Thermoplastic Polyolefin (TPO) Market to Spread a Predictable Worth of US$ 6.2 billion by 2026

Thermoplastic polyolefin (TPO) is a type of plastic material that has a wide range of uses in the automotive, construction, and industrial industries. It is a mixture of polypropylene and ethylene–propylene rubber that is often used to make roofing membranes, plastic parts, and car bumpers. TPO is known for its flexibility, durability, and resistance to UV radiation, ozone, and chemicals. It is also a popular choice for roofing membranes because of its affordability, ease of installation, and resistance to weathering.

The global 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.

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Thermoplastic Polyolefin (TPO) can be broadly classified into in-situ TPO, compounded TPO, and Polyolefin Elastomers (POEs) based on type. These polyolefins are one of the most innovative products in the plastics industry, as they have the functional properties of thermoset rubber while carrying the strength of thermoplastics. TPOs offer exceptional benefits by bridging the gap between flexible rubber and rigid plastics. The automotive sector is one of the largest applications of TPOs, where the low thermal expansion, resistance to fuel, and high impact resistance make them applicable in various auto parts. TPOs are also used in both interior and exterior parts of vehicles.

Thermoplastic polyolefin (TPO) are obtained by blending polypropylene with elastic ethylene copolymers (polyolefin elastomers or POE) and adding other reinforcing fillers and additives. This creates a new form that is highly suitable for many applications in the end-use industries such as automotive, building & construction, engineering, footwear, wires & cables, and medical because of its favorable physical properties and ease of manufacturing. The Automotive segment accounted for the largest market share in terms of value, in 2020. The demand for thermoplastic polyolefin (TPO) has been severely affected by the outbreak of COVID-19 owing to the halting of various industries across the globe. Industrial wastewater treatment chemical production had been affected in major countries due to supply shortages, lockdowns, and production suspensions in the early months of 2020.

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The Thermoplastic polyolefin (TPO) market is studied for five regions, namely, North America, APAC, Europe, Middle East & Africa, and South America. Asia Pacific is projected to be the fastest-growing market during the forecast period in terms of value. This growth is attributed to high demand from the power, mining, oil & gas, food & beverage, chemical, pulp & paper, and textile industries in the region. The Asia Pacific market growth is expected to be propelled by the changing demographics such as improving stringent regulations regarding the treatment of wastewater, rapid industrialization, and growing population in the region during the forecast period.

The TPOs market in APAC accounted for the largest share of the overall market in 2020. The demand for TPO is expected to grow due to the developing construction and automotive sectors. In APAC, Japan dominated the TPOs market in 2020, followed by China and South Korea. The market is projected to register a high CAGR during the forecast period.

The major industry players have adopted expansions, agreements, and acquisitions as growth strategies in the last four years. The leading players in the market are Dow Inc (US), Mitsui Chemical, Inc (Japan), SABIC (Saudi Arabia),  Sumitomo Chemical Co.,Ltd (Japan), Exxon Mobil Corporation (US), LydondellBasell Industries N.V.  (US), Ineos Group Ltd (UK), and Boealis AG (Austria).

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