Thermoplastic Polyolefin Market by Type (In Situ TPO, Compounded TPO, POEs), Application (Automotive, Building & Construction, Medical, Wire and Cables), Region (North America, Europe, APAC, MEA, South America) - Global forecast to 2028
The Thermoplastic polyolefin Market is projected to reach USD 7.3 billion by 2028, at a CAGR of 6.0% from USD 5.4 billion in 2023. The market is mainly led by the significant usage of Thermoplastic polyolefin in various end-use industries. The growing demand from the automotive, construction, rising demand for industrial sector, is driving the market for thermoplastic polyolefin market.
To know about the assumptions considered for the study, Request for Free Sample Report
Attractive Opportunities in the Thermoplastic Polyolefin Market
Market Dynamics
Driver: Increasing demand for lightweight and durable materials in the automotive and construction industry.
The use of thermoplastic polyolefin (TPO) in various industries such as automotive, aerospace, and transportation is driven by its exceptional lightweight characteristics, which bring about several advantages. In the automotive sector, for instance, reducing the weight of vehicles is of paramount importance to meet stringent fuel efficiency standards and reduce carbon emissions. TPO's lightweight nature allows automakers to replace heavier materials like metal in various automotive components, including bumpers, interior trim, and exterior body panels, without compromising safety or performance. As a result, vehicles become lighter and more aerodynamic, which translates to improved fuel economy. Lighter vehicles require less energy to operate, leading to reduced fuel consumption and lower greenhouse gas emissions, aligning with the global push for more environmentally friendly transportation solutions.
Restraint: Limited high temperature resistance
Thermoplastic polyolefin (TPO) materials exhibit certain limitations when it comes to high-temperature applications. This is primarily due to the inherent nature of TPO as a thermoplastic, which means that it softens and becomes pliable when exposed to elevated temperatures. Typically softening in the range of 160°C to 180°C (320°F to 356°F), TPO materials can lose their structural integrity and mechanical properties beyond this threshold. Consequently, TPO is not suitable for environments requiring resistance to extreme heat, such as engine components in the automotive industry or industrial processes with high-temperature conditions. In these cases, alternative materials with higher heat resistance, like polyamide (nylon) or polyphenylene sulfide (PPS), are preferred choices. While TPO offers numerous advantages, including cost-effectiveness and durability, careful consideration of its thermal limitations is essential for selecting the appropriate material for applications subject to high temperatures.
Opportunity: Utilization of automotive lightweight materials
As automotive manufacturers intensify their efforts to enhance fuel efficiency and decrease carbon emissions, the adoption of thermoplastic polyolefin (TPO) becomes increasingly attractive for lightweighting initiatives. TPO's lightweight characteristics offer several advantages in this context. First, by replacing heavier materials like metal in automotive components such as bumpers, interior trim, and exterior body panels, TPO helps reduce the overall weight of vehicles. This weight reduction translates into improved fuel economy, as vehicles require less energy to operate, thereby consuming less fuel and emitting fewer greenhouse gases. Additionally, lighter vehicles often exhibit better handling and agility, enhancing the overall driving experience. The pursuit of sustainability and regulatory compliance with stringent emission standards further reinforces the demand for TPO in the automotive industry, positioning it as a crucial solution in the drive towards more fuel-efficient and eco-friendly vehicles.
Challenge: UV stability factor.
While thermoplastic polyolefin (TPO) materials offer commendable weather resistance, their vulnerability to long-term exposure to ultraviolet (UV) radiation is a notable challenge. UV radiation from sunlight can lead to the degradation of TPOs over time, causing them to become more brittle and less durable. This degradation process may manifest as cracking, chalking, or surface roughness, ultimately compromising the material's structural integrity and long-term performance. Additionally, UV exposure can result in discoloration of TPOs, altering their appearance. To address this limitation, UV stabilizers or coatings are often incorporated into TPO formulations in applications where prolonged exposure to sunlight is expected. These additives help mitigate the effects of UV radiation, prolonging the life and appearance of TPO-based products and ensuring they maintain their structural and aesthetic integrity in outdoor environments.
