Thermoplastic Polyolefins Market Survey-Market Size up to 2020-Hexa Research

Industry Insights-Global TPO market is expected to grow on account of increasing preference for TPOs as an alternative to PVC. PVC contains phthalate plasticizers which are considered harmful to environment. On the basis of which, there is a growing demand for TPOs in construction and automotive applications. China is a leading automotive manufacturing market. Growing automotive demand in Brazil and India has propelled manufacturers to increase automotive production. China, Brazil and India are expected to hold huge potential for automotive industry in terms of consumption and production over the future period. This in turn is expected to fuel the demand for TPOs in automotive applications. TPO is priced relatively low in comparison to other thermoplastic elastomers such as TPV or TPU. Low pricing of TPOs is expected to have a positive impact on the market. The global TPO market has witnessed a downturn in demand owing to global recession in 2009. However, TPO demand in the recent past improved owing to recovery of major industries such as infrastructure and automotive.

Volatile feedstock prices have been affecting the profit margins of manufacturers, which may hinder the market growth. Growing environmental concerns regarding the bio degradability of TPO has driven market participants to shift towards the development of bio-based TPO membranes. Development of proprietary production technologies by companies in the market is expected to increase competition in the market. Furthermore, companies are focusing on R&D with an aim to improve product specifications in order to gain market share. Owing to low manufacturing costs in emerging markets of Asia Pacific, companies in the west are shifting their bases to China and India while existing manufacturers in the market are expanding their production capacities. This is expected to intensify competition in the market.

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 Application Insights

Increasing automotive manufacturing in emerging markets of Asia and South America has been fueling the demand for TPOs in automotive applications such as bumpers, interior & exterior trims and floor mats. Growing market penetration in construction, packaging and medical applications is further expected to complement the growth of TPO market over the forecast period. Increasing TPO application in construction can be attributed to increasing infrastructure spending in Asia Pacific and Middle East.

Regional Insights

North America dominated the global TPO market with more than 36% of the market share in 2013. Advancements in production technologies coupled with product development has been a major factor driving the market growth in the region. Asia Pacific is anticipated to emerge as the largest regional market for TPOs over the forecast period growing at an estimated CAGR of 7% from 2014 to 2020. Growing TPO demand in the region can be attributed to growing automotive and construction industries in emerging markets of China and India. Europe is expected to register slow growth over the next six years owing to gloomy economic scenario in the region. Demand for TPOs in automotive applications is expected to be from automotive manufacturers based in countries such as Germany and France, which in turn is expected to drive the Europe TPO market.

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