Growing Demand from The Automotive Industry to Drive the Thermoplastic Polyolefins Market

Thermoplastic Polyolefin (TPO) Market 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. The compounded TPO accounted for the largest market share of 41% in 2020. Automotive is estimated to be the largest end-use industry of TPOs during the forecast period, followed by building & construction in terms of volume. TPOs are used for exterior body parts such as bumpers, rocker panels, body seals, automotive gaskets, doors & windows, and other parts. Recent developments in TPO have enabled their use in underhood applications in the automobile industry.

Browse 130 market data Tables and 59 Figures spread through 189 Pages and in-depth TOC on "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 "

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By Type, Compounded TPO account for the largest share of the thermoplastic polyolefin (TPO) market

Compounded TPO accounted for the majority share of the TPO market in 2020. These TPOs are high-performance elastomers engineered to improve the performance of a broad range of end-products and applications. The increasing adoption in the automotive industry to reduce the weight of vehicles and improve their fuel efficiency helps to drive the TPOs market. Also, TPOs can be processed by various techniques such as injection molding, profile extrusion, thermoforming, and blow molding. It is weather-resistant and does not degrade on exposure to solar radiation. Hence, it is extensively used in making roofs and other outdoor applications.

Automotive industry account for the largest share of the thermoplastic polyolefin (TPO) market by application

The automotive industry led the TPOs market in 2020. The TPOs market in the automotive segment is projected to grow owing to increased competition among players to provide lightweight and robust auto parts, growing demand for vehicles, supportive government policies, development of transportation infrastructure, and rapid economic growth. The building & construction industry accounted for 20% of the overall market in terms of volume in 2020. In the building & construction industry, TPOs are used for roofing membranes, waterproofing, carpeting, wall coverings, and other components.

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Dow Inc, in 2019, Dow formed a separate identity and commenced its operations along with DuPont and Corteva. The newly restructured Dow has four segments: industrial intermediaries & infrastructure, performance material & coatings, packaging & specialty plastics, and corporate. The company specializes in TPO elastomers and sells them through the packaging & specialty plastics segment. The company mainly serves applications in the automotive, consumer goods, wires & cables, and construction industries. Dow has over 109 manufacturing facilities in 31 countries across the globe. The strong global presence has allowed the company to develop strong value chains. The company offers TPO under the brand name,” Engage.”

Mitsui Chemicals, Mitsui Chemical is engaged in manufacturing and sales of chemical products. The company develops, manufactures, and maintains product portfolio in various categories such as chemicals, polymers, resins, high performance chemicals, fibers & textiles, agriculture, and electronics. Mitsui Chemical has four major business segments—basic materials, mobility, health care and food & packaging.

Exxon Mobil Corporation, ExxonMobil is an oil and natural gas conglomerate, mainly engaged in exploring and producing oil and natural gas. It is also involved in producing and selling fuel, petrochemicals, and lubricants, among other products. The company has several divisions and hundreds of affiliates categorized under ExxonMobil, Mobil, Exxon, Esso, and XTO. It operates its business through three business segments—upstream, downstream, and chemical. The company offers TPO under the brand name, “Vestamid” and “Exxtral Performance Polyolefins.”

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