Global Thermoplastic Polyolefins market predicted to register CAGR of over 5% until decade end
The Global Thermoplastic Polyolefins (TPO) Market size was evaluated at more than 970,000 tons for 2015 and is predicted to register a CAGR of more than 5% until decade end, as per Global Market Insights, Inc. Rising automotive sales and construction expenditure in India, China and Brazil are projected to enhance the demand.
With modern technology used in producing vehicle parts, polymers are finding novel applications in automobile sector. Polymers offer holistic approach to vehicle component production by all aspects that include static & mechanical strength and resistance to temperature & oxidation. This makes it desirable over other items and can drive the industry growth. Commercial & personal vehicle production was evaluated at 222.41 billion and 685.31 billion units respectively for 2015.
Increasing automotive sector is projected to remain a driving force for increase in global demand for the product. Further, strict rules favouring rising vehicle fuel efficacy has encouraged industry players to minimize vehicle mass. Growing expenditure on construction in countries like Brazil, China and India may fuel product demand. India & China construction expenditure was more than US$422 billion and US$1.71 trillion respectively for 2015 which is predicted to contribute to enhanced demand of the product.
Global Industry is segmented into key geographical regions like Latin America, North America, APAC, Europe and MEA. North America dominated the industry and was evaluated above $861 million for 2015. U.S. led the global thermoplastic polyolefins (TPO) market share during that year. Growing durable applications like automotive application, construction application, packaging application and industrial application is predicted to promote industry growth in the region.Europe is predicted to register CAGR of more than 5% in terms of revenue. It is led by countries like UK, Germany, Italy and France.
Growing use of these items over traditional polymers and elastomers in medical & packaging applications are predicted to produce favorable effect in the region.APAC thermoplastic polyolefins (TPO) market is predicted to cross $1.31 billion mark by end of 2023 and register a CAGR of 6.71% during forecast timeframe. Growing construction expenditure in countries like Japan, China and India is predicted to fuel product demand in the region during forecast timeline. Also the increasing demand for these products can be attributed to the fact that they are widely utilized in roofing both commercial as well as residential infrastructures.