Understanding the Thermoplastic Polyolefin (TPO) Market: Key Trends and Drivers| MarketsandMarkets™
TPO is a form of thermoplastic elastomer that is extensively used in the automotive, roofing, and construction sectors. It is a polypropylene (PP)/ethylene-propylene rubber (EPR) combination that has both plastic and rubber-like characteristics. TPO is popular for roofing membranes, car interiors, and exterior automotive parts due to its durability, weather resistance, and flexibility. It is also lightweight and inexpensive in comparison to other materials, which has helped to its extensive use in the industry.
The report "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 2026 ", size is estimated to be USD 4.5 billion in 2021 and is projected to reach USD 6.2 billion by 2026, at a CAGR of 6.4% between 2021 and 2026.
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By Type, Compounded TPO accounts for the largest share of the thermoplastic polyolefin (TPO) market
Compounded TPO is the most utilized type of TPO and accounts for the majority of the thermoplastic polyolefin (TPO) market. TPO is compounded by combining polypropylene (PP) and ethylene-propylene rubber (EPR) with a variety of additives such as stabilizers, fillers, and pigments. These additives can increase the material's qualities like as UV resistance, thermal stability, flame retardance, and impact resistance, allowing it to be used in a wider range of applications. TPO compound is widely utilized in automotive parts, roofing membranes, and other building applications.
Automotive industry account for the largest share of the thermoplastic polyolefin (TPO) market by application
The automobile industry is the major consumer of thermoplastic polyolefin (TPO) and accounts for a sizable portion of the TPO market. TPO is commonly utilized in interior and exterior car elements such as bumper fascias, instrument panels, door panels, and trim. TPO is popular in the automobile sector for a variety of reasons. For starters, it is lightweight, which improves fuel efficiency and lowers pollutants. Second, it is tough and can survive harsh weather and impacts, making it ideal for external parts. Third, it is easily molded and colored, allowing for customization and design versatility.
APAC accounted for the largest share of the global thermoplastic polyolefin (TPO) market
In 2020, the Asia-Pacific (APAC) region held the greatest share of the worldwide thermoplastic polyolefin (TPO) market, and this trend is likely to continue. This is because end-use industries such as automotive, construction, and packaging are expanding rapidly in nations such as China, India, and Japan.
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North America accounted for the second-largest share of 30.2% of the overall TPOs market, in terms of volume, in 2020. The high demand is due to the growing automotive sector. Strong growth in automobile sales is expected to drive the market for TPOs in the region. Besides, the growth of the construction sector is expected to enhance the market. The US accounted for the largest share of the market in North America in 2020 and is projected to register a CAGR of 5.5% in terms of volume between 2021 and 2026, followed by Canada.
The leading players in the thermoplastic polyolefin market are Dow Inc (US), Mitsui Chemical, Inc (Japan), Exxon Mobil Corporation (US), LydondellBasell Industries N.V. (US), Ineos Group Ltd (UK), Boealis AG (Austria), Formossa Plastic Corporation (Taiwan), RTP Company (US), The Mitsubhishi Chemical Holding Group (Japan), and others.
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