Rockville, March 08, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global reactor thermoplastic polyolefin elastomer (RTPO) market is estimated at US$ 673.3 million in 2022 and is expected to expand at a CAGR of 4.5% during the forecast years of 2022-2032.

Over the past decade, the automotive sector has taken shape on the back of technological and design progress. Moreover, the automotive sector has heavily invested in research & development to reduce the automotive body weight and enhance the mileage of the vehicle.

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To reduce the weight, automakers have invested in adopting materials such as aluminium, carbon fiber, plastics, and others. Despite plastics having a much lower share compared to the HSS and AHSS used in automotive applications, demand for plastics in the automotive sector is anticipated to grow at a high single-digit CAGR over the forecast period.

Currently produced performance polymers have considerably different applications, such as a bumper, side beams, and others, which are not comparable to AHSS, HSS, and CFRP on multiple grounds.

Therefore, automakers are collaborating with polymer/plastic manufacturers to produce plastic which could act as a key contender to HSS and AHSS, thus reducing the overall weight of the automobile and reaching emission standards much faster than currently set by the policymakers across the globe.

Automotive sector growth, not only in terms of valuation but also in technological terms, will bolster the demand for RTPO over the forecast period.

Key Companies Covered in Reactor Thermoplastic Polyolefin Elastomer (TPO) Market Report

• SABIC
• Borealis
• BP
• Formosa Plastics
• Hanwha, Hyosung
• Japan Polypropylene
• Lotte Chemicals
• Lyondellbasell
• MOL Slovnaft
• North Huajin Chemical Industries Co., Ltd.
• Prime Polymer
•  SINOPEC
• Sumitomo Chemical
• SunAllomer
• Trinseo

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Key Takeaways from Market Study

• The global RTPO market is projected to grow from US$ 673.3 million in 2022 to US$ 1,043.8 million in 2032
• The historical CAGR of 1.5% in 2017-2021, increased and is estimated to be 4.5%, a growth of 3.0%
• North America rules the market with a market share of 32.5%, and China from East Asia region accounts for a 9.3% market share in 2022
• Among resin, rigid grow at a CAGR of 3.8% during 2022-2032
• Europe has a market share of 32.2% in 2022 

"Booming Automotive Sector Coupled with Emerging and Evolving EV Industry Especially Across Developing Economies to Bolster the Demand of the RTPOs," says a Fact.MR analyst.

Marketing Strategies for Sales Growth

The reactor thermoplastic polyolefin elastomers market is technically dominated the market by a few named players such as Japan Polypropylene (JPP Horizone Technology), LyondellBasell (Catalloy, Spheripol), and Borealis (Borstar), among others.

Of these players, JPP Horizone has gained traction across the globe for the production of RTPO over the past two decades. But recently, LyondellBasell Catalloy technology is under the sight of potential manufacturers owing to the ease of product processing coupled with extensive product diversification.

Manufacturers with no in-house technology, tend to license the technology under intellectual property agreement which enforces the quality standards and rate of production by the license provider.

Segmentation of Reactor Thermoplastic Polyolefin Elastomer Industry Research

• By Resin:
• By Application:
  • Automotive
  • Flexible Profiles
    • Hoses & pipes
    • Roofing Membranes
    • Geomembranes
    • Foam Sheet
    • Residential Flooring
  • Packaging
  • Medical
    • Film
    • Tube
    • Injected Parts
    • Others  

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global RTPO market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of resin (flexible and rigid), application (automotive (interior (side covers, pillars, dashboard, door panel, and armrest, floor mat, and others), exterior (side rails, side cladding, bumpers, others), flexible profiles (hoses & pipes, roofing membranes, geomembranes, foam sheet, residential flooring), packaging (rigid and flexible), medical (film, tube, injected parts, and others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

Thermoplastic Elastomers Market: The present-day valuation of the market for thermoplastic elastomers (TPEs) is US$ 21 billion, which is forecasted to reach US$ 38.8 billion by the end of 2032. 

Thermoplastic Polyolefin Elastomers (TPO) Market: TPO consumption is anticipated to surpass 2,890 KT by the end of 2031 at 4.7% CAGR. Key factor behind market growth is divestment opportunity opted for by key stakeholders in the TPO business.

Reinforced Thermoplastic Pipes Market: The global reinforced thermoplastic pipe (RTP) market size is set to reach US$ 282.4 million in 2022 and is projected to grow at a CAGR of 4.7% to reach US$ 457.3 million by the end of 2032.

Thermoplastic Polyurethane Market: The global sales of the Thermoplastic Polyurethane Market in 2021 were held at US$ 3 Billion. With 6% CAGR during 2022 – 2032, the market is projected to reach a valuation of US$ 5.8 Billion by the end of 2032. 

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