Auto Sector to witness TPO growth
Published By : 10 Jun 2014 | Published By : QYRESEARCH
According to the statistics, the global market for the thermoplastic polyolefins could reach $3.43 billion by 2020, said a research firm.
Growth in the automotive and construction sectors in emerging markets in Asia, particularly China and India are expected to boost the TPO surge, said San Francisco-based Grand View Research Inc. According to Grand View – which is a market research and consulting company providing customized reports and consulting services says, the raw material pricing and the high capacity to demand ratio will be among the other challenges for the market.
In addition, in 2013, the automotive sector accounted for 75 percent of the total TPO market. TPO will show a compound annual growth rate of 6.4 percent from 2014 to 2020, as its feedstock and substitution will be explored, said the report.
TPO use is augmented to experience a growth in applications such as, packaging, construction and, healthcare. Other countries majorly involved in TPO consumption are North America and Asia-Pacific accounting for 37 percent and 35 percent. The report based on, “Thermoplastic Polyolefins (TPO) Market Analysis and Segment Forecasts To 2020,” is on sale now from Grand View Research.