Industry Insights
Thermoplastic Polyolefins (TPO) contain polymers including polypropylene, polyethylene and rubber with filler material. TPOs are processed like thermoplastics and come under thermoplastic elastomers family. TPO are manufactured by different processes including injection molding, extrusion molding and forming. TPO possess rubber qualities but they are processed like polymer. This unique property has increased the application scope of TPO in major end-use industries recently.
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TPO are eco friendly polymers possessing similar properties of PVC. Growing environmental concerns and controversial debate on PVC usage has negatively affected the PVC market recently. In addition, stringent regulations from EU commission in Europe restricted the usage of PVC in this region. Eco friendly nature of TPO replaced PVC in major industrial applications, and it is expected to augment the market growth over the next six years.
Application Insights
Automotive industry was the largest market for TPO over the last few years on account of growing automobiles demand across the world. Increasing automotive manufacturers in countries such as India, China and Brazil is anticipated to drive TPO Market at a good pace in this region. Construction sector was the second major market for TPO in 2013. Increasing construction projects including roads, flyovers, commercial complexes and residential projects on account of infrastructure development in BRICS is likely to fuel the market growth over the forecast period. Global TPO market is expected to witness significant growth over the next seven years owing to increasing application in major end-use industries including electrical, packaging and healthcare.
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Regional Insights
North America was the dominating regional market over the past few years, and the trend is expected to continue over the forecast period. On account of matured automotive market in North America, TPO market is anticipated to witness moderate growth over the foreseeable period in this region. Asia pacific was the second largest market owing to strong TPO demand from automotive and construction sector in emerging countries including India and China. Europe has been witnessing sluggish growth over the last few years on account of market saturation in this region.
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Competitive Insights
Increasing application scope of TPO in major industrial applications coupled with rapid industrialization in BRICS is anticipated to open new opportunities for the existing market player to increase their production capacity over the forecast period. Some major players in this market include The Dow Chemical Company, Arkema SA, INEOS Olefins & Polymers, Exxon Mobil Corp., PolyOne Distribution, SABIC and Chemtura Chemical Corporation.
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