Thermoplastic Polyolefin Market: Snapshot

Thermoplastic polyolefin (TPO) is one of the most widely used products in the thermoplastic elastomer family. TPO finds application in a wide range industries, such as automotive, building and construction, home appliances, medical, industrial, and footwear.

Rapid growth in the automotive industry, coupled with a rise in building and construction activities, has been single-handedly driving the demand for TPO in the past few years. Transparency Market Research predicts that this trend will continue during the forecast period.

However, factors such as volatility in the prices of raw materials and a high threat from substitutes are estimated to adversely affect the growth of the TPO market. Substitutes such as thermoplastic polyurethane, polyvinyl chloride, and thermoplastic vulcanizate are anticipated to offer substantial threat to the TPO market in the coming years.

The global TPO market was valued at US$2.3 bn in 2015 and is likely to reach US$4.3 bn by 2024, expanding at a CAGR of 7.3% therein.

Growing Demand for TPO in Automotive and Building and Construction Sectors

In terms of volume and value, the automotive sector held a major share in the TPO market in 2015 based on end use, followed by the building and construction sector. TPO is extensively employed in the production of automotive components such as bumpers, door panels, trims, dashboard skins, and instrument panels. Automotive components produced from TPO are lighter in weight and offer excellent durability. A rise in the demand for lightweight materials in the automotive industry is expected to drive the demand for TPO during the forecast period.

TPO is also used in the manufacture of roofing membranes and door panels in the building and construction industry. It offers excellent UV-resistant properties along with high durability and hence, TPO is a preferred choice in roofing membranes, especially in North America and Europe. TPO is also used in the insulation and jacketing of wires and cables in home appliances and in IV sets and urine bags in the medical industry.


thermoplastic polyolefin market


Exponential Growth in Store for APAC TPO Market

North America leads the global TPO market in terms of volume and value and accounted for more than 35% of the market in 2015. A high demand for TPO in the automotive and building and construction industries has been the major factor driving the demand for TPO in North America in the last few years. However, TMR reports that Asia Pacific will replace North America as the market leader during the forecast period. Exponential growth in the automotive industry is Asia Pacific is projected to boost the demand for TPO in the near future. The TPO market in Europe and the Middle East and Africa is expected to exhibit stable growth during the forecast period. Latin America is likely to provide promising growth opportunities for the TPO market in the next few years.

The U.S. constituted a substantial share in the global TPO market in 2015. Rapid expansion in the automotive industry and the rise in building and construction activities are the prominent factors augmenting the demand for TPO in the U.S. Furthermore, an increase in the demand for TPO roofing systems in commercial construction activities is expected to drive the market during the forecast period.

China, India, and Japan held a large share in the TPO market in Asia Pacific in 2015. On the other hand, countries such as Germany, France, and the U.K. constituted more than 50% of the TPO consumption in Europe that year.

Key manufacturers of TPO include Lyondell Basell Industries Holding B.V., Borealis AG, Exxon Mobil Corporation, Mitsui Chemicals, Inc., Mitsubishi Chemical Holding Corporation, Chevron Phillips Chemical Company LLC, and INEOS Group Limited

Thermoplastic Polyolefin Market: Scope of the Study 

TPO, a light weight material, is a major product in thermoplastic elastomers family. It has one of the lowest specific gravities among all the thermoplastic elastomers. TPO is widely used in automotive interior and exterior components. It is employed in automotive bumpers, dashboard skins, door panels, and instrument panels. TPO is extensively used in the production of roofing membrane systems and door panels in the building & construction industry. It is also used in various end-users such as home appliances, medical, industrial, footwear, and rubber goods.

The report estimates and forecasts the TPO market on the global, regional, and country levels. The study provides forecast between 2016 and 2024 based on volume (tons) and revenue (US$ Mn) with 2015 as the base year. The report comprises an exhaustive value chain analysis for each of the product segments. It provides a comprehensive view of the market. Value chain analysis also offers detailed information about value addition at each stage. The study includes drivers and restraints for the TPO market along with their impact on demand during the forecast period. The study also provides key market indicators affecting the growth of the market. The report analyzes opportunities in the TPO market on the global and regional level. Drivers, restraints, and opportunities mentioned in the report are justified through quantitative and qualitative data. These have been verified through primary and secondary resources. Furthermore, the report analyzes substitute analysis of TPO and global average price trend analysis.

The report includes Porter’s Five Forces Model to determine the degree of competition in the TPO market. It comprises qualitative write-up on market attractiveness analysis, wherein end-users and countries have been analyzed based on attractiveness for each region. Growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market. The report comprises price trend analysis for TPO between 2016 and 2024.

Thermoplastic Polyolefin Market: Segmentation

The study provides comprehensive view of the TPO market by dividing it into end-user and geography. The TPO market has been segmented into automotive, building & construction, home appliances, medical, industrial, footwear, and others. End-user segments have been analyzed based on historic, present, and future trends.

Regional segmentation includes the current and forecast demand for TPO in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Additionally, the report comprises country-level analysis in terms of volume and revenue for end-user segments. Key countries such as the U.S., France, Germany, Italy, the U.K., China, India, Japan, South Africa, Mexico, and Brazil have been included in the study. Market segmentation includes demand for individual end-users in all the regions and countries.

Thermoplastic Polyolefin Market: Competitive Landscape

The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Major players profiled in the report include Lyondell Basell Industries Holding B.V., Exxon Mobil Corporation, Mitsui Chemicals, Inc., Borealis AG, Mitsubishi Chemical Holding Corporation, Chevron Phillips Chemical Company LLC, PolyOne Corporation, A.Schulman, and INEOS Group Limited. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview (wherever applicable).

Thermoplastic Polyolefin Market: Research Methodology

Secondary research sources that were typically referred to include, but were not limited to company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.

In-depth interviews and discussions with wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding.

The global TPO market has been segmented as follows:

TPO Market – End-user Analysis

  • Automotive
  • Building & Construction
  • Home Appliances
  • Medical
  • Industrial
  • Footwear
  • Others (Rubber Goods, etc.)

TPO Market – Regional Analysis

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • Egypt
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America