The global thermoplastic polyolefin (TPO) market size is estimated to be USD 4.5 billion in 2021 and is projected to reach USD 6.2 billion by 2026, at a CAGR of 6.4% between 2021 and 2026.

Browse 130 market data Tables and 59 Figures spread through 189 Pages and in-depth TOC on "Thermoplastic Polyolefin (TPO) Market by Type (In-situ TPO, Compounded TPO, & POEs), Application (Automotive, Building & Construction, Medical, Wire & Cables), and Region (APAC, North America, Europe, MEA, South America) - Global Forecast to 2026 "

The compounded TPO accounted for the largest market share of 41% in 2020. Automotive is estimated to be the largest end-use industry of TPOs during the forecast period, followed by building & construction in terms of volume. TPOs are used for exterior body parts such as bumpers, rocker panels, body seals, automotive gaskets, doors & windows, and other parts. Recent developments in TPO have enabled their use in underhood applications in the automobile industry.

Automotive industry account for the largest share of the thermoplastic polyolefin (TPO) market by application
The automotive industry led the TPOs market in 2020. The TPOs market in the automotive segment is projected to grow owing to increased competition among players to provide lightweight and robust auto parts, growing demand for vehicles, supportive government policies, development of transportation infrastructure, and rapid economic growth. The building & construction industry accounted for 20% of the overall market in terms of volume in 2020. In the building & construction industry, TPOs are used for roofing membranes, waterproofing, carpeting, wall coverings, and other components.

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APAC accounted for the largest share in the global thermoplastic polyolefin (TPO) market
The TPOs market in APAC accounted for the largest share of the overall market in 2020. The demand for TPO is expected to grow due to the developing construction and automotive sectors. In APAC, Japan dominated the TPOs market in 2020, followed by China and South Korea. The market is projected to register a high CAGR during the forecast period.

North America accounted for the second-largest share of 30.2% of the overall TPOs market, in terms of volume, in 2020. The high demand is due to the growing automotive sector. Strong growth in automobile sales is expected to drive the market for TPOs in the region. Besides, the growth of the construction sector is expected to enhance the market. The US accounted for the largest share of the market in North America in 2020 and is projected to register a CAGR of 5.5% in terms of volume between 2021 and 2026, followed by Canada.

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North America accounted for the second-largest share of the overall TPOs market, in terms of volume, in 2020. The high demand is due to the growing automotive sector. Strong growth in automobile sales is expected to drive the market for TPOs in the region. Besides, the growth of the construction sector is expected to enhance the market. The US accounted for the largest share of the market in North America in 2020, followed by Canada.

These companies have adopted various organic as well as inorganic growth strategies between 2018 and 2020 to strengthen their position in the market. New product development, merger & acquisition, and expansion were among the key growth strategies adopted by these leading players to enhance their product offering and regional presence and meet the growing demand for the Thermoplastic polyolefin (TPO) in the emerging economies.

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