon Mobil Corporation, Lyondell Basell Industries N.V., and Mitsui Chemicals, Inc. are ahead of the curve than the rest, maintaining their stronghold via mergers and acquisitions as well as expanding capacity and product portfolio. For example, Mitsui Chemicals, Inc. aspires to add to its TPO facility in Japan and China in the near future and commence production by 2018. On the other hand, Mitsubishi Chemicals recently introduced ZELAS, an olefin (base) thermoplastic. ZELAS promises to be a high-performance thermal plastic with high rubber content, finding application in automotive interiors and exteriors, construction materials, and in the medical sector.
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