Global Automotive Thermoplastic Polymer Composite Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

The Global Automotive Thermoplastic Polymer Composite Market is estimated to be USD 6.4 Bn in 2023 and is expected to reach USD 9.45 Bn by 2028 growing at a CAGR of 8.11%.

The automotive industry is during a transformative shift towards lightweight, eco-friendly, and cost-effective materials to meet the demands of fuel efficiency, sustainability, and performance. Within this context, thermoplastic polymer composites have emerged as a critical technological innovation. These advanced materials, comprised of polymers and reinforcing fibers, offer remarkable versatility, strength-to-weight ratios, and recyclability, making them increasingly essential in modern automotive manufacturing.

Several key trends are significant in terms of driving factors for the automotive electric actuators market. Firstly, there is a growing demand for hybrid and electric vehicles (EVs) as part of the broader move towards eco-friendly transportation. Secondly, there's a rising interest in lightweight automotive components to enhance fuel efficiency and reduce emissions. Additionally, environmental agencies' stringent emission and fuel standards are pushing automakers to adopt electric actuators and advanced technologies to meet regulatory requirements. However, a significant challenge is the high cost of raw materials required for manufacturing electric actuators. This cost factor can impact the overall pricing and affordability of vehicles equipped with electric actuators, influencing manufacturers and consumers in the automotive industry.

Market Segmentations

• The Global Automotive Thermoplastic Polymer Composite Market is segmented based on Production Type, Fibre Type, Application, and Geography.
• The type of fiber used has a significant impact on the mechanical properties, weight reduction, and cost-effectiveness of these composites. In this market, various fiber types are used, and they can be broadly categorized as follows:
• Carbon fiber is a highly sought-after material in the automotive industry due to its exceptional strength-to-weight ratio. It is known for its high stiffness, low weight, and resistance to corrosion, making it ideal for lightweighting applications. In the automotive sector, carbon fiber-reinforced composites are used for components like body panels, interior trim, and structural parts, contributing to improved fuel efficiency and performance.
• Glass fiber is a versatile and widely used fiber type in thermoplastic polymer composites. It offers good strength, impact resistance, and cost-effectiveness. Glass fiber-reinforced composites are commonly employed in automotive applications such as bumpers, interior components, and under-the-hood parts, where high strength and durability are required, but weight reduction is not as critical as with carbon fiber.
• Natural fibers, such as flax, hemp, and jute, are gaining traction as eco-friendly alternatives to synthetic fibers. They are biodegradable and renewable, making them suitable for certain interior and non-structural automotive components. Natural fiber-reinforced composites are used in applications like door panels and upholstery, contributing to sustainability and reduced environmental impact.
• Mineral fibers are less common but offer unique properties, such as excellent fire resistance and thermal insulation. They find use in specialized automotive applications, particularly in parts that require fire protection, such as engine compartment insulation.
• This category encompasses various other fiber types, including aramid, basalt, and more. These fibers may be used for specific automotive applications where their unique properties are advantageous, such as high-temperature resistance or electromagnetic shielding.

Recent Development

• Mitsubishi Chemical Co., Ltd. announced the development of a new carbon fiber prepreg that can be used as a part of an automotive engine. - June 2021

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are 3B-Fiberglass, AVANCO GmbH, Avient Corporation, Base Group, BASF, Celanese Corporation, etc.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyse and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Automotive Thermoplastic Polymer Composite Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Automotive Thermoplastic Polymer Composite Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Automotive Thermoplastic Polymer Composite Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter's 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 and the impact of economic slowdown & impending recession on the market are also featured in the report.
• The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report also contains the competitive analysis using Positioning Quadrants, the Proprietary competitive positioning tool.

Report Highlights

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market