The global thermoplastic polyolefin (TPO) market is expected to grow at a CAGR of 7.3% from 2016 to 2024, reaching $4.3 billion by 2024 as compared with $2.3 billion in 2015, according to a market report from Transparency Market Research titled “Thermoplastic Polyolefin Market (End User - Automotive, Building & Construction, Home Appliances, Medical, Industrial, and Footwear) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”. Based on end-user, the global TPO market is segmented into automotive, building & construction, home appliances, medical, industrial, footwear, and others. In terms of volume and value, the automotive segment accounted for a key share in the market in 2015, followed by the building and construction segment. TPO is extensively used in the manufacture of automotive components such as bumpers, door panels, trims, dashboard skins, and instrument panels. Automotive components made from TPO are lighter in weight and offer excellent durability. An increase in the demand for lightweight materials in the automotive industry is likely to propel the demand for TPO during the forecast period. Based on geography, the global TPO market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Of these, North America leads the global TPO market in terms of volume and value and held over 35% of the market in 2015. A high demand for TPO in the automotive and building and construction industries has been the major factor propelling the demand for TPO in North America in the last few years. However, Asia Pacific reportedly will replace North America as the market leader during the forecast period. Exponential growth in the automotive industry in Asia Pacific is expected to drive the demand for TPO in the coming years. The TPO market in Europe and the Middle East and Africa is projected to show stable growth during the forecast period. Latin America is likely to provide promising growth opportunities for the TPO market in the next few years. However, factors such as price fluctuations of raw materials and a high threat from substitutes are projected to have an adverse effect on the growth of the TPO market. Substitutes such as thermoplastic polyurethane, polyvinyl chloride, and thermoplastic vulcanizate are expected to pose substantial threat to the TPO market in the next few years. Major players in the TPO market include Lyondell Basell Industries Holding B.V., Borealis AG, Exxon Mobil Corporation, Mitsui Chemicals, Inc., Mitsubishi Chemical Holding Corporation, Chevron Phillips Chemical Company LLC, PolyOne Corporation, A.Schulman, and INEOS Group Limited.