Thermoplastic Polyolefins (TPO) Market Analysis

Thermoplastic Polyolefins Market Analysis

Industrial thermoplastic polyolefins market segment will witness CAGR over 5% up to 2023. Rapid industrialization coupled with increased per capita disposable income of customers have positively influenced end se industries such as automotive and construction.
 

Automotive manufacturing is a key industry consumer and is estimated to account for more than 65% of the total industry share by 2023. Major automotive component manufacturers include Germany, Japan south Korea followed by Mexico. Mexico is on verge of replacing Japan to become the number 2 supplier of motor vehicles to the North American market. Additionally, major automotive manufacturers like Kia, Audi, American ford have already announced plans to construction production plants in Mexico. Other applications include wire & cables (used in electrical equipment’s like TV, Refrigerators, Guizers), batteries, of plugs, switches, window frames, and piping system.
 

Growth of automotive industry in Asia Pacific countries will favor the thermoplastic polyolefins market size which is expected to surpass USD 1.1 billion by 2023. Use of TPO leads to the reduction in overall weight of vehicles which increased the fuel efficiency of vehicle and helps to control the CO2 emission. India and China TPOmarket together is forecast to exceed USD  600 million by 2023.
 

U.S. is expected to dominate the North America thermoplastic polyolefins market size throughout the forecast timeframe. Industrial & construction applications are likely to be the fastest growing segment in the region over 6.5% growth by 2023.Futhermore strict automotive fuel efficiency regulation will be good for industry evolution. Due to the use of thermoplastic polyolefin in automotive sector, it increases the fuel efficiency by reducing overall weight of the vehicle.
 

Europe thermoplastic polyolefins market is predicted to experience gains over 4.5% during the forecast timeframe. Increased application scope in automotive industry of Germany which is a manufacturing hub for top automotive OEMs like Mercedes Benz, Audi, BMW play a significant role of lifting the global market.