Chicago, Oct. 16, 2023 (GLOBE NEWSWIRE) -- The Thermoplastic Polyolefin Market is projected to reach USD 7.3 Billion by 2028, at a CAGR of 6.0% from USD 5.4 Billion in 2023, as per the recent study by MarketsandMarkets™.  The increasing demand from the end-use industries such as automotive, construction, electronics appliances, and others contribute to the rapid growth in the demand for the Thermoplastic polyolefin market.

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List of Key Players in Thermoplastic Polyolefin Market:

1. DOW (US)
2. Mitsui Chemical, Inc. (Japan)
3. Exxon Mobil Corporation (Texas)
4. SABIC (Saudi Arabia)
5. Sumitomo Chemicals Co., Ltd. (Japan)
6. LyondellBasell Industries N.V. (Texas)
7. Ineos Group Holdings SA (Switzerland)
8. Borealis AG (Austria)
9. Formosa Plastic Corporation (Taiwan)
10. RTP Company (US)
11. Others

Drivers, Restraints, Opportunities and Challenges in Thermoplastic Polyolefin Market:

1. Drivers: Increasing demand for lightweight and durable materials in the automotive and construction industry.
2. Restraints: Limited high temperature resistance
3. Opportunity: Utilization of automotive lightweight materials
4. Challenge: UV stability factor.

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Key Findings of the Study:

1. In situ TPO by type is projected to grow at the fastest CAGR, in terms of value, during the forecast period.
2. Automotive” by application segment accounted for the largest share in terms of value.
3. Asia pacific is expected to be the fastest growing market for Thermoplastic polyolefin market during the forecast period, in terms of value.

Based on type, Thermoplastic polyolefin market has been segmented into In situ TPO, Compound TPO, and Polyolefin elastomers (POEs). The POEs segment is the largest market share in value during the forecast period as it offers wide and different applications in various industries. POEs are used in various automotive components due to their durability, weather resistance, and ability to withstand temperature extremes. Examples include gaskets, seals, weather stripping, and vibration dampeners.

Based on application, In terms of value, the global Thermoplastic polyolefin market is divided into automotive, building & construction, medical, wire and cables, and others. The automotive industry is the largest segment of the thermoplastic polyolefin (TPO) market primarily due to the critical need for lightweighting in modern vehicles. TPOs offer an excellent balance of properties, including high strength, low density, and good impact resistance, making them ideal for automotive applications.

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Based on region, The Asia-Pacific region stands as the largest market for thermoplastic polyolefins (TPOs) owing to a confluence of factors. Firstly, the rapid expansion of the automotive industry in countries like China and India has fueled substantial demand for TPOs in the manufacturing of lightweight, cost-effective automotive components. Secondly, the region is experiencing a construction boom driven by urbanization and economic growth, with TPOs being favored for applications such as roofing membranes and waterproofing materials. Additionally, TPOs find widespread use in consumer goods, packaging, and industrial applications across Asia-Pacific, further solidifying the region's dominance in the TPO market.

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