Market Ecosystem
The market ecosystem for thermoplastic polyolefin is composed of a diverse array of entities and stakeholders that collectively contribute to the development, implementation, and advancement of thermoplastic polyolefin materials. At the core of this ecosystem are material providers who focus on research, development, and manufacturing of polyurethane catalysts and systems. They continuously innovate and produce novel materials and their applications to meet the evolving demands of the market.
DOW (US), Mitsui Chemical, Inc. (Japan), Exxon Mobil Corporation (Texas), SABIC (Saudi Arabia), Sumitomo Chemicals Co., Ltd. (Japan), LyondellBasell Industries N.V. (Texas), Ineos Group Holdings SA (Switzerland), Borealis AG (Austria), Formosa Plastic Corporation (Taiwan), RTP Company (US).
Thermoplastic Polyolefin: Ecosystem
Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis
"Polyolefin elastomers (POEs) is the largest type thermoplastic polyolefin market in 2023, in terms of value."
Polyolefin elastomers (POEs) stand as the largest segment within the thermoplastic polyolefin (TPO) market, primarily due to their remarkable versatility and unique properties. POEs are prized for their exceptional elasticity and flexibility, which closely resemble rubber-like characteristics. This intrinsic elasticity makes POEs highly desirable in applications that necessitate materials capable of stretching and recovering their original shape, enduring repetitive stress, or accommodating dynamic movements. Furthermore, POEs offer outstanding impact resistance, a pivotal attribute for a wide array of applications, especially in the automotive industry where they are extensively employed in bumper fascia and various interior components. Their ability to absorb and dissipate energy upon impact not only enhances safety but also contributes to the overall durability and longevity of the end products. This combination of elasticity and impact resistance positions POEs as a leading choice in the TPO market, facilitating their extensive use across industries that require resilient and dependable materials.
“Automotive accounted for the largest material share of the thermoplastic polyolefin market in 2023” in terms of value.
Automotive manufacturers widely use thermoplastic polyolefin (TPO) for a multitude of reasons, making it a preferred material for various applications within vehicles. One of its primary advantages lies in its exceptional lightweight properties, significantly lighter than traditional materials like metal. This attribute is pivotal in the automotive industry's ongoing pursuit of improved fuel efficiency and reduced carbon emissions, as lighter vehicles consume less fuel and emit fewer greenhouse gases. Moreover, TPO's cost-effectiveness makes it an attractive choice for automakers, contributing to overall cost savings in vehicle production. Its durability, with resistance to UV radiation, moisture, and chemicals, makes TPO suitable for exterior components that must endure harsh environmental conditions. Additionally, TPO's design flexibility allows for the creation of intricate and aerodynamic automotive designs, promoting both aesthetics and performance. Furthermore, its impact resistance is crucial for components like bumpers, enhancing vehicle safety by absorbing and dissipating energy during collisions. In interior applications, TPO aids in noise reduction, contributing to a quieter and more comfortable driving experience. All these attributes collectively position TPO as a versatile and indispensable material in the automotive sector, playing a pivotal role in shaping the vehicles of today and tomorrow.
" Asia pacific is the largest market for thermoplastic polyolefin Market in 2023, in terms of value."
The Asia-Pacific region has emerged as the largest market for thermoplastic polyolefin (TPO) primarily due to a convergence of significant factors. Rapid expansion in the automotive sector, particularly in countries like China and India, has led to a substantial demand for TPO, which is extensively utilized in manufacturing automotive components for lightweight and improved fuel efficiency. Simultaneously, the region is experiencing a construction boom driven by urbanization, population growth, and economic development, making TPO a preferred choice for roofing membranes and waterproofing materials. Additionally, the Asia-Pacific region serves as a major manufacturing center for consumer goods like luggage, toys, and sports equipment, all of which benefit from TPO's cost-effectiveness and impact resistance. TPO's versatile properties, coupled with its cost competitiveness, have fueled its widespread adoption across industries, establishing Asia-Pacific as the leading market for TPO materials.
