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Global Thermoplastic Polyolefin Market to Gain from Large-scale Application in Automotive Sector

Press release Description

Albany, New York, February 21, 2017: Market Research Reports Search Engine has announced adding a report, titled “Thermoplastic Polyolefin Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024,” to its repository. According to the report the global thermoplastic polyolefin market exhibits a highly consolidated vendor landscape, with the top 7 players accounting for nearly 60% of the overall market in 2015. Among these enterprises, the leading three, namely, Exxon Mobil Corporation, Lyondell Basell Industries N.V., and Mitsui Chemicals, Inc. have a stronghold than the rest. These companies majorly focus on mergers and acquisitions to expand their footprint and product portfolio. 

The valuation of the global thermoplastic polyolefin market was pegged at US$2.3 bn in 2015. Exhibiting a CAGR of 7.3%, the market is forecast to reach US$4.3 bn by the end of 2024. 

Among the key end-use segments, growth witnessed by the market in the automotive sector was the highest in 2015. The year witnessed the automotive sector holding over 60% of the overall market. Furthermore the segment is expected to remain dominant exhibiting a CAGR of 7.6% during the forecast period. Other end-use categories exhibiting high demand for thermoplastic polyolefin are rubber goods and general molded goods. 

Regionally, North America was at the fore of the global thermoplastic polyolefin market, accounting for a share of 55% in 2015. However, the regional market is prophesized to witness a decelerating pace of gains, instead the Asia Pacific market will gain pace during the forecast period. The large scale production of thermoplastic polyolefin in India, China, and Japan will catapult Asia Pacific at the global market’s fore. 

Thermoplastic polyolefin finds considerable application in exterior and interior applications in the automotive industry. Therefore growth witnessed in the automotive industry will consequently aid the expansion of the global thermoplastic polyolefin market. According to the report, the worldwide automotive production has increased over 15% since 2010, with Asia Pacific contributing to over 50% of the overall production. In the coming years, due to the rising focus on lightweight vehicles the demand from the thermoplastic polyolefin market is projected to increase further. The market with thus gain from stringent environmental regulations curbing carbon emissions from vehicles. 

On the flip side, the fluctuating raw material prices will be a key challenge faced by the leading market players. As polypropylene is one of the key raw materials used in the production of thermoplastic polyolefin, the instable prices of polypropylene will have a negative impact on the overall market. 

Besides studying the growth drivers and restraints, the report also presents an in-depth study on the prevailing vendor landscape. For the purpose of study it therefore includes profiles of some of the leading companies operating in the market. The strengths and weaknesses of these companies are analyzed using SWOT analysis, which also provides insights into potential opportunities and threats that the enterprises may witness over the course of the report’s forecast period. 

Browse Full Global Thermoplastic Polyolefin Market Report with TOC:

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