MRRSE presents this most up-to-date research on "Thermoplastic Polyolefin Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024"
Albany, NY -- (SBWIRE) -- 01/16/2017 -- Thermoplastic polyolefin (TPO) is one of the most widely used products in the thermoplastic elastomer family. TPO finds application in a wide range industries, such as automotive, building and construction, home appliances, medical, industrial, and footwear.
Rapid growth in the automotive industry, coupled with a rise in building and construction activities, has been single-handedly driving the demand for TPO in the past few years. Transparency Market Research predicts that this trend will continue during the forecast period.
However, factors such as volatility in the prices of raw materials and a high threat from substitutes are estimated to adversely affect the growth of the TPO market. Substitutes such as thermoplastic polyurethane, polyvinyl chloride, and thermoplastic vulcanizate are anticipated to offer substantial threat to the TPO market in the coming years.
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The global TPO market was valued at US$2.3 bn in 2015 and is likely to reach US$4.3 bn by 2024, expanding at a CAGR of 7.3% therein.
Growing Demand for TPO in Automotive and Building and Construction Sectors
In terms of volume and value, the automotive sector held a major share in the TPO market in 2015 based on end use, followed by the building and construction sector. TPO is extensively employed in the production of automotive components such as bumpers, door panels, trims, dashboard skins, and instrument panels. Automotive components produced from TPO are lighter in weight and offer excellent durability. A rise in the demand for lightweight materials in the automotive industry is expected to drive the demand for TPO during the forecast period.
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TPO is also used in the manufacture of roofing membranes and door panels in the building and construction industry. It offers excellent UV-resistant properties along with high durability and hence, TPO is a preferred choice in roofing membranes, especially in North America and Europe. TPO is also used in the insulation and jacketing of wires and cables in home appliances and in IV sets and urine bags in the medical industry.
Exponential Growth in Store for APAC TPO Market
North America leads the global TPO market in terms of volume and value and accounted for more than 35% of the market in 2015. A high demand for TPO in the automotive and building and construction industries has been the major factor driving the demand for TPO in North America in the last few years. However, TMR reports that Asia Pacific will replace North America as the market leader during the forecast period. Exponential growth in the automotive industry is Asia Pacific is projected to boost the demand for TPO in the near future. The TPO market in Europe and the Middle East and Africa is expected to exhibit stable growth during the forecast period. Latin America is likely to provide promising growth opportunities for the TPO market in the next few years.
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The U.S. constituted a substantial share in the global TPO market in 2015. Rapid expansion in the automotive industry and the rise in building and construction activities are the prominent factors augmenting the demand for TPO in the U.S. Furthermore, an increase in the demand for TPO roofing systems in commercial construction activities is expected to drive the market during the forecast period.
China, India, and Japan held a large share in the TPO market in Asia Pacific in 2015. On the other hand, countries such as Germany, France, and the U.K. constituted more than 50% of the TPO consumption in Europe that year.
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