To know about the assumptions considered for the study, download the pdf brochure
Key Market Players
The key players in this DOW (US), Mitsui Chemical, Inc. (Japan), Exxon Mobil Corporation (Texas), SABIC (Saudi Arabia), Sumitomo Chemicals Co., Ltd. (Japan), LyondellBasell Industries N.V. (Texas), Ineos Group Holdings SA (Switzerland), Borealis AG (Austria), Formosa Plastic Corporation (Taiwan), RTP Company (US). Continuous developments in the market—including new product launches, mergers & acquisitions, agreements, and expansions—are expected to help the market grow. Leading manufacturers of thermoplastic polyolefin have opted for new product launches to sustain their market position.
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Request Sample Scope of the Report
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
|
Report Metric |
Details |
|
Years considered for the study |
2023-2028 |
|
Base Year |
2022 |
|
Forecast period |
2023–2028 |
|
Units considered |
Value (USD Billion/Million) |
|
Segments |
type, application and Region |
|
Regions |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
|
Companies |
DOW (US), Mitsui Chemical, Inc. (Japan), Exxon Mobil Corporation (Texas), SABIC (Saudi Arabia), Sumitomo Chemicals Co., Ltd. (Japan), LyondellBasell Industries N.V. (Texas), Ineos Group Holdings SA (Switzerland), Borealis AG (Austria), Formosa Plastic Corporation (Taiwan), RTP Company (US). |
Segmentation
This report categorizes the global Thermoplastic polyolefin market based on IR Range, Material type, functions, end use industry and region.
On the basis of type the market has been segmented as follows:
- In situ TPO
- Compounded TPO
- Polyolefin elastomers (POEs)
On the basis of application, the market has been segmented as follows:
- Automotive
- Building & Construction
- Medical
- Wire and cables
- Others
On the basis of region, the market has been segmented as follows:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Recent Developments
- In 2023, Dow and Avery Dennison co-developed an innovative and sustainable new hotmelt label adhesive solution.
- ExxonMobil, a leading petrochemical company, acquired the global Vistalon EPDM (ethylene propylene diene monomer) rubber business from ExxonMobil Chemical Company. While not exclusively focused on TPO, this acquisition was part of ExxonMobil's broader strategy in the polymer industry.
- DOW announced on December 2021 the launch of LUXSENSE a silicone synthetic leather, the worlds first high end silicone based synthetic leather material.
Frequently Asked Questions (FAQ):
What is the expected growth rate of the thermoplastic polyolefin market?
This study's forecast period for the thermoplastic polyolefin market is 2023-2028. The market is expected to grow at a CAGR of 6.0% in terms of value, during the forecast period.
Who are the major key players in the thermoplastic polyolefin market?
DOW (US), Mitsui Chemical, Inc. (Japan), Exxon Mobil Corporation (Texas), SABIC (Saudi Arabia), Sumitomo Chemicals Co., Ltd. (Japan), LyondellBasell Industries N.V. (Texas), Ineos Group Holdings SA (Switzerland), Borealis AG (Austria), Formosa Plastic Corporation (Taiwan), RTP Company (US). are the leading manufacturers and service provider of thermoplastic polyolefin market.
What are the emerging trends in the Thermoplastic polyolefin market?
Increasing environmental concerns have driven the demand for greener and more sustainable solutions across industries. In the thermoplastic polyolefin market, there has been a growing interest in eco-friendly materials that minimize the environmental impact of thermoplastics.
What are the drivers and opportunities for the thermoplastic polyolefin market?
The Increasing demand for advanced technologies in the thermoplastic polyolefin drives the thermoplastic polyolefin market. The growing energy efficiency sector presents significant opportunities for the utilization and advancement of polyurethane catalysts.
What are the restraining factors in the thermoplastic polyolefin market?
Strict regulatory frameworks serve as restraints to the widespread adoption and implementation of polyurethane catalysts. .
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
The study involved four major activities in estimating the market size of the Thermoplastic polyolefin market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources have been referred to for identifying and collecting information for this study. These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, trade directories, articles from recognized authors, the gold standard and silver standard websites, and databases.
Secondary research has been used to obtain key information about the value chain of the industry, the monetary chain of the market, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level and regional markets. It was also used to obtain information about the key developments from a market-oriented perspective.
