High Performance Polymers Market for Automotive to Expand at CAGR of 7.6% During Forecast Period, finds TMR Study

High Performance Polymers Market for Automotive to Expand at CAGR of 7.6% During Forecast Period, finds TMR Study

PR Newswire

ALBANY, N.Y., Dec. 16, 2021

- Role played by OEMs to seek novel materials for component miniaturization and functional integration boosts demand in the high performance polymers market for automotive

- Array of applications of high performance polymers in emission control, fuel system components, and lighting components cements growth

ALBANY, N.Y., Dec. 16, 2021 /PRNewswire/ -- The high performance polymers market for automotive is estimated to cross US$ 3.7 Bn in valuation by 2030. The increasing demand for high performance polymers for various composites used in various vehicle parts such as exteriors, interiors, chassis, and structural components is fueling the growth of the high performance polymers market for automotive. Stringent emission control regulations in place by several governments worldwide are emphasizing on component miniaturization and functional integration in the automotive industry. This is leading OEMs to seek novel polymers that offer lower weight and high strength to develop cost-effective components with improved efficiency and performance.

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High Performance Polymers Market for Automotive – Key Findings of Report

Product Innovations for Improved Automotive Component Design Create Business Opportunities

The emergence of electric vehicles is creating a storm in the automotive sector, thus impacting the demand for high performance polymers market for automotive. Manufacturers are developing products that are easy to maintain, dirt resistant, and pleasant for the senses. Ferroelectric polymers, liquid-crystal polymers, and electroactive polymers are some examples of novel high performance automotive polymers that are gaining popularity. For instance, ferroelectric polymers are being used to design acoustic speaker systems to attain sound performance and reduce the weight of vehicles.

Furthermore, in order to strengthen this, stakeholders are engaging in R&D to innovate in ferroelectric polymers for high-end vehicles since traditional speakers weigh as much as several dozen kilograms.

Manufacturers of automotive components seek advanced plastics and polymer composites that are integral to automotive designs. The unparalleled combination of polymer material properties is transforming vehicle interiors.

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Substantial Demand from Powertrain & Engine Application Segment

The powertrain & engine application is estimated to lead the high performance polymers market for automotive vis-à-vis volume in the upcoming years. The use of high performance polymer in powertrains helps reduce their weight to attain fuel efficiency. This further helps to reduce the total cost of systems at the same time.

Besides this, replacing of metal components in powertrain systems with lighter polymers has had a positive impact on their design and production processes. This cements the growth of the high performance polymer market for automotive.

Vehicle Emission Control Mandates Rapid Manufacture of Reliable Polymers

The safety and performance requirements of vehicles are creating new growth frontiers in the high performance polymers market for automotive. Vehicular emission reduction norms require engine downsizing, light weighting, and reduce fuel consumption. This is mandating companies in the high performance polymers market for automotive to step into advanced emission reduction technologies.

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Furthermore, companies are increasing the manufacturing of reliable polymers that adhere to city emission norms and satisfy consumer expectations.

India stands as the fifth leading automotive manufacturing hub worldwide. However, automotive OEMs in the country face challenges of meeting upcoming CO2 and tailpipe emission standards, due to transformation in technology trends. This opens opportunities in the high performance polymers market for automotive.

High Performance Polymers Market for Automotive – Growth Drivers

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High Performance Polymers Market for Automotive – Key Players

Some of the key players operating in the high performance polymers market for automotive are BASF SE, 3M, Solvay S.A, LANXESS, Evonik Industries AG, Celanese Corporation, Arkema, Dow, SABIC, Nemours Inc., Kuraray Co. Ltd., DAILIN INDUSTRIES LTD., and Mitsui Chemicals.

The High Performance Polymers Market for automotive is segmented as follows;

High Performance Polymers Market for Automotive, by Product

High Performance Polymers Market for Automotive, by Application

High Performance Polymers Market for Automotive, by Region

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