Dublin, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The "Global Thermoplastic Polyolefin (TPO) Market by Type (In-situ TPO, Compounded TPO, & POEs), Application (Automotive, Building & Construction, Medical, Wire & Cables), and Region (APAC, North America, Europe, MEA, South America) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global Thermoplastic Polyolefin (TPO) market is poised for significant growth, with projections indicating it will reach USD 7.3 billion by 2028, surging from USD 5.4 billion in 2023, marking a substantial CAGR of 6.0% during the forecast period from 2023 to 2028.
TPO's versatility has led to its widespread adoption across industries. In the automotive sector, TPO is the material of choice for crafting lightweight yet durable interior and exterior components, such as bumpers and dashboards. Its weather-resistant and UV-stable properties make it ideal for construction applications, especially in roofing and waterproofing.
In the consumer goods industry, TPO is utilized in products like luggage, toys, and sports equipment, benefiting from its impact resistance and ease of processing. Furthermore, the industrial sector relies on TPO for cable insulation, gaskets, and industrial hoses, taking advantage of its chemical resistance and durability.
The automotive sector, driven by TPO's lightweight properties, stands as the fastest-growing segment in the market. TPO's ability to replace heavier materials in automotive components not only boosts fuel efficiency but also aligns with stringent emissions standards. Its design flexibility allows for innovative and aerodynamic vehicle designs, enhancing appeal and accommodating advanced technologies. Additionally, TPO's cost-effectiveness makes it a key player in the ongoing transformation of the automotive industry towards sustainability and innovation.
In situ TPO is expected to be the fastest-growing segment in the polyurethane catalyst market during the forecast period, with a CAGR of 6.6%. TPO's lightweight properties address the pressing need for improved fuel efficiency and environmental sustainability, making it a preferred choice in industries like automotive and aerospace.
North America emerges as a pivotal market for TPO materials, with extensive adoption across various industries. In the automotive sector, TPO is extensively used in the production of automotive components, contributing to improved fuel efficiency and adherence to emissions regulations. Additionally, in the construction sector, TPO roofing membranes and waterproofing materials are preferred for their durability and weather resistance, making them a top choice for flat roofs in both commercial and residential settings.
Key Highlights:
- Increasing Awareness Regarding Sustainable Development to Drive Market During Forecast Period.
- Asia-Pacific to Grow at the Highest CAGR During Forecast Period.
- Poes Segment to Account for the Largest Share by 2028.
- Automotive Segment Accounted for the Largest Share in 2028.
- China to Account for a Significant Share in 2023.
Market Dynamics:
Drivers:
- Increasing Usage of Thermoplastic Polyolefins in Exterior and Interior Parts of Automobiles.
- Steady Growth in the Building & Construction Industry.
- Increasing Usage of Thermoplastic Polyolefin Waterproofing Membrane in Repair and Maintenance Activities.
Restraints:
- Raw Material Price Volatility.
- Limited Temperature Applications of Thermoplastic Polyolefin.
Opportunities:
- Intra Replacement of Other Thermoplastic Polymers with Thermoplastic Polyolefins.
- Growing Penetration of EVs Worldwide.
- Rising Demand from Emerging Applications.
- Increasing Demand from the Packaging Industry.
Challenges:
- Growing Trend of Plastic Recycling.
Companies Mentioned:
- Adell Plastics, Inc.
- Alphagary Limited
- Asahi Kasei
- Borealis AG
- Dow
- Elastron
- Exxonmobil Corporation
- Formosa Plastic Corporation
- Gaf
- Hexpol Ab
- Ineos Group Holding SA
- Kraton Corporation
- Lyondellbasell Industries N.V.
- Mitsubishi Chemical Holding Corporation
- Mitsui Chemicals, Inc.
- Noble Polymers
- Polyone Corporation
- Raigh Refining and Petrochemical Company
- Rtp Company
- Sabic
- Saudi Aramco
- Sumitomo Chemical Co. Ltd.
- Teknor Apex Company
- Washington Penn
- Zeon Corporation
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 211 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $5.4 Billion |
| Forecasted Market Value (USD) by 2028 | $7.3 Billion |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/lxyxm2
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