- Rising by 1.7x, Reactor Thermoplastic Polyolefin Elastomers Consumption in Medical Applications to Pick Up Pace by 2031
- The latest market survey conducted by Fact.MR on the global reactor thermoplastic polyolefin elastomer (TPO) market highlights hidden opportunities and challenges across various segments including resin type and applications. The report also projects consumption of reactor TPOs for medical procedures to continue increase over the forecast period from 2021 to 2031.
NEW YORK, Sept. 27, 2021 /PRNewswire/ -- A Market Research and Competitive Intelligence Provider: In a recent market analysis, 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.
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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.
Key Takeaways from Reactor Thermoplastic Polyolefin Elastomer (TPO) Market Survey
- 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.
Growth Drivers:
- 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.
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Competitive Landscape
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.
Key Players in the Reactor Thermoplastic Polyolefin Elastomer (TPO) Market Include:
- 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
More Valuable Insights on Reactor Thermoplastic Polyolefin Elastomer (TPO) Market
Fact.MR provides an unbiased analysis of the reactor thermoplastic polyolefin elastomer (TPO) market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global reactor thermoplastic polyolefin elastomer (TPO) market with a detailed segmentation on the basis of:
Resin:
- Flexible
- Rigid
Application:
- Reactor TPOs for Automotive
- Interior
- Side Covers
- Pillars
- Dashboard, Door Panel, and Armrest
- Floor Mat
- Others
- Exterior
- Side Rails
- Side Cladding
- Bumpers
- Others
- Reactor TPOs for Flexible Profiles
- Hoses & pipes
- Roofing Membranes
- Geomembranes
- Foam Sheet
- Residential Flooring
- Reactor TPOs for Packaging
- Rigid
- Flexible
- Medical Reactor TPOs
- Film
- Tube
- Injected Parts
- Others
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
Key Questions Covered in the Reactor Thermoplastic Polyolefin Elastomer (TPO) Market Report
- 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
Explore Fact.MR's Coverage on the Chemical & Materials Domain -
Thermoplastic Polyolefin Elastomers (TPO) Market- Automobile manufacturers prefer thermoplastic polyolefin elastomers for a variety of internal and external uses. Demand has been spurred by substantial integration of TPOs and beneficial network externalities by automakers all over the world. The medical industry operated as a wedge in the TPO market in 2020, helping it to recover from its sharp dip during COVID-19. On the strength of high demand for healthcare equipment around the world, syringe tips and peristatic tubes have achieved considerable traction in the industry. This has been a major driving force in the TPO industry.
Thermoplastic Copolyester Elastomers Market- Exceptional physical and chemical qualities of thermoplastic copolyester elastomers is resulting in high demand from automobile industry. The automobile industry uses thermoplastic copolyester elastomers extensively in the production of car parts that require chemical, heat, and oil resistance. Due of rising environmental and health concerns, the healthcare industry is shifting away from polyvinyl chloride (PVC) and silicone rubber. Because of their recyclability and cost-effectiveness, thermoplastic elastomers are developing as a more sustainable option to thermoset rubber.
TPU Elastomers Market- With its expanding popularity among footwear producers, TPU elastomers are leading the footwear industry. TPU elastomers are used to make shoe soles that are lightweight, abrasion resistant, flexible, durable, and comfortable. As a result, TPU elastomers have become one of the most common raw materials in the footwear industry. To leverage on increased demand for TPU elastomer-based sporting goods, market leaders have been observed collaborating closely with top footwear brands, shoe sole manufacturers, and sporting goods industry players. A growing number of TPU elastomer producers are utilizing cutting-edge technology to create novel material features.
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