Thermoplastic Polyolefins Market Research Report- information by application (automotive, medical, home appliances, building & construction, industrial, and others) region – Forecast till 2023
The top vendors striving to their presence felt in the global thermoplastic polyolefins market are Sumitomo Chemical Co., Ltd. (Japan), INEOS Olefins & Polymers (UK), Johns Manville. A Berkshire Hathaway Company (U.S.), RTP Company (U.S.), The Hexpol group of companies (U.S.), SABIC (Saudi Arabia), S&E Specialty Polymers (U.S.), Exxon Mobil Corporation (U.S.), LyondellBasell (the Netherlands), Arkema SA (France), Noble Polymers (U.S.) among others.
February 2019 – The U.S. Port of San Diego is set to improve infrastructure, by planning future installation of a solar-powered, renewable microgrid at the Tenth Avenue Marine Terminal. This project will involve removing the existing multiple-ply, built-up roof system and then installing the lighter and highly durable single-ply Thermoplastic Polyolefin membrane roof system.
According to the latest study conducted by Market Research Future (MRFR), the thermoplastic polyolefins market is all set to display a lavish growth pattern, accompanied by a double-digit growth rate during the forecast period (2017-2023).
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Market Drivers and Key Restraints:
Backed by the vast pool of participants, the global thermoplastic polyolefin market showcases a fiercely competitive landscape. A number of key players across the thermoplastic polyolefin market are aggressively striving to elevate their market position backed by constant product innovation, and also incorporating advanced technologies in their existing product range. In the years to come, these companies are also poised to enter into partnerships as well as mergers and acquisitions which will be their key strategy for business development, states the MRFR report.
Citing an example, in August 2018, LyondellBasell Industries, one of the leading players in the TPO industry, acquired A. Schulman Incorporation, which is a prominent supplier of high-quality composites and plastic compounds in the world. The date experts are of the view that this acquisition is a positive move, which will aid in creating value for customers for both the firms, in addition to uplift their positions in the business space in the near future.
Another factor steering the development of the thermoplastic polyolefin market include the high product demand across construction and automotive sectors. Other than this, the rising sales of tires and rubber items are expected create profitable avenues for the thermoplastic polyolefin market in the coming years. however, few technological challenges could be liable to impede the thermoplastic polyolefin market in the conjectured time frame. Nonetheless, the ever-increasing applications of the product across numerous industries is set to present countless opportunities to the global thermoplastic polyolefin market from 2017 to 2023, thus negating the restraining impact on the overall market.
The market for thermoplastic polyolefins is segmented on the basis of application, which is sub-segmented into automotive, medical, home appliances, building & construction, industrial, and others. Furthermore, the others include rubber goods, packaging, wire & cable, battery, and footwear.
Out of these, the automotive segment holds the largest share in the global market, on account of the rising demand in automobiles at the global level. Thermoplastic polyolefins are utilized in the manufacturing of automotive components like door panels, instrument panels, dashboard skins, bumpers, and trims that light-weight and offer excellent durability. Keeping in mind the growing demand for fuel-efficient vehicles, the application of thermoplastic polyolefins for a number of components is on the rise, lending a significant push to the growth of the segment and helping it maintain its dominance over the review period. The second-largest segment is that of building & construction, owing to the rising construction activities around the world.
The global thermoplastic polyolefins market is spread across the key regions of Europe, North America, Asia Pacific and the Middle East and Africa.
Proving its mettle in the global thermoplastic polyolefins market is the region of North America, acquiring the largest share, with Asia Pacific and Europe right behind. The strong growth of the regional market is the result of the growing demand from automotive, medical, as well as the packaging sector. Canada and the United States (U.S.) are the key contributors to this growth, on account of the continuously developing health care sector along with the strong presence of well-known manufacturers in the region.
The market in Europe with the back-up of countries like Italy, Germany, France, and the United Kingdom (U.K) will be claiming the largest regional share. The factors responsible for the striking growth pattern of the region include the accelerated demand from renowned automobile manufacturers coupled with the strict legislations that pertain to the fuel conservation in the automotive industry.
Asia Pacific consists of several economies like India, Japan, China, Thailand, Malaysia, and South Korea, that have made it possible for the region to establish itself as the fastest growing market for thermoplastic polyolefins. Furthermore, there are high chances of the regional market to retain its healthy pace throughout the review period as a result of various factors like rising population and the increasing number of passenger cars on road. Additional factors that work in favor of the regional market are the competitive production costs as well as the easy availability of raw material. Apart from this, increasing construction activities and the burgeoning population gives a substantial push to the growth of the regional market as well.
The countries in the Middle East and Africa are presumed to clock in a moderate growth, as a result of the increasing foreign investments along with the shifting of production facilities to the region.