Thermoplastic Polyolefin Elastomer Market Forecast and CAGR
According to the latest research by Fact.MR, thermoplastic polyolefin elastomer market is set to witness lucrative growth during 2021-2031. The global thermoplastic polyolefin elastomer demand is anticipated to grow with a substantial CAGR in the forthcoming years due to the massive demand from the bundled end-use industries mainly from automotive and construction. Business is expected to witness an absolute $ Opportunity of more than US$ 230 Mn by 2031.
What is Driving Demand for Thermoplastic Polyolefin Elastomer?
Progression in catalyst innovation, for example, metallocene catalyst and Ziegler Natta catalyst has empowered the widespread production of thermoplastic polyolefin elastomers. The key growth driving component for the product sales is its widespread utilization in the automotive exterior and interior parts.
Additionally, consolidation of security highlights, for example, under the hood impact areas, cladding, interior head impact trim, and airbag cover has expanded the demand for polyolefin elastomers. Other application like packaging, medical application and roofing has additionally expanded the utilization of these polyolefin elastomers.
In addition, unpredictability in crude oil costs has affected the polyolefin elastomer supply as the key raw material for the production is ethylene and propylene. Advancement and innovative enhancement have brought about new product launches with upgraded properties.
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Automotive Recovery Likely to Augment Thermoplastic Polyolefin Elastomer Sales
Automotive sales around the globe have been impacted by the COVID-19-induced slowdown. This has also had a ripple effect on automotive components and material sales.
The shift of manufacturers from PVC-based to polyolefin-based automotive interiors has brought about lucrative opportunities in the automotive industry outlook. The rising pattern of reducing the utilization of plastic in car parts because of guidelines and restrictions on plastic has supported the thermoplastic polyolefin elastomer sales.
North America and Europe Thermoplastic Polyolefin Elastomer Market Outlook
North America is anticipated to hold the dominant share of worldwide polyolefin elastomer demand with key players having their polyolefin elastomer production concentrated in the region. Thus favoring the economies of density in the region.
The decline in the sales of automobiles will cascade the effect to polyolefin elastomer demand. Moreover, polymers demand from automotive is anticipated to witness a still growth in North America during the short-run assessment period.
The US is one of the largest markets for polyolefin elastomers globally. The US thermoplastic elastomer business is set to tread on the historic pattern of bust and boom during the assessment period 2021-2031. Demand is likely to remain muted in the next couple of years, as a number of end-use industries make a gradual recovery.
In Europe, the interest in polyolefin elastomer will be affected by the automotive, building, and construction sectors. In any case, with the shift of manufacturers towards the development of the region, the demand for thermoplastic polyolefin elastomer will observe a consistent growth in the long run.
US polyolefin elastomer sales will also be impacted by the construction sector recovery in 2021. The US construction sector faces a challenging year, however, there is growing optimism that low mortgage rates will lead to a spurt in early 2022. The momentum is likely to hold ground, which will provide an impetus to a range of construction materials, including thermoplastic polyolefin elastomer.
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Asia Pacific and Latin America Demand Outlook for Thermoplastic Polyolefin Elastomer
The development of the polyolefin elastomer market in developing economies of the Asia Pacific region, like China and India, is expected to observe rewarding development in the coming years. The utilization of these polymers in China will observe substantial growth during the forecast period attributable to the surging demand from the automotive industry.
Latin America will witness a steady CAGR in the coming years attributable to ascend in the automobile industry in Mexico. The efficient supply of raw materials will aid the region to witness substantial growth in the long run.
Who are the Key Manufacturers and Suppliers of Thermoplastic Polyolefin Elastomer?
Some of the leading manufacturers and suppliers of thermoplastic polyolefin elastomer include
- LG Chem
- Mitsui Chemicals Inc.
- Exxon Mobil Corporation
- Eastman Chemical Company
- Borealis AG.
- 3M company
- KOLONPLASTIC INC.
- Kuraray America Inc.
- SILOXANE AGGRANDIZE INNOVATIVE INDUSTRIES
The global polyolefin elastomer business is fairly consolidated in nature with prominent players dominating the majority share of the demand.
Aforementioned players rely on a mix of inorganic and organic strategies to deepen penetration across attractive markets. These strategies include acquisitions, collaborations with key players, product launches, partnerships and strengthening of regional and global distribution networks.
An Adaptive Approach to Modern-day Research Needs
Thermoplastic Polyolefin Elastomer Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
- Thermoplastic Elastomer
- Compounded Thermoplastic Elastomers (TPO)
- Thermoplastic Vulcanizates (TPV)
- Polyolefin Elastomers
- Olefin Block Copolymer (OBC)
- Injection Molding
- Extrusion Molding
- Blow Molding
- Cast & Blow Film Extrusion
- Foam & Calendering
- Building & Construction
- Electrical & Electronics
- Consumer Goods
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia
- Rest of South Asia
- New Zealand
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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