Thermoplastic polyolefin (TPO) is one of the most widely used products in industries such as home appliances, automotive, medical, footwear, and building and construction. In the building and construction industry, TPO is used in door panels and roofing membranes due to its excellent UV-resistant and durability properties. In the home appliances industry, it is used for the manufacturing of insulation and jackets wires and cables. Furthermore, it is used in urine bags and IV sets in the medical industry. Robust growth of these end-use industries, especially automotive and building and construction, is likely to augur well for the global TPO market.
According to a report by Transparency Market Research (TMR), the global TPO market stood at US$2.3 bn in 2015 and is poised to rise at a CAGR of 7.3% from 2016 to 2024, reaching US$4.3 bn by 2024.
Increasing Demand for Lightweight Materials to Fuel Growth of Automotive Segment
On the basis of end use, the automotive segment was the leading segment in 2015, accounting for a share of 66% of the overall market revenue. TPO is extensively used in the manufacturing of automotive components such as bumpers, dashboard skins, door panels, instrument panels, and skins. Moreover, rising demand for lightweight materials is likely to fuel demand for TPO in the automotive industry in the forthcoming years. Due to aforementioned factors, this segment is expected to retain its leadership until 2024, registering a 7.6% CAGR over the forecast period.
Asia Pacific to Replace North America as Market Leader
Geographically, North America was the leading segment in terms of revenue as well as volume in 2015, representing more than 35% of the total market. The high demand for TPO in the construction and building and automotive industries has been contributing to the growth of this regional market over the past few years. However, Asia Pacific will surpass North America during the forecast period. The growth of this region can be attributed to exponential growth in the automotive industry. India, China, and Japan collectively accounted for the largest share of the Asia Pacific TPO market in 2015.
Some of the key players in the global thermoplastic polyolefin market are Borealis AG, Chevron Phillips Chemical Company LLC, Exxon Mobil Corporation, INEOS Group Limited, Lyondell Basell Industries Holding B.V., Mitsubishi Chemical Holding Corporation, and Mitsui Chemicals Inc.
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