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Description
The global thermoplastic polyolefins (TPO) market size is valued at USD 4,678.4 million in 2021 and is expected to grow at a CAGR of 6.6% during the forecast period 2022 to 2028. The global market provides a detailed overview of the global thermoplastic polyolefins (TPO) market, and that can be segmented by product type and by application. By product type, the global thermoplastic polyolefins (TPO) market has been segmented into In-situ, Compounded TPO, Thermoplastic Vulcanizates (TPV’s), Thermoplastic Polyolefins (POE’s) and Olefinic Block Copolymer (OBC’s). The Compounded TPO segment is likely to be the largest and fastest-growing segment in terms of type. This is attributed to the increasing adoption rate in the automotive sector to reduce weight of vehicles and improve their fuel efficiency. Based on application, the global thermoplastic polyolefins (TPO) market is segmented Automotive, Building & Construction, Industrial, Consumer & Home Appliances, Medical Devices, Sporting Goods and Others. Among these, the Automotive segment is expected to have the fastest-growing market during the forecast period 2022-2028 according to precision business insights. The automotive segment will dominate further due to the growing demand for light weight vehicles, government policies and supports, well developed transportation infrastructure, and growing economy in emerging countries. By region, the North America is expected to witness the highest market share during the forecast period it holds a tremendous potential market for global thermoplastic polyolefins (TPO) due to increasing number of thermoplastic polyolefins (TPO) dealers. Thermoplastic Polyolefins (TPO) is made of polymers such as polypropylene, polyethylene and rubber with filler material. The growing automotive industry and increasing construction activities are driving the global market demand for TPO. However, volatility in the prices of raw materials and a high threat from substitutes may hamper the growth of the TPO market in the forecasted years.
Key Developments:
In Dec 2020, Ineos Group acquired 100% shares of Gemini HDPE with Sasol Chemicals. The company manufactured high density polyethylene in LA Porte, Texas.
