Rapidly expanding automotive industry to drive the thermoplastic polyolefins market growth: Global revenue to hit USD 4 billion by 2023
Rise in vehicle sales and construction activities across the globe is predicted to drive thermoplastic polyolefins market size over the coming years. According to Global Market Insights, Inc., “Thermoplastic Polyolefins Industry size is anticipated to reach USD 4 billion by 2023.” Moreover, it finds wide applications in medical industry owing to favorable features such as excellent thermal stability, design versatility, crystal clarity, mutagenic potential, and high resistance. Strict government norms for reducing greenhouse emissions to minimize environmental pollution is predicted to boost the demand for thermoplastic polyolefins over the next few years.Growing preference for thermoplastic polyolefins over polyvinyl chloride owing to environmental risks caused by PVC usage, will further boost the industry growth over the coming years. Strict CAFÉ (Corporate Average Fuel Economy) regulations have emphasized vehicle manufacturers to innovate ways for reducing vehicle weight to ensure minimal pollutant emissions in the atmosphere. This is expected to stimulate TPO demand in automobile applications over the next few years.
U.S. Thermoplastic Polyolefins Market size, by application, 2012-2023 (Kilo Tons)
TPO market share in automotive industry accounted for over USD 1.6 billion in 2015, and is estimated to witness a significant growth over the coming years. The growth can be attributed to processing ease, design flexibility, ability to be recycled, and lightweight properties, which in turn helps in reducing fuel emissions from vehicles.
Get a Sample Copy of this Report:@ https://www.gminsights.com/request-sample/detail/507
Construction sector is another lucrative industry favoring TPO demand significantly. TPO market size in construction industry is predicted to grow at a rate of 6.8% over the period of 2016-2023. The growth can be credited to its extensive application in manufacturing roof tops for both commercial and residential infrastructure owing to its solar radiation inhibiting characteristic.
North America market price worth USD 860 million in 2015, is anticipated to witness substantial gains over the coming years. Its growing applications in construction, automotive, medical, and packaging sectors is projected to drive the regional demand over the coming years. Moreover, strict automotive fuel efficiency norms are predicted to boost the product popularity in the region. U.S. is expected to make significant contribution towards the overall regional revenue.
Europe market share is anticipated to exceed USD 1 billion by 2023, owing to the increased application of these products in medical and packaging sectors as compared to other traditional polymers and elastomers. UK, Germany, France, and Italy are expected to be the major revenue pockets for the region over the next few years.
Asia Pacific TPO market is expected to exceed USD 1.3 billion by 2023, owing to heavy construction spending along with booming automotive sector. Japan, India, and China are expected to contribute significantly towards the regional share in the near future.
Market players will try to enhance their product portfolio as well as revenue through mergers & acquisitions, joint ventures, and strategic alliances. Key industry participants include DuPont, INOES, A. Schulman, Mitsui, Arkema S.A, Noble polymers, The DOW Chemical Company, ExxonMobil, Polisystem UK Limited, SABIC, Sumitomo Chemical, S&E Specialty polymers, GAF, LyondellBasell Industries, and Spartech.
Author Name : Dhananjay Punekar
This entry was posted in Polymers and Advanced Materials and tagged Application Potential, Competitive Market Share & Forecast, Industry Analysis Report, Price Trends, Regional Outlook, Thermoplastic Polyolefins (TPO) Market Size By Application.