Thermoplastic Polyolefin Market Size, Share, Emerging Trends, Segments, Sales, Supply, Demand and Analysis by Forecast to 2023
Global thermoplastic polyolefins market research report- information by application (automotive, medical, home appliances, building & construction, industrial, and others) region – Forecast till 2023
Pune, India – July 1, 2019 /MarketersMedia/ —
Global Thermoplastic Polyolefins Market to Exhibit a Strong Growth Over 2023
Market Overview:
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 2017 to 2023.
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.
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.
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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.
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.
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.
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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Market Drivers and Key Restraints
Backed by the vast pool of participants, the global thermoplastic polyolefin market showcases a fiercely competitive landscape. A number of key players across the thermoplastic polyolefin market are aggressively striving to elevate their market position backed by constant product innovation, and also incorporating advanced technologies in their existing product range. In the years to come, these companies are also poised to enter into partnerships as well as mergers and acquisitions which will be their key strategy for business development, states the MRFR report.
Citing an example, in August 2018, LyondellBasell Industries, one of the leading players in the TPO industry, acquired A. Schulman Incorporation, which is a prominent supplier of high-quality composites and plastic compounds in the world. The date experts are of the view that this acquisition is a positive move, which will aid in creating value for customers for both the firms, in addition to uplift their positions in the business space in the near future.
Another factor steering the development of the thermoplastic polyolefin market include the high product demand across construction and automotive sectors. Other than this, the rising sales of tires and rubber items are expected create profitable avenues for the thermoplastic polyolefin market in the coming years. however, few technological challenges could be liable to impede the thermoplastic polyolefin market in the conjectured time frame. Nonetheless, the ever-increasing applications of the product across numerous industries is set to present countless opportunities to the global thermoplastic polyolefin market from 2017 to 2023, thus negating the restraining impact on the overall market.
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
Continued…
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