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.
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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.
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.
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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.
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.
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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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