Albany, NY -- (SBWIRE) -- 03/21/2018 -- The global thermoplastic polyolefin (TPO) market is moderately consolidated, with the top seven manufacturers accounting for more than 60% of the market in 2015. The three leading manufacturers of TPO, namely Lyondell Basell Industries N.V., Exxon Mobil Corporation, and Mitsui Chemicals, Inc., have a stronger foothold in the market than the rest, focusing mainly on mergers and acquisitions and capacity expansions as their key growth strategies. For instance, Mitsui Chemicals, Inc. is planning to expand its TPO facility in Chiba, Japan and production in this facility is likely to commence by 2018.
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According to Transparency Market Research, competition in the TPO market is anticipated to remain intense throughout the forecast period owing to the fact that manufacturers in this market have an almost equal share and market size.
The opportunity presented by the global TPO market was pegged at US$2.3 bn in 2015 and is likely to be worth US$4.3 bn by 2024, expanding at a CAGR of 7.3% therein.
Automotive Sector Leads Global TPO Market by Demand and Revenue
The automotive sector emerged as the leading end-use segment of the global TPO market in 2015, accounting for a share of 60% that year. The segment is likely to register high growth in terms of both volume and value throughout the forecast period, registering a 7.6% CAGR by revenue. Other end-use segments such as general molded goods (GMG) and rubber goods are likely to remain stagnant in the coming years, as predicted by TMR.
Geographically, developed regions such as North America and Europe cumulatively accounted for a share of over 55% in 2015. However, these regions are projected to lose market share by 2024. Asia Pacific, on the other hand, is anticipated to surpass North America to emerge as the leading regional segment of the TPO market by the end of the forecast period. Large-scale production of TPO in countries such as Japan, China, and India is predicted to offer ample opportunities for the TPO market.
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Significant Growth in Automotive Production in APAC a Promising Factor
TPO is widely used in interior and exterior applications in the automotive industry and any growth in this sector reflects positively on the global TPO market. "The global automotive production has increased over 15% since 2010, with Asia Pacific accounting for more than 50% of the global production," the TMR analyst states. A rising focus on lightweight vehicles and the implementation of stringent environmental regulations related to carbon emissions bodes well for the TPO market. A substantial demand for TPO in home appliances and roofing membrane systems is also projected to benefit the global market in the coming years.