According to predictions, the global RTPO market will be worth US$ 673.3 million in 2022 and will grow at a CAGR of 4.5% to reach US$ 1,043.8 million by the end of 2032. The important industry drivers, restraints, opportunities, and threats that are anticipated to have an impact on growth are highlighted in the Reactor Thermoplastic Polyolefin Elastomer (TPO) market research study. The base year taken into account in this study is 2022, and all conclusions presented in this document pertain to the prediction period of 2022–2032.
This study also contains forecasts for the market’s size, share, and growth rate to help participants in the market capitalise on or invest in emerging market opportunities. The Reactor Thermoplastic Polyolefin Elastomer (TPO) market approach that is being used by rivals and leading businesses is also highlighted in this study. Organizations can track their own performance and move ahead of the competition by learning about the market environment.
Strong RTPO Demand in the Automotive Industry Supports Market Growth
At the end of 2021, sales of RTPO represented roughly 13.4% of the worldwide thermoplastic polyolefin (TPO) market. The expanding automobile industry’s adoption drives up demand for the market.
Among all the performance plastics used in automotive applications, RTPO has gained popularity over the past 20 years thanks to constant R&D spending by producers like Borealis, LyondellBasell, SABIC, LOTTE Chemicals, and Mitsubishi Chemicals.
Additionally, RTPO has undergone significant modifications, such as varying the mix of ethylene, to retain its thickness for a variety of applications in the automobile industry. Overall, the demand for RTPO has increased due to the demand for lightweight vehicle bodywork.
What insights this research provides to readers?
- Reactor Thermoplastic Polyolefin Elastomer (TPO) fragmentation on the basis of product type, end use, and region.
- Comprehensive assessment of upstream starting materials, downstream demand, and present market landscape.
- Collaborations, R&D projects, acquisitions, and product launches of each Reactor Thermoplastic Polyolefin Elastomer (TPO) player.
- Various regulations imposed by the governments on the consumption of Reactor Thermoplastic Polyolefin Elastomer (TPO) in detail.
Why RTPO has a Prominent Application in Medical?
Due to the increasing need for necessary equipment across the globe, investments in the medical sector increased by more than 10% CAGR over the past five years. TPO, PP, PEEK, and other plastics are widely utilised in the production of a range of medical equipment, from implants to injectables.
The demand for plastics in the medical industry is boosted by investments made to limit the use of glass and a greater emphasis on using plastic to cut down on syringe waste. This is anticipated to have a cascading effect on the RTPO industry.
- Formosa Plastics
- Hanwha, Hyosung
- Japan Polypropylene
- Lotte Chemicals
- MOL Slovnaft
- North Huajin Chemical Industries Co., Ltd.
- Prime Polymer
- Sumitomo Chemical