Deficit of Healthcare Equipment amidst COVID-19 Pandemic to Raise the Bar of Thermoplastic Polyolefin Elastomers (TPO) Consumption
Published : 24 Sep 2021 Industry: Chemical & Materials
As per industry analysis on thermoplastic polyolefin elastomers (TPO) by Fact.MR, the global market is estimated to be valued at US$ 1.45 Bn in 2021, and is slated to progress at a steady CAGR of 5% over the forecast period of 2021-2031.
Fact.MR,- market research and competitive intelligence provider, delves into the mass as well as niche markets of TPOs, and has reached a conclusion of strong potential in medical application over the short medium term.
In Q2 and Q3 2020, the world faced a deficit of healthcare goods & services, and timely availability of the same could have saved hundreds of thousands of lives across the globe. As such, manufacturers of healthcare equipment & devices have compared the production feasibility among conventional material, and glass and medical plastics such as TPO and PE, among others, and have found that utilizing plastics for the production of medical equipment reduces product delivery time several fold. This not only assists manufacturer in enhancing their margins but keeps their consumers happy over the long-run.
Moreover, the healthcare industry, being the foundation of the proper functioning of society, is currently being stressed upon by regional governments by enhancing overall healthcare spending and strong policy actions. Moves such as providing enough boost to TPO manufacturers focussed on providing medical grade TPO are being seen.
Key Takeaways from Market Study
- The thermoplastic polyolefin elastomers market is anticipated to add 1.5X value by 2031.
- Collective TPO production capacity of prominent players positioned in North America is around 1,000 KT.
- Hard components of TPO capture a major chunk of the market and consumption of TPO for manufacturing the same mounted to 1,150 KT in 2020.
- Among the end uses, medical & healthcare has been the fastest-growing segment globally.
- Automotive end use is also a prominent end use of this market.
“Demand for lightweight automotive materials to provide throttle to TPO consumption over the long-run forecast period,” says a Fact.MR analyst.
Economies of Agglomeration and Moderate Price Points
TPO producers have strategically positioned themselves in the vicinity of automakers and packaging suppliers across the globe to reap the benefits through economies of agglomeration. This has helped suppliers and consumers with moderate price points. Such factors act as pillars supporting TPO prices under restricted price bands.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global TPO market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of product type (blended, dynamically cross-linked, polymerized), processing method (injection molding, extrusion molding, blow molding), application (soft components, hard components), end-use (exterior (weather seals, mudguards, air intake hose, glass run channel, others), automotive (interior (dashboard skin, airbag cover, seat backboard, armrest covers, assist grips, others)), building materials (exterior, interior), consumer goods (sporting goods, kitchen appliances, others), electricals and electronics (wire & cable insulation, plugs, bushings, connectors, others), medical & healthcare (syringe tips, peristaltic tubes and medical device components), across key regions namely North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa.
About the Chemicals and Materials Division at Fact.MR
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Sr. Consultant – Chemicals & Materials