Thermoplastic Polyolefins Market to Exhibit a Strong Growth Over 2030
Increased demand for high-performance polypropylene based compound is reflecting favourably on the global thermoplastic polyolefins market. The superior performance of thermoplastic polyolefins has made them a sought-after industrial material. Market Research Future (MRFR) finds that the global thermoplastic polyolefins market is set to exhibit a strong growth from 2022 to 2030.
Thermoplastic polyolefins find widespread application in the automotive sector and the construction sector. They have high chemical resistance and durability, making suitable to be used as raw material for products spanning across home appliances, building & construction, automotive, medical, industrial machineries etc. Growth of end-use industries has bolstered the demand for thermoplastic polyolefins. Rapid industrialization, increased construction activities and increase per-capita income are other factors supporting the market growth.
Competitive Analysis
Sumitomo Chemical Co., Ltd. (Japan), Exxon Mobil Corporation (U.S.), SABIC (Saudi Arabia), INEOS Olefins & Polymers (UK), Arkema SA (France), Noble Polymers (U.S.), LyondellBasell (the Netherlands), RTP Company (U.S.), S&E Specialty Polymers (U.S.), Johns Manville. A Berkshire Hathaway Company (U.S.), and The Hexpol group of companies (U.S.) are among the top-notch companies operating in the global thermoplastic polyolefins market.
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Sectors such as medical, construction, and automotive will continue create scope for the market in the forthcoming years. This is primarily owing to the increasing popularity of thermoplastic polyolefins in these sectors. On the flipside, fluctuation in raw material prices and threat from alternatives such as polyvinyl chloride and thermoplastic polyurethane are some of major challenges for market players.
Segmental Overview
The segmental analysis of the global thermoplastic polyolefins market has been conducted on the basis of application and region.
By application, the market has been segmented into medical, building & construction, automotive, industrial, home appliances, and others (footwear, wire & cable, packaging, rubber goods, and battery.)
Global Thermoplastic Polyolefins Market: Regional Segmentation
Regions covered in the report include North America, Europe, Asia Pacific, Latin America and the Middle East & Africa (MEA). North America holds the predominant share of the global thermoplastic polyolefins market. The North America market is expected to exhibit a steady growth during the forecast period. Presence of massive automotive industry continues to bolster the market prospects in North America.
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Despite recent fluctuation in Euro zone and Brexit uncertainties, Europe will continue to be a hotspot for market players during the forecast period. Countries such as Germany, France, the UK, Netherlands among other are like to present growth opportunities for market players. The countries mentioned above have hold impressive profile in the global automotive sector, which is the primary driving force for the market.
The outlook remains positive for the Asia Pacific thermoplastic polyolefins market. It is anticipated that APAC market will remain on a high-growth trajectory during the forecast period. The automotive sector has witnessed relentless growth in APAC and the trend is likely to continue throughout the assessment period. This is favouring thermoplastic polyolefins penetration in the APAC. Thermoplastic polyolefins demand is expected to remain strong in countries such as India, China, Indonesia, South Korea, Taiwan among others. Moreover, local policymakers are focusing on designing pro-industry frameworks, which is influencing the market growth in APAC. Several other micro and macroeconomic factors can be linked with the increased market opportunities in the region.
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In Latin America, Brazil and Mexico are expected to remain the two prominent markets for thermoplastic polyolefins. In terms of revenue, these countries are expected to make significant contributions to the Latin America thermoplastic polyolefins market during the forecast period.
In the MEA, the GCC countries are expected to remain prime business destinations for market players during the forecast period. Rising building & construction activities in countries such Qatar, Saudi Arabia, UAE among others is supporting the market growth in MEA.
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