Thermoplastic polyolefins are resin blends of polypropylene and uncrosslinked EPDM rubber and polyethylene, and they are characterized by low density, high impact resistance, and good chemical resistance. According to BlueQuark Research & Consulting, the Global Thermoplastic polyolefins market is expected to witness significant growth during the forecasted period. Factor such as the rising demand for TPO elastomers in making automotive interior and exterior parts is expected to drive the need for the Thermoplastic polyolefins market in the forecasted period. Further, thermoplastic polyolefin is witnessing higher penetration in the construction sector application, especially in the roofing membrane applications is expected to drive the demand for the Thermoplastic polyolefins market in the forecasted period. Furthermore, rising demand for TPOs in the healthcare and pharmaceutical sector is expected to drive the need for the Thermoplastic polyolefins market in the forecasted period. However, the increasing trend of plastic recycling is a significant challenge, expected to restrain the global Thermoplastic polyolefins market in the forecasted period.

Thermoplastic polyolefin is usually used in the automotive industry and is lightweight and chemical resistant. Thermoplastic polyolefin (TPO) is efficiently processed in film & sheet, blow molding, injection molding, and other applications.

The automotive segment accounted for a significant share of the global market. Greater penetration of passenger vehicles and rising adoption of lightweight & high-performing vehicles drive the growth of this segment. The increase in the adoption of electric and hybrid cars and the introduction of stringent regulations regarding carbon emissions have increased the demand for thermoplastic polyolefin from the automotive sector. Thermoplastic polyolefin elastomers are the most favorable material by automakers for a range of interior and exterior applications. Aside from preference, robust integration of TPOs and positive network externalities by automakers across the globe have driven demand. The growth is attributed to increased demand for lightweight and strong auto parts and rising demand for vehicles with improved fuel efficiency. The use of thermoplastic polyolefin in various interior and exterior features of automobiles has helped reduce weight and offers the same properties as metal. The advent of cutting-edge molding technologies and catalyst technology are vital trends boosting the Thermoplastic polyolefins elastomers market growth. The TPO elastomers market has also observed high development momentum on the back of Ziegler Natta catalysts. In addition, the growing popularity of PVC-based automotive interiors has driven the sales of TPO polymers. The automotive industry is expected to be a significant revenue generator in the TPO elastomers market. The inclination of automakers toward passenger safety is one of the favorable trends. Initiatives taken by governments to promote the adoption of electric and hybrid vehicles worldwide and the launch of technologically advanced and affordable electric cars by market players are expected to offer growth opportunities during the forecast period.

Asia Pacific is expected to be the fastest-growing market for the TPOs market. High-density polyethylene (HDPE), linear low-density polyethylene (LLDPE), and low-density polyethylene (LDPE) are the three significant polyethylene types available in the industry. Major applications of HDPE are blow molding, extrusion non-packaging, and extrusion packaging. LDPE is used in applications such as toys, films, utensils, bottles, pipes, and processing equipment, whereas LLDPE is used in pouches, cable jacketing, geomembranes, flexible tubing, pipes, and containers. The Thermoplastic Polyolefin (TPO) market is predicted to grow substantially due to the rising demand for TPOs in the healthcare and pharmaceutical sector. The TPOs are used in various pharmaceutical packaging solutions, such as container and closure systems. However, with regulatory scrutiny toward the use of plastics in the healthcare sector, economic uncertainty, and consumer sensitivity, the usage of thermoplastic polyolefin in healthcare applications continues to grow. Growing thermoplastic polyolefins demand in residential & commercial roofing will boost the product requirement in the construction sector. This increasing demand can be attributed to TPO's properties like cold temperature flexibility and weathering resistance. TPO roofing systems provide energy efficiency, reflectivity, and strong resistance to ultraviolet radiation, thereby reducing the heat gains of buildings. Thermoplastic polyolefins are resin blends of polypropylene (PP) and uncrosslinked EPDM rubber and polyethylene. They are characterized by high impact resistance, low density, and good chemical resistance. Increased regulation in food packaging, automotive, medical, and other end-use industries to reduce pollution by minimizing hazardous wastage, reducing energy consumption, and increasing the safety and recyclability of materials, has surged the adoption of sustainable products. This has resulted in increased use of thermoplastic polyolefin by replacing natural rubber, synthetic rubber, PVC, and silicone.

The market's key players are Alphagary Limited, Borealis AG, DOW Inc ., and Exxon Mobil Corporation.

In December 2020, SABIC launched a new polyolefin plastomer-based solution for liquid containers with superior leakage resistance. The product launch has strengthened the company's product portfolio.

In September 2019, INEOS launched a new range of Recycl-IN polyolefin products, which incorporate up to 50% of post-consumer recycled polymer in materials that meet the exacting specifications of virgin material. This product launch has reinforced the company's product portfolio.

In March 2019, Formosa Plastics collaborated with Entec Polymers to offer design and technical solutions for the automotive industry. The partnership leveraged Formosa's lineup of highly specified Formolene polyolefin resins to develop advanced solutions.

The global Thermoplastic polyolefins Market report provides deep insight into the market's current and future state across various regions. The study comprehensively analyses the market by Thermoplastic polyolefins segmenting based on the Type (Polyethylene, Polystyrene, Polypropylene), Applications (Automotive, Buildings & Construction, Medical, Electrical & Electronics, and Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.