Primary Research
The Thermoplastic polyolefin market comprises several stakeholders in the value chain, which include input suppliers, equipment manufacturers, technology providers, service providers, distribution and logistics, and end users. Various primary sources from the supply and demand sides of the Thermoplastic polyolefin market have been interviewed to obtain qualitative and quantitative information. The primary interviewees from the demand side include key opinion leaders in end-use sectors. The primary sources from the supply side include manufacturers, associations, and institutions involved in the Polyurethane catalyst industry.
Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, type, application, and region. Stakeholders from the demand side, such as CIOs, CTOs, and CSOs, were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of Polyurethane Catalystand the outlook of their business, which will affect the overall market.
The breakdown of profiles of the primary interviewees is illustrated in the figure below:
Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2021, available in the public domain, product portfolios, and geographical presence.
Other designations include consultants and sales, marketing, and procurement managers.
To know about the assumptions considered for the study, download the pdf brochure
|
Company Name |
Designation |
|
DOW |
Individual Industry Expert |
|
SABIC |
Sales Manager |
|
Exxon Mobil Corporation |
Manager |
|
Mitsui Chemicals, Inc. |
Marketing Manager |
|
Huntsman International LLC |
Senior Scientist |
Market Size Estimation
The top-down and bottom-up approaches have been used to estimate and validate the size of the Thermoplastic polyolefin market.
- The key players in the industry have been identified through extensive secondary research.
- The industry's supply chain has been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of the key market players, along with extensive interviews for opinions with leaders such as directors and marketing executives.
Thermoplastic Polyolefin Market: Bottum-Up Approach
Note: All the shares are based on the global market size.
Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis
To know about the assumptions considered for the study, Request for Free Sample Report
Thermoplastic Polyolefin Market: Top-Down Approach
Data Triangulation
After arriving at the total market size from the estimation process explained above, the overall market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size has been validated by using both the top-down and bottom-up approaches and primary interviews. Hence, for every data segment, there have been three sources—top-down approach, bottom-up approach, and expert interviews. The data was assumed correct when the values arrived from the three sources matched.
Market Definition
Thermoplastic Polyolefin (TPO) is a type of thermoplastic elastomer made from a blend of polypropylene (PP) and ethylene-propylene rubber (EPR/EPDM). It is known for its versatile properties, such as flexibility, durability, and resistance to heat, UV radiation, chemicals, and weathering. In the context of the market, "TPO market" refers to the industry involved in the production, distribution, and utilization of TPO materials and products. This market serves a wide range of applications, including automotive parts (e.g., bumpers, interior trim), construction materials (e.g., roofing membranes, waterproofing), consumer goods, industrial components, and more. The TPO market is driven by factors such as the need for lightweight and durable materials, environmental considerations, and the expansion of industries that benefit from TPO's advantageous properties.
Key Stakeholders
- Raw material suppliers.
- Thermoplastic polyolefin manufacturers.
- Thermoplastic polyolefin traders, distributors, and suppliers.
- End-use industry participants.
- Government and research organizations.
- Associations and industrial bodies.
- Research and consulting firms.
- Research & development (R&D) institutions.
- Environmental support agencies.
Report Objectives
- To define, describe, and forecast the size of the Thermoplastic polyolefin market, in terms of value.
- To provide detailed information regarding the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
- To estimate and forecast the market size based on technology, type, application and region.
- To forecast the size of the market with respect to major regions, namely, Europe, North America, Asia Pacific, Middle East & Africa, and South America, along with their key countries.
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and their contribution to the overall market.
- To analyze opportunities in the market for stakeholders and provide a competitive landscape of market leaders.
- To track and analyze recent developments such as expansions, new product launches, partnerships & agreements, and acquisitions in the market.
- To strategically profile key market players and comprehensively analyze their core competencies.
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Regional Analysis
- Further breakdown of a region with respect to a particular country or additional application
Company Information
- Detailed analysis and profiles of additional market players
Generating Response ...
Growth opportunities and latent adjacency in Thermoplastic Polyolefin Market