Global thermoplastic polyolefins market research report- information by application (automotive, medical, home appliances, building & construction, industrial, and others) region – Forecast till 2023
Pune, India -- (SBWIRE) -- 03/28/2018 -- Thermoplastic Polyolefins compounds are multiphase components in which one phase is made up of elastomeric material which is soft and behave like rubber at room temperature, and other phase comprises of a substance that is hard at room temperature and fluid when heated. These retain the ease of processing, chemical resistance of polypropylene, and lightweight nature. Moreover, they do not need any drying prior to molding, which saves both time and cost. They are combined with fillers to offer a good balance of impact resistance and stiffness along with better dimensional stability and improves heat deflection temperature (HDT). They are widely used in various application such as medical, automotive, home appliances, industrial, building & construction, others on account of their unique properties.
Some of the important factors that positively influence the growth of Thermoplastic Polyolefins Market are constant urbanization, rising construction activities, and expansion of electronics & electrical industry. In addition, increasing disposable income along with shifting consumer trends towards the lightweight and fuel-efficient vehicles drive the growth of the market over the forecast period, 2017 to 2023. Moreover, increasing commercial, residential, and institutional construction sector in developed and developing countries are estimated to propel the growth of the market over the assessment period. However, the presence of various substitutes along with fluctuating raw material prices is predicted to hamper the growth of the market.
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The Global Thermoplastic Polyolefins Market is segmented on the basis of application and region. On the basis of the application, the market is categorized into automotive, medical, home appliances, building & construction, industrial, and others. Others segment comprised of rubber goods, packaging, wire & cable, battery, and footwear. Among these, automotive segment accounted for the largest applications due to rising automobiles demand across the globe. They are used for manufacturing automotive components such as instrument panels, door panels, bumpers, dashboard skins, and trims which are lighter in weight and provide excellent durability. Rising demand for fuel-efficient vehicles, extending the application of Thermoplastic Polyolefins for numerous components due to which the segment is expected to retain its dominance over the estimated period. Automotive segment is followed by building & construction segment. Rising construction activities across the globe along with high utilization of Thermoplastic Polyolefins is predicted to drive the market growth over the estimated period.
North America is estimated to be the largest thermoplastic polyolefins market followed by the Asia Pacific and Europe on account of rising demand from medical, automotive, and packaging sector. U.S. and Canada are the leading contributors due to continuous expanding health care sector and presence of key manufacturers in this region. In Europe, Germany, Italy, France, and the U.K are predicted to capture the largest regional market share on account of significant demand from prominent automobile manufacturers. In the Asia Pacific, numerous countries such as Japan, Thailand, India, China, Malaysia, and South Korea are among the fastest growing market for Thermoplastic Polyolefins and is estimated to grow with the healthy pace over the assessment period. Prominent drivers that are attributed to the market growth in the Asia Pacific are rising population, increasing number of passenger cars on road, competitive production costs, and ease of availability of raw material. The Middle Eastern and African countries are estimated to register moderate regional market growth on account of growing foreign investments and shifting of production facilities to this region.
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