Allied Market Research

2024

Automotive Thermoplastic Resin Composites Market

Automotive Thermoplastic Resin Composites Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type, by Resin Type and by Fiber Type : Global Opportunity Analysis and Industry Forecast, 2023-2032

MC : Composites

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Author's: | Eswara Prasad
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Automotive Thermoplastic Resin Composites Market Analysis 

A resin matrix, armature, and operational additives are combined to create composite materials. Thermoset and thermoplastic composites are the two types of composites. Structural polymer composites gave way to thermoplastic composites (TMCs). Because they are made of a thermoplastic matrix, these materials are not chemically stable. A physical rather than a chemical change occurs when heat and pressure impregnate a reinforcing fiber with a thermoplastic resin. The thermoplastic composites can now be reshaped and reformed because of this. As a result, when the thermoplastic composite reaches the end of its useful life, it can be recycled.

COVID-19 Impact analysis

COVID-19 lowered the demand for thermoplastic composites in 2020. The removal of cross-country travel restrictions and a recovery in end-use industries will boost demand for thermoplastic composites. The pandemic has had a negative impact on thermoplastic composite demand in a variety of end-use industries, including aerospace and defense, transportation, wind energy, construction, consumer and electronics goods, and others. Due to supply chain disruptions such as raw material delays or non-arrival, disrupted financial flows, and rising absenteeism among production line workers, OEMs have been forced to operate at zero or partial capacity, resulting in lower demand for thermoplastic composites. COVID-19 will cause a drop in thermoplastic composites demand, resulting in fewer aircraft deliveries, fewer wind energy installations, and fewer automobile and electronics sales in the industries mentioned above.

Top Impacting Factors

Due to properties such as recyclability, quick processing, ability to mound and remold, and survival at higher temperatures, the thermoplastic composites industry is growing. Automotive components, rail coaches, and heavy vehicles are all made with thermoplastic composites. These materials are lightweight and aid in the reduction of vehicle weight, which reduces CO2 emissions and improves vehicle fuel efficiency, allowing automakers to meet CAFÉ emission standards (54.5 mpg by 2025) and other fuel standards mandated by environmental agencies. One of the driving factors driving the thermoplastic composites market in the transportation industry is the increased use of thermoplastic composites materials in racing and high-performance vehicle components such as instrumental panels, front-end modules, door modules, roof components, appearance grade components, and under-hood components. The rail industry is also seeing an increase in demand for thermoplastic composites. To reduce weight, high-speed rail uses these materials on the interior and exterior of rail carriers.

Market Trends

  • Electric vehicles (EVs) are environmentally friendly and contribute to the transportation industry's reduction of carbon emissions. In the coming years, the demand for hybrid and electric vehicles is expected to skyrocket. Thermoplastic composites have high strength and contribute significantly to vehicle weight reduction. As a result, they are extremely useful in the manufacture of electric vehicle components. As a result, as the demand for electric vehicles grows, so does the demand for thermoplastic composites.
  • Due to its low cost, SFT composites are the most commonly used type of thermoplastic composites in consumer goods and electronics, as well as transportation applications. LFT and CFT composites are primarily used in transportation and aerospace and defense.
  • The thermoplastics market is expected to grow as the use of thermoplastics in the automotive industry grows. The use of thermoplastic composites in automotive parts is becoming more common. These materials are light and help to reduce vehicle weight, which results in lower CO2 emissions and better fuel economy. The use of thermoplastics in the automotive industry aids automakers in meeting emission and other fuel standards set by environmental agencies.
  • The growth of the thermoplastics market is expected to be aided by the increased adoption of electric vehicles. Electric vehicles (EVs) are friendly to the environment and have gained a lot of popularity in recent years. Thermoplastic composites are extremely useful in the manufacture of electric vehicle parts because they have high strength and contribute significantly to vehicle weight reduction. As a result, demand for thermoplastic composites is growing in tandem with the market for electric vehicles.
  • In terms of volume and value, glass fiber dominated the global thermoplastic composites industry. Glass fibers are in high demand because of their low cost and ability to be processed with a variety of resins. Wind energy, consumer goods and electronics, construction, transportation, and other industries all use glass fiber.
  • The use of thermoplastics in the automotive industry aids automakers in meeting emission and other fuel standards set by environmental agencies.
  • To gain a foothold in the composites industry, these companies are pursuing a variety of inorganic and organic strategies.
  • SABIC, Celenase Corporation, BASF SE, Lanxess AG, Solvay S.A., Mitsubishi Chemical Advanced Materials, SGL Group, DoWDuPont , Toray Industries, Inc., Polyone Corporation are the major players in the automotive thermoplastic resin composites market.

Key Benefits of the Report

  • This study presents the analytical depiction of the automotive thermoplastic resin composites market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the automotive thermoplastic resin composites market share.
  • The current market is quantitatively analyzed to highlight the automotive thermoplastic resin composites market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed automotive thermoplastic resin composites   market analysis based on competitive intensity and how the competition will take shape in coming years

Questions Answered in the Automotive Thermoplastic Resin Composites Report

  • Who are the leading market players active in the automotive thermoplastic resin composites market?
  • What current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What future projections would help in taking further strategic steps?
  • What are automotive thermoplastic resin composites?
  • What does automotive thermoplastic resin composites allow organizations to achieve?
  • Which technologies combine to make automotive thermoplastic resin composites critical organizational asset?
  • What are the current trends and predicted trends?

Automotive Thermoplastic Resin Composites Market Report Highlights

Aspects Details
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By Product Type
  • SFT
  • LFT
  • CFT
  • GMT
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By Resin Type
  • Polypropylene
  • Polyamide
  • Polyetheretherketone
  • Hybrid
  • Others
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By Fiber Type
  • Glass
  • Carbon
  • Mineral
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Rest of LAMEA)
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Key Market Players

AkzoNobel, DowDuPont, Teijin, DSM, Evonik, BASF, Kuraray, SABIC, Mitsubishi Rayon, Lanxess

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Automotive Thermoplastic Resin Composites Market

Global Opportunity Analysis and Industry Forecast, 2023-2032