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The thermoplastic polyolefins market share is expected to increase by USD 1.39 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 7.57%.
This thermoplastic polyolefins market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers thermoplastic polyolefins market segmentations by application (automotive, roofing, and others) and geography (North America, APAC, Europe, South America, and MEA). The thermoplastic polyolefins market report also offers information on several market vendors, including Arkema SA, Avient Corp., BASF SE, Dow Inc., Exxon Mobil Corp., INEOS Group Holdings SA, LyondellBasell Industries NV, Mitsubishi Chemical Corp., Mitsui Chemicals Inc., and Sumitomo Chemical Co. Ltd. among others.
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The strong demand from automotive industry is notably driving the thermoplastic polyolefins market growth, although factors such as the impact of covid-19 may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the thermoplastic polyolefins industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Thermoplastic Polyolefins Market Driver
The strong demand from the automotive industry is notably driving the thermoplastic polyolefins market growth. The increasing demand from the automotive industry is contributing to the growth of the market. TPOs are increasingly used in interior and exterior automotive applications as a replacement for traditional materials, such as metal and other engineering thermoplastics. TPOs offer various advantages such as UV protection, optimum balance of stiffness, cold temperature impact, and low thermal expansion, making them an ideal choice for automobile applications. Increasing disposable incomes, especially in emerging nations, are expected to create several new demands in the automotive sector and increase the number of first-time buyers. The rising middle-class population in China, India, Brazil, and South Korea with increasing household earnings is expected to drive the growth of the automotive industry, which, in turn, will drive the growth of the market.
Key Thermoplastic Polyolefins Market Trend
The expansion of production capacities of the TPOs is the key market trend driving the thermoplastic polyolefins market growth. The demand for TPO in various end-user industries, such as automotive and construction, is increasing due to its enhanced characteristics. To meet this demand, TPO manufacturers are increasing their production capacities. Moreover, these end-user industries are highly susceptible to the influence of macroeconomic factors and prone to market volatility, which has influenced TPO manufacturers to expand or restructure their production facilities. For instance, in April 2019, Sumitomo Chemical Co. Ltd., announced to expand the localized production of TPO in China and Europe, thus expanding its global TPO production network in Japan, China, Europe, and the US. Similarly, in April 2019, Borealis AG announced to expand automotive compounds capacity in North America to meet the growing needs of automakers and Tier 1 customers in the region for advanced polypropylene (PP) solutions. Such expansions will drive the growth of the market during the forecast period.
Key Thermoplastic Polyolefins Market Challenge
The major challenge impeding the thermoplastic polyolefins market growth is the impact of covid-19. The global TPOs market is dependent on the demand for automobiles and construction activities; therefore, an increase or decrease in vehicle sales can affect the market. The sales of automobiles across the world are stagnant due to the outbreak of COVID-19, which is acting as a challenge to the growth of the market. All the major automobile manufacturers and OEMs in North America and Europe have shut down the majority of their production, which has strictly hindered the total revenue generated from the global automotive industry. Moreover, global automotive production declined by more than 15% in 2020. China witnessed a major decline in the sales of light vehicles, followed by South Korea, Japan, Germany, France, Italy, and France. The rising number of COVID-19 cases, coupled with quarantine measures, may further affect the sales of automobiles.
This thermoplastic polyolefins market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global thermoplastic polyolefins market as a part of the global commodity chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the thermoplastic polyolefins market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the thermoplastic polyolefins market encompasses successful business strategies deployed by the key vendors. The thermoplastic polyolefins market is fragmented and the vendors are deploying growth strategies such as innovations to maintain the popularity of TPOs to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The thermoplastic polyolefins market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the thermoplastic polyolefins market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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39% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for the thermoplastic polyolefins market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The growing infrastructural developments, along with the emergence of China as a global manufacturing hub will facilitate the thermoplastic polyolefins market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In early 2020, the outbreak of COVID-19 hindered the demand for TPOs from the consumer and manufacturing industries. Several countries, including China, India, Nepal, Pakistan, South Korea, Malaysia, Sri Lanka, and the Philippines, were under a partial or complete lockdown due to the pandemic. In March 2020, India imposed a complete lockdown to prevent the community spread of the disease. All manufacturing industries were affected, as their production units were either closed or operations were halted temporarily. In the first half of 2021, lockdowns were lifted following a gradual decrease in the number of COVID-19 cases. This led to the reopening of factories and manufacturing units and the resumption of construction activities, which was hindered due to the COVID-19 pandemic. Thus, with the opening of manufacturing units and with construction activities slowly picking up their pace. We can expect the market to show a high growth rate during the forecast period.
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The thermoplastic polyolefins market share growth by the automotive segment will be significant during the forecast period. The developing countries of APAC, such as China and India, are the largest producers of automobiles. This has increased the demand for automotive products. Such an increase in demand will lead automotive original equipment manufacturers (OEM) to increase their production levels either by installing new capacity or by expanding their existing capacities. This will, in turn, drive the growth of the market.
This report provides an accurate prediction of the contribution of all the segments to the growth of the thermoplastic polyolefins market size and actionable market insights on post COVID-19 impact on each segment.
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Thermoplastic Polyolefins Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.57% |
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Market growth 2021-2025 |
$ 1.39 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
6.84 |
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Regional analysis |
North America, APAC, Europe, South America, and MEA |
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Performing market contribution |
APAC at 39% |
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Key consumer countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Arkema SA, Avient Corp., BASF SE, Dow Inc., Exxon Mobil Corp., INEOS Group Holdings SA, LyondellBasell Industries NV, Mitsubishi Chemical Corp., Mitsui Chemicals Inc., and Sumitomo Chemical Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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