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Thermoplastic Polyolefins Market Expected To Grow At A Highest CAGR Over The Forecast Timeframe

Author : Rahul Varpe | Published Date : 2019-07-03 

As reported in the latest study by Global Market Insights, Inc.  (TPO) Thermoplastic Polyolefins Market size will surpass USD 4 billion by 2023. Rising application scope in automotive, construction and medical industry will drive the thermoplastic polyolefins market growth. Technological innovations in automobile component production led to increasing uses due to its light weight properties.

Emerging trend to replace PVC due to rising ecological concerns will fuel the market growth. Excellent abrasion resistance, high strength, light weight, low costs, resistance to UV radiation and oxidation are the substantial properties encouraging usage in various applications.

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Rapid industrialization and expansion in automotive industries particularly in China, Germany, India and Brazil will enhance the product penetration. Automobile applications is estimated to observe gains over 6% up to 2023. Technological advancement in reducing automobile weight, improving fuel efficiency and reducing CO2 emissions will support the product demand.Increasing innovations in CAFE influenced automobile manufacturers to develop advanced methods for vehicle weight reduction. These innovations will create new avenues in the thermoplastic polyolefins applications.

Mitsubishi Chemicals, a Japan based company introduced olefin thermoplastic under brand ZELAS. The product will have applications in automotive interiors and exterior parts, medical as well as construction industry.

Raw material availability including ethylene and propylene is mainly affected by crude oil index. Fluctuating crude oil index influence the product price trends, which may hamper the industry growth.

U.S. thermoplastic polyolefins market generated revenue over USD 700 million in 2015. Rising application scope in packaging and medical industry will drive regional demand. Europe will surpass USD 1 billion revenue by 2023, with UK and Germany being the key contributors. Rising product substitute over conventional elastomers and thermoplastics in automotive and medical industry will enhance the industry demand.

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Asia Pacific thermoplastic polyolefins market size in automotive application will surpass USD 900 million by 2023. China and Japan will be the major contributors of this revenue. Increasing rubber consumption in automotive and construction industry will support industry growth.

Central & South America (CSA) is estimated to register over 7% CAGR up to 2023. Expansion in packaging, e-commerce and medical industry will support this growth. Brazil thermoplastic polyolefins market size will witness CAGR around 8% by 2023 in industrial applications.
 
Global thermoplastic polyolefins market share is moderately competitive. The key industry participants include Lyondell Basell, Dow Chemicals, Hitachi Automotive Systems Americas Inc, DuPont, RTP, SABIC, INOES, and Saudi Aramco.

Forward integration and presence across large part of the value chain to extend geographical coverage are the major strategies adopted by these companies.

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Other industry participants include AGC Chemicals Americas Inc, Arkema S.A., Avon automotive, BASF group, Covestro AG, PolyOne Corporation, Solvay Specialty polymers Inc, GAF and Spartech.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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