Zion Market Research has published a new report titled “Thermoplastic Polyolefin (TPO) Market for Automotive, Building & Construction, Home Appliances, Medical, Industrial, Footwear, and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global thermoplastic polyolefin market was valued at USD 2.4 billion in 2016 and is expected to reach USD 3.7 billion in 2022, growing at a CAGR of 7.1% between 2016 and 2022.
Thermoplastic polyolefin (TPO) is the most widely used product in the thermoplastic elastomer family. TPO possesses properties of rubber as well as plastic and is used to handle applications which require functions of both thermoplastics and elastomers for better functioning. TPO has the lowest specific gravities as compared to other thermoplastic elastomers. It is widely used in the production of roofing membrane systems and in the building & construction industry for door panels. It is employed in instrument panels, automotive bumpers, and dashboard skins. TPO is also extensively used in various end-users like medical, footwear, home appliances, and rubber goods.
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Increasing demand of TPO in construction and automobile industries is expected to drive thermoplastic polyolefins (TPO) market growth in coming period. The automobile industry is likely to observe a substantial growth over the forecast period due to excellent product properties of TPO like processing ease, thermal resistance, design flexibility, light weight and ability to be recycled, these properties, in turn, increase the use of TPO in automotive industry resulting into growth of the automotive industry in market. Moreover, increasing the choice of replacing polyvinyl chloride with TPO owing to the health issues related to PVC applications is likely to boost TPO market over the forecast period. However, fluctuating prices of raw materials and a risk from substitutes like thermoplastic polyurethane, thermoplastic vulcanizate and polyvinyl chloride to TPO are estimated to hamper the TPO market in coming years. Moreover, brand visibility and geographical expansion will be major growth strategies adopted by the market players over the coming time frame.
The global TPO market is segmented according to its end- user application and region. On the basis of application, it is divided into automotive, building & construction, home appliances, medical, industrial, footwear, and others. Automotive segment led the global market for TPO owing to its wide use in interior and exterior applications in the automobile industry. This segment contributed to over USD 2 billion to global thermoplastic polyolefins market share in the year 2016 and is likely to witness considerable growth over forecast period owing to outstanding features of TPOs.
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On the basis of region, the global market of thermoplastic polyolefins is divided into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The TPO market is dominated by North America in terms of volume with over 36% and is followed by Asia Pacific region with over 33%. Asia Pacific is likely to witness the fastest growth of TPO market with an estimated CAGR of 6% from the year 2014 to 2020. This can be credited to the rapidly growing automotive markets in the emerging countries like India and China. Europe is expected to grow at a slower speed with the slowest CAGR of 5.5 % because of the saturated markets.
Key industry players include Sumitomo Chemical Company, Arkema S.A., LyondellBasell Industries, ExxonMobil Corporation, Dow Chemical Company, S&E Specialty polymers, DuPont, INEOS Chemicals Company, Saudi Aramco Company, A. Schulman, Mitsui & Company Limited, SABIC Chemical manufacturing company, Noble polymers, and Polisystem UK Limited.
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