Reactor Thermoplastic Polyolefin Elastomer (TPO) Market Is Expected To Reach US$ 1,043.8 Million By 2031

Rockville, United States, 2023-Jun-12 — /EPR Network/ —

Fact.MR projects the demand for reactor thermoplastic polyolefin elastomer (TPO) to increase by 4% between 2021 and 2031, with the overall consumption reaching 700 KT by 2031.

Increasing automotive production and sales are resulting in high demand for reactor TPOs. Besides this, stringent regulations implemented to curb carbon emissions from vehicles are tipping scales in favor of lightweight vehicles production.

Driven by this, automotive manufacturers are adopting materials such as aluminum, carbon fibers, and plastic. Some are using performance polymers in side beams and bumper fascia to manufacture lightweight vehicles. Consequently, some of the leading automakers are collaborating with plastic/polymer producers to gain access to materials that significantly reduce the weight of vehicles.

: https://www.factmr.com/connectus/sample?flag=S&rep_id=4250?PS

Overall expansion of the automotive sector also is projected to spur demand for reactor TPOs in the forthcoming years. In 2020, however, economic slowdown due to COVID-19 hampered production in the automotive industry. This also created disruptions in reactor TPO supply. Despite this, increasing applications of reactor TPOs in the production of films, tubes and injections used in the medical sector kept the market afloat.

As per the report, the U.S. is expected to dominate the North America reactor thermoplastics polyolefin elastomer (TPO) market. The presence of key manufacturers including Formosa Plastics, Borealis, and LyondellBasell, along with stringent vehicle emission standards adopted in the country will fuel the demand for lightweight materials used in vehicle production, including reactor TPOs.

“The market is expected to gain considerably from the rising production of electric vehicles (EV). Strong EV market growth is indicative of higher demand for lightweight materials to offer greater fuel efficiency in cars. Besides EV, sales of hydrogen-powered cars is surging in the U.S., Korea, and Japan, creating conducive environment for the expansion of the reactor TPO market across these countries,” says the Fact.MR analyst.

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• Applications of reactor TPO in the automotive sector are projected to account for 87% of the total market share through 2031.

• The demand in the medical segment is anticipated to grow at a 5.3% CAGR through 2031.

• The U.S. will continue dominating the North America reactor thermoplastic polyolefin elastomer (TPO) market, expanding at a 5.3% CAGR through the assessment period.

• Consumption of reactor TPO in China automotive market is anticipated to reach 71 KT by 2031.

• South Korea will emerge as a lucrative reactor TPO market, with sales expected to increase by 1.4x over the forecast period.

• Sales of reactor TPO in Japan are projected to gain 30 BPS during the assessment period.

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• Collaborations between key market players to develop lightweight vehicles that offer greater fuel-efficiency will continue boosting sales of reactor thermoplastic polyolefin elastomers.

• Reactor TPO application will increase in the packaging industry as demand for lightweight and sturdy materials to keep shipments intact grows consistently.

: https://www.factmr.com/connectus/sample?flag=RC&rep_id=4250?PS

Leading players operating in the global reactor thermoplastic polyolefin elastomer (TPO) are investing in research and development to expand their product portfolio. Apart from this, mergers, acquisitions, and collaborations to expand global footprint will remain prominent growth strategies among key players. For instance:

• In 2019, Borealis announced the opening of a new polypropylene (PP) compounding plant in the U.S., aiming to enhance the supply capabilities of TPOs and reactor TPOs.

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• 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

By Resin:

• Flexible
• Rigid

By Application:

• Automotive
• Interior
• Side Covers
• Pillars
• Dashboard, Door Panel, and Armrest
• Floor Mat
• Others
• Exterior
• Side Rails
• Side Cladding
• Bumpers
• Others
• Flexible Profiles
• Hoses & pipes
• Roofing Membranes
• Geomembranes
• Foam Sheet
• Residential Flooring
• Packaging
• Rigid
• Flexible
• Medical
• Film
• Tube
• Injected Parts
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

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• The report offers insight into reactor thermoplastic polyolefin elastomer (TPO) market demand outlook for 2021-2031

• The market study also highlights projected sales growth for reactor thermoplastic polyolefin elastomer (TPO) market between 2021 and 2031

• Reactor thermoplastic polyolefin elastomer (TPO) market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry

• Reactor thermoplastic polyolefin elastomer (TPO) market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others