Thermoplastic Polyolefins Market expansion key development | Exxon Mobil Corporation (U.S.), S&E Specialty Polymers (U.S.), SABIC (Saudi Arabia), INEOS Olefins & Polymers (UK)
Thermoplastic polyolefins find widespread application in the automotive sector and the construction sector. They have high chemical resistance and durability, making them suitable to be used as raw material for products spanning across home appliances, building & construction, automotive, medical, industrial machinery etc. The growth of end-use industries has bolstered the demand for thermoplastic polyolefins. Rapid industrialization increased construction activities and increase per-capita income are other factors supporting the market growth.
Increased
demand for high-performance polypropylene-based compounds is reflecting
favorably on the global Thermoplastic
Polyolefins Market. The superior performance of thermoplastic
polyolefins has made them a sought-after industrial material. Market Research
Future (MRFR) finds that the global thermoplastic polyolefins market is set to
exhibit strong growth from 2017 to 2023.
Sectors such
as medical, construction, and automotive will continue to create scope for the
market in the forthcoming years. This is primarily owing to the increasing
popularity of thermoplastic polyolefins in these sectors. On the flipside, fluctuation
in raw material prices and threats from alternatives such as polyvinyl chloride
and thermoplastic polyurethane are some of major challenges for market players.
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Competitive Analysis
Sumitomo
Chemical Co., Ltd. (Japan), Exxon Mobil Corporation (U.S.), SABIC (Saudi
Arabia), INEOS Olefins & Polymers (UK), Arkema SA (France), Noble
Polymers (U.S.), LyondellBasell (the Netherlands), RTP Company (U.S.), S&E
Specialty Polymers (U.S.), Johns Manville. A Berkshire Hathaway Company (U.S.),
and The Hexpol group of companies (U.S.) are among the top-notch companies
operating in the global thermoplastic polyolefins market.
Segmental Overview
The segmental analysis of
the global thermoplastic polyolefins market has been conducted on the basis of application
and region.
By application, the market
has been segmented into medical, building & construction, automotive,
industrial, home appliances, and others (footwear, wire & cable, packaging,
rubber goods, and battery.)
Global Thermoplastic Polyolefins Market: Regional
Segmentation
Regions covered in the
report include North America, Europe, Asia Pacific, Latin America and the
Middle East & Africa (MEA). North America holds the predominant share of
the global thermoplastic polyolefins market. The North America market is
expected to exhibit a steady growth during the forecast period. Presence of
massive automotive industry continues to bolster the market prospects in North
America.
Despite recent fluctuation
in Euro zone and Brexit uncertainties, Europe will continue to be a hotspot for
market players during the forecast period. Countries such as Germany, France,
the UK, Netherlands among other are like to present growth opportunities for
market players. The countries mentioned above have hold impressive profile in
the global automotive sector, which is the primary driving force for the market.
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The outlook remains positive
for the Asia Pacific thermoplastic polyolefins market. It is anticipated that
APAC market will remain on a high-growth trajectory during the forecast period.
The automotive sector has witnessed relentless growth in APAC and the trend is
likely to continue throughout the assessment period. This is favouring thermoplastic
polyolefins penetration in the APAC. Thermoplastic
polyolefins demand is expected to remain strong in countries such as India,
China, Indonesia, South Korea, Taiwan among others. Moreover, local
policymakers are focusing on designing pro-industry frameworks, which is
influencing the market growth in APAC. Several other micro and macroeconomic
factors can be linked with the increased market opportunities in the region.
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In Latin America, Brazil
and Mexico are expected to remain the two prominent markets for thermoplastic
polyolefins. In terms of revenue, these countries are expected to make significant
contributions to the Latin America thermoplastic polyolefins market during the
forecast period.
In the MEA, the GCC countries
are expected to remain prime business destinations for market players during
the forecast period. Rising building & construction activities in countries
such Qatar, Saudi Arabia, UAE among others is supporting the market growth in
MEA.
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