Thermoplastic Polyolefins Market Estimated To Be Worth US$4 Bln By 2023

Thermoplastic Polyolefins Market estimated to be worth US$4 bln by 2023

02-Aug-16

Thermoplastic polyolefins (TPO) market size is set to reach US$4.08 bln by 2023, as per Global Market Insights, Inc., growing from US$2.36 mln in 2015, at a CAGR of 7%. Increasing application scope across construction and automotive sector is expected to boost demand. Increasing market penetration of TPO across medical applications is anticipated to drive market over the forecast period. Automotive application segment was dominant accounting over 70% of global share in 2015. Drifting focus towards reducing overall weight of automobiles will drive product demand. Also, stringent government regulations on account of reducing carbon emissions will assist industry penetration.
Advancements in Corporate Average Fuel Economy (CAFE) have compelled automobile industry participants to evolve news way for vehicle weight reduction. This may boost polymer applications in this section, which further impact positively on thermoplastic polyolefins market size. Industrial applications should witness over 5% growth up to 2023. Rapid industrialization coupled with increasing per capita disposable income of customers have positively impacted end use sector such as automotive and construction. TPOs are extensively used for residential & commercial roof tops purpose owing to propel thermoplastic polyolefins market from 2016 to 2023. Central & South America (CSA) is the fastest regional segment, with estimated gains above 7% CAGR. The region is witnessing massive product application in medical and packaging. Thermoplastic polyolefins are fastest growing members of thermoplastic elastomers family which has been gaining adoption on account of its superior properties such as light weight and thermal resistance, compared to other materials.
Key insights from the report include:

· U.S. thermoplastic polyolefins market size, was largest regional industry in North America. Medical and packaging applications are likely to be the fastest growing segment in the region over 6% growth.
· Enormous construction spending coupled with booming automobile sector in this region will propel Asia Pacific TPO market size. Japan thermoplastic polyolefins market size generated over US$305 mln in 2015 with more than 7% growth.
· Europe thermoplastic polyolefins market, led by Germany, Italy, UK and France, will surpass US$1 bln revenue by 2023. Increasing usage of thermoplastic polyolefins replacing conventional thermoplastics and elastomers across medical and packaging is likely to positively impact on product demand.
· Automobile application in Germany could be valued at over US$105 mln in 2023. TPO finds application across medical & packaging. Growing healthcare expenditure on account of increased consumers awareness will drive demand. These are used in packaging materials which are primarlily subjected to refrigeration.
Global thermoplastic polyolefins market share is competitive. Key companies include A. Schulman, Dow chemical, Arkema S.A, Sumitomo Chemical, and ExxonMobil, SABIC, DuPont, INOES, LyondellBasell, S & E SpecialtyPpolymers, Polisystem UK, Saudi Aramco, and RTP. Dow Chemical and LyondellBasell are integrated forward along the value chain to develop fabricated TPO compounds.