The Automotive Thermoplastic Polymer Composite Market Size is valued at USD 8.53 Bn in 2023 and is predicted to reach USD 12.65 Bn by the year 2031 at an 5.2% CAGR during the forecast period for 2024-2031.
The automotive thermoplastic polymer composite market is dynamically transforming with the advancement of better-quality materials that can contribute toward better performance and solve environment-related issues. Thermoplastic polymer composites made for the automotive sector comprise a mixture of reinforcing glass or carbon fibers along with thermoplastic polymers, resulting in lightweight materials that can be shaped in complex geometries with much strength. The various applications in the automotive field make these composites highly suitable, which are predominantly the outer parts such as bumpers and body panels, inner parts such as dashboards and door panels, structural components supporting the body structure of the vehicle, and under-the-hood components which endure high temperatures due to stress.
Light vehicles form one of the growth drivers for the market. Methods to reduce the overall weight of a vehicle are employed by manufacturers to combat stringent emission regulations and lessen fuel consumption. Cutting just 10 kilograms from the weight of a vehicle could cut carbon dioxide emissions by approximately 1 gram per kilometer. This focus on sustainability is supporting the need for regulation compliance and consumer desire for green automobiles, so appealing to the use of thermoplastic polymer composites in automotive design.
Competitive Landscape
Some of the Key Players in Automotive Thermoplastic Polymer Composite Market:
- Covestro
- DuPont
- Teijin
- Kraton Corporation
- BASF
- Lanxess
- SABIC
- Solvay
- TenCate
- Eastman Chemical Company
- Continental
- LG Chem
- PolyOne
- Forgeway
- Mitsubishi Chemical
- Reliance Industries Limited
- Advanced Composites Pvt Ltd
- SGL Carbon India Pvt Ltd
- Tata AutoComp Systems Ltd
- SABIC Innovative Plastics India Pvt Ltd
Market Segmentation:
The automotive thermoplastic polymer composite market is segmented by application, type, end user, and manufacturing process. By application, the market is segmented into exterior body parts, interior components, structural components, automated parts, and under-the-hood applications. By type market is categorized into polyamide, polypropylene, polycarbonate, acrylonitrile butadiene styrene, thermoplastic polyurethane. By end user market is categorized into passenger vehicles, commercial vehicles, electric vehicles, hybrid vehicles, luxury vehicles. By manufacturing process, the market is categorized into injection molding, compression molding, blow molding, thermoforming, 3d printing.
Polyamide is Expected to Drive the Automotive Thermoplastic Polymer Composite Market
Polyamide (PA) is a strong growth driver in the automotive thermoplastic polymer composite market as it is lightweight, highly temperature resistant, durable, and resistant to chemicals, which make it indispensable for fuel efficiency improvement and to meet the required level of emissions. Its resistance to high temperatures and wear makes it suitable for challenging applications such as under-the-hood components. Throughout the entire automotive sector, this thermoplastic is often used in air intake manifolds that normally comprise replacement parts with metal, such as reinforced-glass PA; fuel systems because of their chemical resistant attribute, safety attributes like bags' storage containers-against-impact properties, or electronic systems used in most forms of EVs-superb insulation characteristic for harness cable and wiring.
Injection Molding is Growing at the Highest Rate in the Automotive Thermoplastic Polymer Composite Market.
The most rapidly growing process in the automotive thermoplastic polymer composite market is injection molding, primarily because of efficiency and the potential for producing large volumes and suitability for producing complex shapes demanded by modern vehicle components. The material utilization can also be supported with this process since material waste can be avoided since the leftover material can sometimes be recycled. This includes the potential to enable lightweight thermoplastic composites, such as polyamide and polypropylene, where the trend in the automotive industry to reduce vehicle weight continues to be driven by requirements for improved fuel efficiency and lower emissions. In addition, improvements in injection molding technology, such as enhanced processing control and material formulations, are decreasing production costs and cycle times, making this technology increasingly appealing for use in the automotive industry.
Regionally, Europe Led the Automotive Thermoplastic Polymer Composite Market.
Europe is the current market leader in automotive thermoplastic polymer composites, with a strong automotive industry and major manufacturers in countries such as Germany, France, and Italy, which are renowned for innovation and quality. European automobile manufacturers invest billions of euros in R&D; in 2022 alone, €363 billion was spent toward the creation of lightweight, fuel-efficient vehicles, which speeds up the adoption of thermoplastic composites for weight loss and efficiency improvement. Another high-impact driver is the strict emission standards of the EU, forcing automotive companies to adopt lightweight material. Sustainability initiatives for natural fiber-based eco-friendly composites are also on the rise. The rapid expansion of EVs in Europe consequently requires higher demand, as the usage of composites helps maximize battery efficiency, which in turn enhances vehicle performance.
Automotive Thermoplastic Polymer Composite Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 8.53 Bn |
|
Revenue Forecast In 2031 |
USD 12.65 Bn |
|
Growth Rate CAGR |
CAGR of 5.2% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Application, Type, End User, Manufacturing Process |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; Southeast Asia |
|
Competitive Landscape |
Covestro, DuPont, Teijin, Kraton Corporation, BASF, Lanxess, SABIC, Solvay, TenCate, Eastman Chemical Company, Continental, LG Chem, PolyOne, Forgeway, Mitsubishi Chemical, Reliance Industries Limited, Advanced Composites Pvt Ltd, SGL Carbon India Pvt Ltd, Tata AutoComp Systems Ltd, SABIC Innovative Plastics India Pvt Ltd |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Geographic competitive landscape. |
|
Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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