Thermoplastic Polyolefin Market Projected to Reach $7.3 Billion by 2028
The Thermoplastic polyolefin Market is projected to reach USD 7.3 billion by 2028, at a CAGR of 6.0% from USD 5.4 billion in 2023. The market growth is driven by factors such as rapid urbanization and durability, lightweight and global cost effective. The use of thermoplastic polyolefin in automotive industry for for interior and exterior components, such as bumpers, door panels, and dashboards is pushing the demand for thermoplastic polyolefin globally.
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The key players in this market are DOW (US), Mitsui Chemical, Inc. (Japan), Exxon Mobil Corporation (Texas), SABIC (Saudi Arabia), Sumitomo Chemicals Co., Ltd. (Japan), LyondellBasell Industries N.V. (Texas), Ineos Group Holdings SA (Switzerland), Borealis AG (Austria), Formosa Plastic Corporation (Taiwan), RTP Company (US). These companies are strong in their home regions and explore geographic diversification alternatives to grow their businesses. They focus on increasing their market shares through new product launches and other expansions.
The Asia-Pacific thermoplastic polyolefin market is projected to grow at a 7.6% CAGR from 2023 to 2028. With key players in China, Japan, India, and South Korea, the region, led by China, dominated the market in 2022. Asia-Pacific’s diverse industrial base, including automotive, construction, and furniture sectors, fuels the frequent use of polyurethane materials. As the region modernizes its infrastructure, the demand for polyurethane products, and subsequently polyurethane catalysts, is expected to rise.
DOW
Founded in 1897 and headquartered in Midland, Michigan, The Dow Chemical Company, known as Dow, is a globally recognized multinational corporation. Dow operates in multiple key business segments, including Performance Materials and coatings, specializing in products like polyurethanes, elastomers, and industrial coatings; Industrial Intermediates & Infrastructure, offering a diverse range of chemicals for consumer and industrial applications; and Packaging & Specialty Plastics, playing a pivotal role in the plastics industry with high-performance resins and films. As a publicly-traded company listed on the New York Stock Exchange (NYSE) under the ticker symbol “DOW,” Dow continues to emphasize sustainability and innovation in its products and solutions, striving to address environmental and societal challenges while maintaining a strong global presence. DOW has established a widespread geographic presence, with operations spanning across regions and continents. The company’s global footprint enables it to serve a diverse range of markets and customers. DOW presence extends to North America, Europe, Asia Pacific, and other parts of the world. The company operates numerous production sites, research and development facilities, and offices in key locations, ensuring its ability to deliver products and solutions to customers around the globe.
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SABIC
SABIC (Saudi Basic Industries Corporation) is a globally renowned chemical manufacturing company headquartered in Riyadh, Saudi Arabia. SABIC is one of the largest diversified chemical companies in the world and is a key player in the petrochemical industry. The company was founded in 1976 and is majority-owned by the Saudi Arabian government. SABIC’s business operations encompass a wide range of chemical and petrochemical products, including plastics, chemicals, agri-nutrients, metals, and specialties. The company is known for its innovative materials and solutions that are used in various industries, such as automotive, construction, packaging, healthcare, and electronics, among others. SABIC has a significant global presence with manufacturing facilities and offices in numerous countries, making it a major contributor to the global chemical industry.
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