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.
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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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.
- 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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