Thermoplastic Polyolefin (TPO) Market Size, Share, Growth Report 2032

Thermoplastic Polyolefin (TPO) Market Size

The global thermoplastic polyolefin (TPO) market size was USD 3.27 billion in 2020 and is expected to reach USD 5 billion by 2028, growing at a CAGR of around 5.3% between 2021 and 2028.

The shift in trend to exchange polyvinyl chloride due to growing environmental concerns in major end-use industries like automotive and construction around the world has been boosting the demand for thermoplastic polyolefins in the recent past. PVC contains phthalates, which are considered to be harmful to the environment. TPOs represent a member of an outsized group of thermoplastic elastomers (TPEs). TPOs a bit like other members of the TPE family including TPV, TPU, etc. have rubber-like properties but a process-like polymer which makes them highly suitable for top performance applications during a sort of end-use industries. Advancements in terms of functionalities like abrasion resistance, economical, durability, lightweight, antioxidants & UV light stabilizer to resist solar UV radiation and oxidation will make the merchandise highly preferable in regions of utmost weather.

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COVID-19 Impact Analysis

The COVID-19 outbreak has hit commercial platforms hard which could stall development in emerging markets. Due to government-imposed lockdowns to prevent the spreading of COVID, the global Thermoplastic Polyolefin (TPO) industry has seen a small decrease in revenues in the short term. Because of the pandemic, the production and global supply chain of various industries stopped operating around the world. However, the global markets are slowly opening to their full potential and theirs a surge in demand for Thermoplastic Polyolefin (TPO) as the demand in the Automotive and healthcare industries is increasing continuously. The market would remain optimistic in the upcoming year. 

Growth Factors

High product demand across automotive and construction activities will steer the event of the thermoplastic polyolefin market within the years to return. Aside from this, a rise in the sales of tires also as rubber items will create lucrative profit for the thermoplastic polyolefin market within the foreseeable period. Technological challenges alongside oscillating staple costs, however, can impede the thermoplastic polyolefin market during the forecast timeline. Nevertheless, the wide applications of the merchandise will create new avenues for the global thermoplastic polyolefin market within the forthcoming years, thereby normalizing the impact of hindrances on the market, reports the study.

Report Scope:

Application Segment Analysis Preview   

Based on applications, the global thermoplastic polyolefin market is bifurcated into automotive, building & construction, home appliances, medical, industrial, footwear, and others.  The automotive industry is a key segment in the application of TPOs and is dominating the application market in terms of volume and revenue in 2020. The development of the automotive industry mainly in the emerging economies of BRICS is anticipated to boost the future demand for TPOs. China is the largest automobile manufacturing country in the world. In addition, Brazil and India are listed in the top 10 automobile manufacturing countries. These markets are considered to be highly profitable for automobile manufacturing both in terms of consumption and production.

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Regional Segment Analysis   

Globally, North America has been leading the worldwide thermoplastic polyolefin market and is anticipated to continue in the dominant position within the years to return. The rapid climb of commercial & construction applications is the main factor behind the dominance of the North American thermoplastic polyolefin market. Additionally, strict legislation concerning fuel conservation across the automotive industry is another significant factor that's supporting the expansion of this regional thermoplastic polyolefin market.

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Key Market Players & Competitive Landscape

Key industry players include Sumitomo Chemical Company, Arkema S.A., LyondellBasell Industries, ExxonMobil Corporation, Dow Chemical Company, S&E Specialty polymers, DuPont, INEOS Chemicals Company, Saudi Aramco Company, A. Schulman, Mitsui & Company Limited, SABIC Chemical manufacturing company, Noble polymers, and Polisystem UK Limited.

The global Thermoplastic Polyolefin (TPO) Market is segmented as follows:

By Application

• Automotive
• Building & Construction
• Home Appliances
• Medical
• Industrial
• Footwear
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa