Sellbyville, DE -- (SBWIRE) -- 11/08/2018 -- Shift in consumer preference towards thermoplastic polyolefins market over polyvinyl chloride owing to increasing environmental concerns may propel market growth. Rising demand from end-use industries such as construction, automotive, aerospace and medical should drive polyolefins market.

Robust growth in automotive sector in countries like India, China and Brazil may boost TPO demand over the projected period. The product has usage in manufacturing of air dams, door panels and fender flares. Thermoplastic polyolefins are replaced with elastomers and other polymers owing to greater design freedom, ease of processing, ability to recycle and light weight.

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Thermoplastic Polyolefins market may exceed USD 4 billion by 2023 according to this new research report.

Fluctuating raw material prices along with threat of substitutes such as polyvinyl chloride, thermoplastic polyurethane and thermoplastic vulcanizate may pose challenge to thermoplastic polyolefins market growth. Volatility in crude oil prices due to political instability may impact TPO market price trend.

Automotive application from TPO market may surpass USD 2.5 billion by 2023. Technological advancement in improving fuel efficiency, reducing vehicular weight and minimizing CO2 emissions should boost product demand. Rising innovations in CAFE influenced automobile producers to develop advance techniques to reduce vehicular weight. Thermoplastic polyolefins have usage in manufacturing of automotive parts including such as door panels, bumpers, trims, instrument panels and dashboard skins. High demand for lightweight products in automotive industry should drive TPO market.

Industrial thermoplastic polyolefins may witness gains at over 5% by the end of projected period. Increased per-capita disposable income along with rapid industrialization has resulted into growth of construction and automotive sector. TPO is widely used in production of door panels and roofing membrane in construction industry. TPO is preferred over thermoplastic polyurethane and polyvinyl chlorides in roofing membranes in North America and Europe owing to its properties such as UV resistance and high durability. It is also used in jacketing and insulation of cables and wires in home appliances.

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Asia Pacific, led by India, China and Japan thermoplastic polyolefins market may exceed USD 1.2 billion by 2023. Growth of automotive industry may stimulate TPO market as it is used in reducing overall vehicular weight and control CO2 emissions.

North America, driven by the U.S. thermoplastic polyolefins market share may register growth of over 5% by the end of forecast timeframe. Strict governmental regulations regarding CO2 emissions in automotive and construction industry may drive regional TPO market.

Europe, driven by Germany, France and UK thermoplastic polyolefins market may surpass USD 1 billion by 2023. Positive application scope in automotive and construction industry may enhance TPO market over the forecast period. Major automotive manufacturing hubs such as Audi, Mercedes Benz and BMW have presence in Germany should play a critical role in lifting the global TPO market.

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Global thermoplastic polyolefins market share is highly competitive and consolidated with prominent players including Dow Chemical, Saudi Aramco, DuPont, A. Schulman, Noble polymers, GAF, SABIC, Arkema S.A, RTP, Lyondell Basell, Sumitomo Chemical, S&E Specialty polymers, INOES, Mitsui Chemicals, Polisystem UK, Spartech and ExxonMobil.