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Thermoplastic Polyolefin (TPO) Market Application, Type, End User, Regional Outlook and Key Player| MarketsandMarkets™

Thermoplastic Polyolefin (TPO) is a type of thermoplastic elastomer that is made from a combination of polypropylene and ethylene-based materials. TPO is a popular choice of material for many applications, thanks to its excellent weatherability and durability. It is also very lightweight and resistant to chemicals and abrasion. The use of TPO is widespread in applications such as roofing membranes, automotive components, and medical devices. For roofing applications, TPO is often used as a single-layer membrane and provides excellent protection from UV radiation, heat, and moisture. In automotive components, TPO is often used as a coating to provide durability and longevity. In medical devices, TPO is used for its flexibility, biocompatibility, and sterilization resistance.

The global thermoplastic polyolefin (TPO) market size is estimated to be USD 4.5 billion in 2021 and is projected to reach USD 6.2 billion by 2026, at a CAGR of 6.4% between 2021 and 2026. The compounded TPO accounted for the largest market share of 41% in 2020. Automotive is estimated to be the largest end-use industry of TPOs during the forecast period, followed by building & construction in terms of volume. TPOs are used for exterior body parts such as bumpers, rocker panels, body seals, automotive gaskets, doors & windows, and other parts. Recent developments in TPO have enabled their use in underhood applications in the automobile industry.

Thermoplastic polyolefins (TPO) are used to meet the needs of applications that demand functions of both elastomer and thermoplastics for efficient functioning. It is obtained by blending polypropylene/polyethylene with elastic ethylene copolymers (polyolefin elastomers or POE) and adding other reinforcing fillers and additives. TPO has properties of both rubber as well as plastic and therefore provides advantages of both, thus creating a new form that is highly adaptable in many end-use applications. The advantages of TPO are low specific density, good ozone resistance, high strength, recyclability, and ease of processing. However, the disadvantages are that TPO is not resistant to non-polar solvents and has poor wear resistance. It can be processed using various techniques, including injection molding, profile extrusion, thermoforming, and blow molding.

The major industry players have adopted expansions, agreements, and acquisitions as growth strategies in the last four years. The leading players in the market are Dow Inc (US), Mitsui Chemical, Inc (Japan), SABIC (Saudi Arabia), Sumitomo Chemical Co.,Ltd (Japan), Exxon Mobil Corporation (US), LydondellBasell Industries N.V. (US), Ineos Group Ltd (UK), Boealis AG (Austria) and others.
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