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MOSCOW (MRC)
-- Thermoplastic polyolefin (TPO) is one of the most widely used products
in industries such as home appliances, automotive, medical, footwear, and
building and construction, said Newsmaker.
In
the building and construction industry, TPO is used in door panels and roofing
membranes due to its excellent UV-resistant and durability properties. In the
home appliances industry, it is used for the manufacturing of insulation and
jackets wires and cables. Furthermore, it is used in urine bags and IV sets in
the medical industry. Robust growth of these end-use industries, especially
automotive and building and construction, is likely to augur well for the global
TPO market.
According to a report by Transparency Market Research (TMR),
the global TPO market stood at USD2.3 bln in 2015 and is poised to rise at a
CAGR of 7.3% from 2016 to 2024, reaching USD4.3 bln by 2024.
On the basis
of end use, the automotive segment was the leading segment in 2015, accounting
for a share of 66% of the overall market revenue. TPO is extensively used in the
manufacturing of automotive components such as bumpers, dashboard skins, door
panels, instrument panels, and skins. Moreover, rising demand for lightweight
materials is likely to fuel demand for TPO in the automotive industry in the
forthcoming years. Due to aforementioned factors, this segment is expected to
retain its leadership until 2024, registering a 7.6% CAGR over the forecast
period.
Geographically, North America was the leading segment in terms of
revenue as well as volume in 2015, representing more than 35% of the total
market. The high demand for TPO in the construction and building and automotive
industries has been contributing to the growth of this regional market over the
past few years. However, Asia Pacific will surpass North America during the
forecast period. The growth of this region can be attributed to exponential
growth in the automotive industry. India, China, and Japan collectively
accounted for the largest share of the Asia Pacific TPO market in 2015. |
