High Performance Polymers Market for Automotive: Introduction
Transparency Market Research delivers key insights on the global high performance polymers market for automotive. In terms of revenue, the global high performance polymers market for automotive is estimated to expand at a CAGR of ~8% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global high performance polymers market for automotive.
The global high performance polymers market for automotive is broadly affected by several factors including usage of high performance polymers in various automotive applications, including powertrain, engine, and other components. Increase in applications of high performance polymers in the automotive sector is propelling the global high performance polymers market for automotive.
High Performance Polymers Market for Automotive: Dynamics
The increase in the demand for high performance polymers among manufacturers of engineered materials such as composites used in various vehicle components such as interiors, exteriors, chassis, and structural components is projected to drive the high performance polymers market for automotive during the forecast period.
The need for vehicle weight reduction, driven by the desire for improved mileage and lower CO2 emissions, is resulting in component miniaturization and functional integration in the automotive industry. Thus, OEMs are seeking novel materials that offer lower weight and high specific strength to develop cost-effective component solutions with improved efficiency and performance.
OEMs are substituting traditional materials with advanced engineered ones such as engineered plastics, aluminum, filled elastomers, specialty silica, and other high performance polymers. High performance polymers exhibit properties such as high strength, stiffness, environmental resistance, and lightweight.
High performance polymers are used in automotive applications for emission control components, lighting components, and fuel system parts. PPS resin possesses strong insulation and heat- and chemical-resistance properties. Consequently, it is employed in the housing of condenser in hybrid vehicles.
High Performance Polymers Market for Automotive: Prominent Regions
Asia Pacific dominated the global high performance polymers market for automotive in 2019. Increase in presence of automotive and automotive components manufacturers across the region is a major factor driving the demand for high performance polymers for automotive in Asia Pacific.
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The high performance polymers market for automotive in North America is anticipated to expand at a significant pace during the forecast period. Presence of large numbers of domestic manufacturers in the U.S. and Canada and rise in the demand for high performance polymers in the automotive sector are projected to propel the market in the region during the forecast period.
The development of electric vehicles is expected to continue to gain momentum in the near future, especially in Europe, where numerous government programs are promoting the use of electric vehicles. This is anticipated to boost the demand for high performance polymers for automotive. Furthermore, implementation of stringent guidelines, primarily about the environment and reduction in fuel consumption, is boosting the demand for high performance polymers in the transportation sector.
High Performance Polymers Market for Automotive: Key Players
The global high performance polymers market for automotive is fragmented with the presence of a large number of players. Key players operating in the global high performance polymers market for automotive are BASF SE, Dow, SABIC, 3M, Mitsui Chemicals, Inc., Solvay S.A., Nemours, Inc., LANXESS, DSM, Evonik Industries AG, Kuraray Co., Ltd., Celanese Corporation, DAIKIN INDUSTRIES, Ltd., and Arkema.
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