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Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand f.....
Thermoplastic Polyolefin Market size was valued at US$ 4,732.1 million in 2023 and is poised to grow at a CAGR of 6.6% from 2024 to 2030. The global market provides a detailed overview which can be segmented by application, and region. Based on the application, the thermoplastic polyolefin market has been segregated into automotive, buildings & construction, home appliances, medical, industrial, and footwear. The automotive industry led the thermoplastic polyolefin market in 2020 and is projected to grow owing to a larger penetration of passenger vehicles and increasing adoption of lightweight & high-performing industrial vehicles driving the growth of this segment. Furthermore, the increase in the adoption of electric and hybrid vehicles and the introduction of stringent regulations regarding carbon emissions have increased the demand for thermoplastic polyolefin from the automotive sector. The thermoplastic polyolefin has a wide range of usage in the evolving interior, exterior, and under-the-hood applications in the automotive sector and this sector is observing huge demand which will drive the thermoplastic polyolefin market growth in the region.
Study Period
2024-2030Base Year
2023CAGR
6.6%Largest Market
North AmericaFastest Growing Market
Europe
Increase in consumption of polymer products by end use industries like automotive while manufacturing automotive parts. It results good tensile strength, corrosion resistance and noise reduction when metal to metal contact incurred, in automotive parts. And it tends to boost the thermoplastic polyolefin market size. Thermoplastic polyolefin market is mainly driven by the growing demand for high performance and environment friendly material in construction and automotive industry. Additionally, the product is progressively being used instead of traditional thermoset rubbers and possess the capability to be entirely recycled.
North America has been leading the worldwide global thermoplastic polyolefin market and is anticipated to continue on the dominant position in the years to come, states the global thermoplastic polyolefin market study. The rapid growth of industrial & construction applications is the main factor behind the dominance of the North America global thermoplastic polyolefin market. In addition, strict legislations pertaining to fuel conservation across the automotive industry is another significant factor that is supporting the growth of this regional global thermoplastic polyolefin market.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 4,732.1 million |
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Market CAGR |
6.6% |
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By Application |
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By Region |
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The Thermoplastic Polyolefin Market size was valued at US$ 4,732.1 million in 2023 and is poised to grow at a CAGR of 6.6% from 2024 to 2030
Fluctuations in raw material prices might hinder the market’s growth. The thermoplastic polyolefin includes raw materials like polyethylene and polypropylene which are derived from petroleum. With the onset of the pandemic, petroleum prices plunged historically, fluctuating the prices of raw materials in the target market.
The global thermoplastic polyolefin market size is expected to be valued at US$ 4,732.1 million in 2021 and is expected to grow at a CAGR of 6.6% during the forecast period.
Asia pacific dominated the global thermoplastic polyolefin market with a significant market share owing to steadily expanding the automotive and construction sectors.
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.