Introduction
The Global Automotive Thermoplastic Polymer Composites Market is set to surge from USD 6.25 Bn in 2023 to a projected USD 9.23 Bn by 2028, growing at a CAGR of 8.10%.
The automotive industry is undergoing a significant transformation, shifting towards the use of lightweight, environmentally friendly, and cost-effective materials to meet the requirements of fuel efficiency, sustainability, and performance. In this evolving landscape, thermoplastic polymer composites have emerged as a pivotal innovation. These advanced materials, composed of polymers and reinforcing fibers, offer exceptional versatility, impressive strength-to-weight ratios, and recyclability, making them increasingly indispensable in contemporary automotive manufacturing.
A growing preference for eco-friendly transportation is driving the rising demand for hybrid and electric vehicles (EVs). Manufacturers are emphasizing lightweight vehicle components to enhance fuel efficiency and reduce emissions. Stringent emission and fuel standards are compelling automakers to adopt electric actuators and advanced technologies for compliance. However, the high costs of raw materials for these actuators pose a potential impact on vehicle pricing and affordability, influencing both manufacturers and consumers in the auto industry.
In terms of opportunities in the automotive electric actuators market, a notable trend is the increasing demand within the transportation sector. Additionally, electric actuators find diverse applications in transportation, but they face challenges, including the growing production of affordable thermoplastic composites. This factor can affect their competitiveness and market position in the automotive sector.
Segment Analysis
The Automotive Thermoplastic Polymer Composite Market is segmented based on Production Type, Fibre Type, and Application Type.
Based on Application Type, the Exterior segment has the largest market share because of the automotive industry’s high usage of thermoplastic polymer composites.
The Automotive Thermoplastic Polymer Composite Market uses segmentation to provide insights to manufacturers and consumers in the automotive industry. Additionally,
Regional Analysis
Additionally, the United States, have held prominent positions in the global automotive industry. They have made significant contributions to the automotive thermoplastic polymer composite market. This dominance results from a automotive sector, a focus on innovation, and a large domestic market. Government initiatives like CAFE standards actively promote lightweight materials like thermoplastic composites for better vehicle fuel efficiency. Furthermore, the presence of major automotive manufacturers like General Motors and Ford further solidifies the region’s influence in this market.
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List of Companies
The report provides profiles of the key companies, outlining their history, business segments, product overview, and company financials. Some companies from the competitive analysis are Avient Corporation, Base Group, Mitsubishi Chemical Corporation, Solvay, Tejin Limited, etc.
Key Developments
Mitsubishi Chemical Co., Ltd. announced the development of a new carbon fiber prepreg suitable for use as a component in an automotive engine. – June 2021
Frequently Asked Questions
How Much Is The Global Automotive Thermoplastic Polymer Composites Market Size?
The Global Automotive Thermoplastic Polymer Composites Market is set to surge from USD 6.25 Bn in 2023 to a projected USD 9.23 Bn by 2028, growing at a CAGR of 8.10%.
What Is The Major Global Automotive Thermoplastic Polymer Composites Market Driver?
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Increase in Demand for Hybrid and Electric Vehicles
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Rising Usage in the Transportation Sector
Which Region Held The Highest Share In The Automotive Thermoplastic Polymer Composites Market?
Europe continues to be a dominant player in the Thermoplastic Polymer Composites. The EU has invested heavily in complex exhaust control technology to deliver vehicles beyond today’s stringent emission standards.
Who Are The Automotive Thermoplastic Polymer Composites Market Players?
3B-Fiberglass, AVANCO GmbH, Avient Corporation, Base Group, etc
