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

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– 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
Chemicals & Materials Industry battles Tangible Impact of Economic and Cultural changes, Explore Transparency Market Research’s award-winning coverage of the global Chemicals & Materials Market:
Synthetic Latex Polymers Market – https://www.transparencymarketresearch.com/synthetic-latex-polymers-market.html
Sustainable Polymers Market – https://www.transparencymarketresearch.com/sustainable-polymers-market.html
Renewable Polymers Market – transparencymarketresearch.com/renewable-polymers-market.html
About Transparency Market Research
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyse information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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