The global thermoplastic polyolefin (TPO) market is moderately
consolidated, with the top seven manufacturers accounting for more
than 60% of the market in 2015. The three leading manufacturers of
TPO, namely Lyondell Basell Industries N.V., Exxon Mobil Corporation,
and Mitsui Chemicals, Inc., have a stronger foothold in the market
than the rest, focusing mainly on mergers and acquisitions and
capacity expansions as their key growth strategies. For instance,
Mitsui Chemicals, Inc. is planning to expand its TPO facility in
Chiba, Japan and production in this facility is likely to commence by
2018.
According to Transparency Market Research, competition in the TPO
market is anticipated to remain intense throughout the forecast
period owing to the fact that manufacturers in this market have an
almost equal share and market size.
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The opportunity presented by the global TPO market was pegged at
US$2.3 bn in 2015 and is likely to be worth US$4.3 bn by 2024,
expanding at a CAGR of 7.3% therein.
Automotive
Sector Leads Global TPO Market by Demand and Revenue
The automotive sector emerged as the leading end-use segment of the
global TPO market in 2015, accounting for a share of 60% that year.
The segment is likely to register high growth in terms of both volume
and value throughout the forecast period, registering a 7.6% CAGR by
revenue. Other end-use segments such as general molded goods (GMG)
and rubber goods are likely to remain stagnant in the coming years,
as predicted by TMR.
Geographically, developed regions such as North America and Europe
cumulatively accounted for a share of over 55% in 2015. However,
these regions are projected to lose market share by 2024. Asia
Pacific, on the other hand, is anticipated to surpass North America
to emerge as the leading regional segment of the TPO market by the
end of the forecast period. Large-scale production of TPO in
countries such as Japan, China, and India is predicted to offer ample
opportunities for the TPO market.
Significant
Growth in Automotive Production in APAC a Promising Factor
TPO is widely used in interior and exterior applications in the
automotive industry and any growth in this sector reflects positively
on the global TPO market. “The global automotive production has
increased over 15% since 2010, with Asia Pacific accounting for more
than 50% of the global production,” the TMR analyst states. A
rising focus on lightweight vehicles and the implementation of
stringent environmental regulations related to carbon emissions bodes
well for the TPO market. A substantial demand for TPO in home
appliances and roofing membrane systems is also projected to benefit
the global market in the coming years.
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On the down side, the fluctuating prices of raw materials has raised
several concerns among manufacturers, thereby challenging the growth
of the TPO market. “Polypropylene is one of the most widely used
raw materials for the production of TPO and the prices of
polypropylene have been instable, particularly in Europe, since the
last few years owing to high cost of feedstock,” the author of the
study reports.
This review is based on the findings of a TMR report titled
“Thermoplastic Polyolefin Market (End User - Automotive,
Building & Construction, Home Appliances, Medical, Industrial,
and Footwear) - Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2016 - 2024.”
TPO
Market – End-user Analysis
- Automotive
- Building & Construction
- Home Appliances
- Medical
- Industrial
- Footwear
- Others (Rubber Goods, etc.)
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