Thermoplastic Polyolefin Elastomer Market: Introduction
The global Thermoplastic Polyolefin Elastomer market is expected to witness lucrative growth in the coming future owing to its widespread use in the automotive industry. Thermoplastic polyolefin elastomers are materials that combine polyolefin thermoplastic to the elastomeric compounds. Thermoplastic polyolefin elastomer generally include polypropylene or polyethylene that provides rigidity and temperature resistance, elastomers for flexibility and impact strength, mineral fillers that impart dimensional stability and stiffness, and other additives including antioxidants, plasticizers, ignition resistant additives, and others for improving performance and durability of end-use products.
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They are majorly manufactured by injection molding, extrusion molded, blow molded, and other process such as blow film extrusion, foaming, and calendaring. Advancement in catalyst technology such as metallocene catalyst and Ziegler Natta catalyst have enabled the widespread production of thermoplastic polyolefin elastomers. The global Thermoplastic Polyolefin Elastomer market is estimated to have a healthy CAGR in the coming future due to the massive demand in the end-use industry.
Thermoplastic Polyolefin Elastomer Market: Market Dynamics
The key growth driving factor for the global Thermoplastic Polyolefin Elastomer market is its widespread usage in the automotive interior and exterior parts. The automotive industry outlook brings the lucrative opportunity as the manufacturers have shifted from PVC based automotive interiors. The growing trend of reducing the use of plastic in the automotive parts due to regulations and ban on plastic has favored the thermoplastic polyolefin elastomer market.
Also, incorporation of safety features such as airbag cover, interior head impact trim, under-the-hood impact areas, and cladding has increased the demand for thermoplastic polyolefin elastomer market. Other application such as roofing, packaging and medical application has further increased the consumption of thermoplastic polyolefin elastomer. Moreover, volatility in crude oil prices has impacted the thermoplastic polyolefin elastomer market as the key raw material for the production is ethylene and propylene. Innovation and technological development have resulted in the new product launch such as Olefin Block Copolymer (OBC) with enhanced properties.
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Thermoplastic Polyolefin Elastomer Market: Segmentation
The global Thermoplastic Polyolefin Elastomer market is segmented on the basis of application and region.
Based on the type, the global Thermoplastic Polyolefin Elastomer market is segmented as:
- Thermoplastic Elastomer
- Compounded Thermoplastic Elastomers (TPO)
- Thermoplastic Vulcanizates (TPV)
- Polyolefin Elastomers
- Olefin Block Copolymer (OBC)
Based on the processing, the global Thermoplastic Polyolefin Elastomer market is segmented as:
- Injection Molding
- Extrusion Molding
- Blow Molding
- Cast & Blow Film Extrusion
- Foam & Calendering
Based on the End-Use, the global Thermoplastic Polyolefin Elastomer market is segmented as:
- Building & Construction
- Electrical & Electronics
- Consumer Goods
Based on region, the global Thermoplastic Polyolefin Elastomer market is segmented as:
- North America
- Latin America
- East Asia
- South Asia
Thermoplastic Polyolefin Elastomer Market: Regional Outlook
North America is expected to hold majority share of about 35% of global thermoplastic polyolefin elastomer consumption with key producers having their thermoplastic polyolefin elastomer production concentrated in the region. However, due to a decline in the automobile sales, the thermoplastic polyolefin elastomer market in the North America region will witness stagnant growth in the coming future.
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The growth of thermoplastic polyolefin elastomer market in emerging economies of East Asia region, such as China and India, is anticipated to witness lucrative growth in the coming years. Thermoplastic polyolefin elastomer consumption in China will witness a strong growth in the forecast period owing to the strong demand for thermoplastic polyolefin elastomer in automotive industry.
In Europe, the demand for thermoplastic polyolefin elastomer will be impacted by the maturation of building & construction and automotive industry. However, with the shift of manufacturers towards developing the region, the demand for thermoplastic polyolefin elastomer will witness a steady growth for a long-term period. Latin America will witness a healthy CAGR in the coming years owing to rise in automobile industry in the Mexico. Middle East & Africa, with the strong supply of raw materials will showcase significant growth in the long-term period.
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Thermoplastic Polyolefin Elastomer Market: Prominent market stakeholders
Key market stakeholders in the global Thermoplastic Polyolefin Elastomer market are SABIC, LG Chem, Mitsui Chemicals, Inc., Exxon Mobil Corporation, Eastman Chemical Company, LyondellBasell, Borealis AG., 3M company, KOLONPLASTIC,INC., Kuraray America, Inc., SILOXANE AGGRANDIZE INNOVATIVE INDUSTRIES, Saint-Gobain, amongst others. The Thermoplastic Polyolefin Elastomer market is consolidated by top-players that accounts for a majority share in the market.
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