Driven by the increasing scope of application across construction and automotive sectors, the global thermoplastic polyolefin (TPO) market is projected to report strong growth in the coming years. According to recent studies, growth witnessed across emerging nations such as India and China will provide major impetus to the market. On the flip side, the market is witnessing threat from high capacity to demand ratio and the continuously fluctuating raw material prices.
Rising Demand from Automotive Industry to Aid Growth
Over the course of the next few years, the automotive industry is expected to remain one of the major end users accounting for a significant share in the global thermoplastic polyolefin market.
The industry has emerged as a leading segment in the overall market and is expected to continue dominating in terms of both volume and revenue in the next few years. Other application sectors, which are expected to showcase attractive opportunities are fibers and tapes, molds, films and sheet, in packaging, construction, and medical sectors.
In addition, the pace of gains will accelerate in response to the increasing efforts to explore its utility as feedstock. Spurred by these factors, the global TPO market will continue exhibiting robust growth in the coming years. The market is expected gain increased traction due to use in emerging applications such as healthcare, construction, and packaging.
Market to Gain Impetus from Stringent Environmental Regulation
In order to cohere with stringent regulations aimed at curbing pollutions, an increasing number of industries such as construction and automotive are compelled to choose TPO over PVC. This has emerged as a crucial market driver, which will continue aiding the market’s expansion through the forthcoming years. Phthalates present in PVC are considered harmful to environment, which is curbing their use subsequently fuelling opportunities for the TPO market. Furthermore, TPO similar to other members in the family of thermoplastic elastomers include TPU and TPV, which have rubber-like properties but process like polymers. This property makes it highly suitable for use in high-performance applications across various industries. The market therefore witnesses strong growth opportunities.
Emerging Nations in Asia Pacific to Exhibit Lucrative Opportunities
Regionally, the market is expected to witness high demand in North America, as it boasts a sophisticated industrial infrastructure. The region holds dominance across prominent sectors such as automotive and medical, which will aid expansion of the TPO market in North America. Besides this Asia Pacific will exhibit lucrative opportunities for the market. The rapid industrialization across emerging nations such as India and China, will support the market’s growth in Asia Pacific. Furthermore, the market will continue gaining from the increasing demand in industries across Europe.
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A few companies, which will gain from the aforementioned factors are Exxon Mobil Corporation, Lyondell Basell Industries Holding B.V., Mitsubishi Chemical Holding Corporation, Mitsui Chemicals, Inc., Chevron Phillips Chemical Company LLC, A.Schulman, Borealis AG, PolyOne Corporation, and INEOS Group Limited. In order to expand their geographic footprint a majority of these companies are looking towards opportunities in emerging nations. Policies adopted by these enterprises will also have a considerably influence on the overall thermoplastic polyolefin market.