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Thermoplastic Polyolefins (TPO) Market Growth Analysis By Manufacturers, Regions, Types and Application Forecast By 2023

Author : Ravi Chawat | Published Date : 2020-10-30 

The global thermoplastic polyolefins market has been observing phenomenal gains over the recent years subject to the increasing use of plastics in plethora of applications spanning various end user segments like automotive, construction, industrial, and others. Plastics are generally used as raw materials or as final product which also empowers the overall thermoplastic polyolefins market. In fact, the world today produces over more than 300 million tons of plastics every year, which ironically is used for just for a few applications. Undeniably, this is poised to push the adoption of thermoplastic polyolefins over the years.

Thermoplastic polyolefins, also known as olefinic thermoplastic elastomers are polymer blends that are constituted of some fraction of an elastomer, a thermoplastic, or rubber. Lately, these polymer compounds have been displaying high traction in the medical industry on the grounds of their impressive features including the likes of design versatility, high thermal stability, mutagenic potential, crystal clarity, and high resistance.

However, the expanding automotive industry has been gaining humongous gains, thus serving as an ideal vertical supporting the growth of thermoplastic polyolefins market over the years.

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Expanding automotive industry: a ‘driving’ force towards industry development 

The automotive industry has recently been witnessing a stellar growth in use of thermoplastic polyolefins and polyolefin-based components and parts. Across the automotive sector, these compounds not only reduce the automobile weight and increase the fuel efficiency, but also offer additional comfort, reduced air pollution and safety. Reports suggest that polyolefins make up approximately 50% of plastics found in modern cars.

It is noteworthy to mention that deployment of plastics in vehicles reduce its weight by over 150 kgs to 200 kgs, while contributing to fuel conservation of up to 800L. Consequently, it also adds to significant carbon emission reduction.

An upsurge in demand for TPO has urged various auto majors to invest potentially into new product launches, company expansion, or acquisitions and mergers, enabling them to gain a competitive edge over the market rivals present in the industry. Citing a vital testament for the same, Borealis, a pioneer in polyolefins market, announced in 2019 that it was investing in production lines expansion for thermoplastic olefins and short glass fibers in the province of North Carolina.

This initiative is expected to address the mounting demand of automakers and Tier 1 customers for advanced polypropylene solutions in the region. Besides, the new compounding plant has been reported to add 30,000 tons every year to the company’s worldwide production capacity, along with supporting the expansion of its automotive business across North America.

Such measures are offering a glimpse of the impending scenario, thus propelling the overall growth curve of worldwide thermoplastic polyolefins market.

Unveiling thermoplastic polyolefins industry trends across North America

Amidst the ongoing intense share battle, North America thermoplastic polyolefins market, particularly led by United States and Canada, has been depicting a commendable growth rate over the past few years. This growth predominantly comes from the product’s escalating applications in automotive, construction, medical, and packaging sectors.

Moreover, it is important to note that North America stands as one of the world’s largest automobile manufacturing hubs. As per estimates, nearly 16.8 million motor vehicles were produced in North America. This count provides a proof of the burgeoning need for TPO across the region.

Speaking on these lines, North America TPO market is also driven by stringent automotive fuel efficiency norms that lay emphasis on the correct use of TPO for ensuring the reduction of toxic emissions from the vehicle along with ensuring its optimum fuel efficiency.

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Despite the fact that the TPO market size has been observing promising growth trends over the years, raw material prices volatility and health hazards caused by plastic pollution are anticipated to deter the market growth in the upcoming years. However, novel innovations and advancements in this aspect would stimulate the industry outlook in the upcoming years.

In a nutshell, environmental risks associated with PVC usage have produced an upsurge in demand for thermoplastic polyolefins over the years. Additionally, stringent government norms for reduction of GHG emissions with an intent at minimizing the environmental pollution are also likely to boost the demand for these polyolefins over the due course of time.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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