Automotive Thermoplastic Polymer Composite Market Forecasted Growth and Revenue Opportunities

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Automotive Thermoplastic Polymer Composite Market Size, Share & Trends Analysis Report By Application (Exterior Body Parts, Interior Components, Structural Components, Automated Parts, Under-the-Hood Applications), Type (Polyamide, Polypropylene, Polycarbonate, Acrylonitrile Butadiene Styrene, Thermoplastic Polyurethane), End User (Passenger Vehicles, Commercial Vehicles, Electric Vehicles, Hybrid Vehicles, Luxury Vehicles), Manufacturing Process (Injection Molding, Compression Molding, Blow Molding, Thermoforming, 3D Printing)- Market Outlook And Industry Analysis 2031"

The Global Automotive Thermoplastic Polymer Composite Market is valued at US$ 8.53 Bn in 2023, and it is expected to reach US$ 12.65 Bn by 2031, with a CAGR of 5.2% during the forecast period of 2024-2031.

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The automotive thermoplastic polymer composite segment plays a crucial role in the industry, as it requires materials that are both lightweight and durable while also offering sustainability. This is achieved through the blending of polymer reinforcement fibers such as glass, carbon, and aramid, resulting in advanced materials that enhance vehicle component performance and provide substantial environmental benefits. These composites are utilized in a wide range of applications, including exterior body parts such as bumpers and fenders, which require impact resistance and lightweight properties, as well as interior components like dashboards and door panels that emphasize durability and design flexibility. They are also used in structural parts, offering the necessary strength and rigidity, and in under-the-hood components such as intake manifolds and engine covers, which must withstand high temperatures and challenging conditions.

Thermoplastic polymer composites are particularly relevant to the automotive industry due to their potential to meet emerging sector demands, especially in reducing emissions. By decreasing vehicle weight, these composites contribute to lower fuel consumption and carbon dioxide emissions, helping manufacturers comply with stringent environmental regulations. Moreover, the recyclability of these materials has become a significant advantage, aligning with the growing emphasis on sustainability across the industry. As consumer awareness of environmental issues continues to rise, the demand for recycled materials in vehicles is expected to increase, further driving the adoption of thermoplastic composites in automotive manufacturing.

List of Prominent Players in the 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

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Market Dynamics:
Drivers:
The demand for automotive thermoplastic polymer composites is experiencing significant growth, driven by the estimated 6%-8% improvement in fuel economy per 10% reduction in vehicle weight, coupled with the increasing need for lightweight materials to reduce vehicle emissions. This demand is further fueled by the growing focus on electric vehicles, where the use of these composites enhances battery range and overall vehicle performance. As the automotive industry faces increasing pressure to meet emissions reduction targets, the adoption of recyclable materials such as thermoplastic composites aligns with global sustainability objectives. Additionally, advancements in manufacturing technologies, alongside decreasing material costs, have made thermoplastic composites more accessible, cost-effective, and scalable, facilitating their widespread adoption within the industry, which is increasingly prioritizing eco-friendly and recyclable materials.

Challenges:
The automotive thermoplastic polymer composite market is confronted with several challenges, including the high cost of raw materials such as carbon fiber, which hinders mass-market adoption. Production scalability is restricted by traditional, labor-intensive manufacturing processes, complicating the ability to achieve high-volume output. Furthermore, the lack of standardization in materials creates difficulties in selection and testing processes, while concerns regarding the durability of these materials-such as moisture absorption and degradation-pose challenges for ensuring long-term performance and reliability.

Regional Trends:
Europe is the leading market for automotive thermoplastic polymer composites, largely due to its concentration of major automotive manufacturers such as Volkswagen, BMW, and Mercedes-Benz, which foster competition and drive innovation in advanced material production. Substantial investments in research and development have improved the properties of thermoplastic composites, making them increasingly attractive for use in the automotive sector. Initiatives like the Institute for Advanced Composites Manufacturing Innovation contribute to the standardization and advancement of these technologies. Furthermore, the growing demand for lightweight materials in electric vehicles is being driven by the rise in electric vehicle adoption in the region, as companies like BMW Group, Daimler AG, and Volkswagen Group strive to enhance battery and vehicle performance while meeting consumer expectations and regulatory standards for sustainability.

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Recent Developments:
• In October 2023, Kraton Performance Polymers, Inc. announced the development of a new SBC-based alternative for slush molded interior soft skins. Traditionally, slush molding processes have used polyvinyl chloride (PVC) compounds to create interior surfaces for automobiles, including instrument panel skins, door panels, airbags, and consoles.
• In Sep 2023, Teijin has partnered with Germany's herone GmbH and the UK's Envision Racing to develop a composite wishbone for Formula E racing cars using TenaxTM ThermoPlastics. This collaboration combines cutting-edge materials and advanced manufacturing techniques, demonstrating how innovative partnerships can foster sustainable solutions for the future.

Segmentation of Automotive Thermoplastic Polymer Composite Market-
By Application:
• Exterior Body Parts
• Interior Components
• Structural Components
• Automated Parts
• Under-the-Hood Applications
By Type:
• Polyamide
• Polypropylene
• Polycarbonate
• Acrylonitrile Butadiene Styrene
• Thermoplastic Polyurethane
By End User:
• Passenger Vehicles
• Commercial Vehicles
• Electric Vehicles
• Hybrid Vehicles
• Luxury Vehicles
By Manufacturing Process:
• Injection Molding
• Compression Molding
• Blow Molding
• Thermoforming
• 3D Printing
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.