CHICAGO, Oct. 6, 2023 /PRNewswire/ -- The report "Thermoplastic Polyolefin Market by Type (In Situ TPO, Compounded TPO, POEs), Application (Automotive, Building & Construction, Medical, Wire and Cables), Region (North America, Europe, APAC, MEA, South America) - Global forecast to 2028", is projected to reach USD 7.3 billion by 2028, at a CAGR of 6.0% from USD 5.4 billion in 2023.
The Thermoplastic polyolefin market is mainly driven by the demand from various end use industries such as construction, automotive and electronic appliances, among others. It is also driven by developing and emerging economies such as the US and China.
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225 - Tables
44 - Figures
219 - Pages
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"In situ TPO by type is projected to grow at fastest CAGR, in terms of value, during the forecast period."
The inherent lightweight nature of thermoplastic polyolefin (TPO) holds profound significance, particularly in industries such as automotive, aerospace, and transportation, where fuel efficiency and carbon emissions reduction are paramount concerns. In the automotive sector, where stringent regulations and consumer demand for eco-friendly vehicles prevail, TPO's exceptional weight advantage serves as a pivotal solution. Substituting traditional, heavier materials like metal with TPO in automotive components, including bumpers, interior trim, and exterior body panels, not only reduces the overall weight of vehicles but also facilitates adherence to stringent fuel efficiency standards. This weight reduction translates into enhanced fuel economy, as lighter vehicles demand less energy for propulsion, ultimately resulting in reduced carbon emissions and a more sustainable automotive landscape.
"Automotive" by application segment accounted for the largest share in terms of value.
TPO's versatility and ease of processing enable intricate and aerodynamic designs for automotive parts. This not only enhances the aesthetic appeal of vehicles but also allows for the integration of advanced features and technologies, contributing to improved overall efficiency. In essence, TPO plays a pivotal role in the automotive industry's continuous efforts to produce lighter, more fuel-efficient, and environmentally friendly vehicles, addressing both regulatory mandates and consumer preferences for sustainable transportation solutions.
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"Asia Pacific is expected to be the fastest growing market for Thermoplastic polyolefin market during the forecast period, in terms of value."
Thermoplastic polyolefin Market in Asia Pacific is anticipated to register a CAGR of 7.6% between 2023 and 2028. Thermoplastic polyolefin Market in Asia Pacific comprises China, Japan, India, and South Korea. It was the largest market of Thermoplastic polyolefin in 2022. Asia Pacific has a well-established and diverse industrial base, spanning sectors such as automotive, construction, furniture, and more. These industries frequently use polyurethane materials in various applications. As the region continues to develop and modernize its infrastructure, the demand for polyurethane products, and consequently polyurethane Catalysts, can rise.
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Market Players
The key players in Thermoplastic polyolefin market are DOW (US), Mitsui Chemical, Inc. (Japan), Exxon Mobil Corporation (Texas), SABIC (Saudi Arabia), Sumitomo Chemicals Co., Ltd. (Japan), LyondellBasell Industries N.V. (Texas), Ineos Group Holdings SA (Switzerland), Borealis AG (Austria), Formosa Plastic Corporation (Taiwan), RTP Company (US) and others.
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