High-Performance Polymers Market for Automotive

High-Performance Polymers Market for Automotive Outlook (2023 to 2033)

The global high-performance polymers market for automotive is projected to expand rapidly at a CAGR of 8.1% from 2023 to 2033. Worldwide consumption of high-performance polymers for automotive is valued at US$ 2.15 billion in 2023 and is thus expected to reach US$ 4.7 billion by the end of 2033.

• Demand for high-performance polymers for automotive in the United States is projected to increase at a CAGR of 8.2% and reach US$ 1.55 billion by 2033.
• Application of high-performance polymers in powertrains & engines is forecasted to reach a valuation of US$ 1.41 billion by 2033, advancing at a CAGR of 7.5%.

Noteworthy advancements taking place in the automotive industry are predicted to open up opportunities for industry players. The rising trend of incorporating lightweight materials to improve vehicle performance is expected to increase sales of thermoplastic elastomers and high-performance polymers for automotive during the forecast period.

Increasing demand for high-performance polymers in the automotive industry is driven by their use in a variety of vehicle parts, such as structural components, chassis, interiors, and exteriors. Governments worldwide are enforcing strict emission control regulations, which are emphasizing the need for functional integration and component miniaturization in the automotive sector.

Several original equipment manufacturers (OEMs) are looking for new polymers, which can offer high strength and lower weight to develop cost-effective components. The same polymers can be used to improve the performance and efficiency of automobiles. Rapid artificial intelligence penetration and ever-widening personal mobility trends are also estimated to impact key expansion dynamics of the market in the coming decade.

In recent years, noteworthy developments are taking place in the automated vehicles industry. The increasing need for precision-based vehicles with advanced technologies is predicted to boost sales of high-performance polymers for automotive.

Fact.MR, a market research and competitive intelligence provider, in its recently published research report, offers a detailed analysis of the global high-performance polymers market for automotive. The report provides a thorough insight into market growth drivers, new developments, market trends, regional overview, pricing trends, growth restraints, key market players, and several other aspects.

Report Attributes	Details
Market Size in 2023	US$ 2.15 Billion
Forecasted Market Value (2033)	US$ 4.7 Billion
Global Market Growth Rate (2023 to 2033)	8.1% CAGR
United Kingdom Market Growth Rate (2023 to 2033)	7.1% CAGR
South Korea Market Value (2033)	US$ 103.25 Million
Japan Market Growth Rate (2023 to 2033)	4.8% CAGR
Powertrains & Engines Segment Growth Rate (2023 to 2033)	7.5% CAGR
Key Companies Profiled	BASF SE Saudi Basic Industries Corp. (SABIC) DuPont de Nemours Inc. 3M Company Lanxess Chemical Dow Chemicals Company Mitsui Chemicals Inc. Royal DSM Kuraray Co. Ltd. Evonik Industries AG Celanese Corporation EMS-Chemie Holding AG Solvay S.A.

Why is Demand for High-Performance Polymers for Automotive Surging?

“Increased Production of Electric Vehicles (EVs)”

Production of electric vehicles is predicted to bring in new growth opportunities in the automotive sector, which is predicted to positively impact demand for high-performance polymers for automotive. Manufacturers offer products that are easy to maintain and dirt resistant. Electroactive polymers, liquid-crystal polymers, and ferroelectric polymers are some popular examples of polymers gaining traction.

Ferroelectric polymers are used in the designing of acoustic speaker systems to enhance sound performance and also reduce the weight of vehicles. Stakeholders are engaged in R&D activities to bring innovations in ferroelectric polymers for different high-end vehicles as conventional speakers weigh too much.

Manufacturers of automotive components are seeking advanced polymer and plastic composites, which are integral to the design of automobiles. The unparalleled combination of the properties of polymer material can transform vehicle interiors.

“Vehicle Emission Control Mandates Leading to Increased Production of Reliable Polymers”

Performance and safety requirements of vehicles are generating new growth frontiers in the target industry. Vehicular emission reduction norms and regulations require engine downsizing, reduction of fuel consumption, and light-weighting. These norms are predicted to stimulate key end-use industries to adopt advanced emission-reduction technologies. Industry players are manufacturing reliable polymers, which satisfy consumers’ expectations and adhere to emission norms.

What are the Hindrances to the Adoption of Automotive High-Performance Polymers?

“High Cost and Environmental Hazards Associated with High-Performance Polymers”

The development of high-performance polymers is considered one of the noteworthy trends in the automotive sector. They are generally expensive and require manufacturers to allocate a significant budget for them. Manufacturers operating at a small scale are generally unable to fit in with this market trend, and therefore market opportunities are restrained.

Production of high-grade polymers for automotive is a comparatively costly process. Involvement of noteworthy raw materials can result in wastage along with polluting surroundings.

How Can Start-ups Capitalize on Opportunities in the Global Market for High-Performance Polymers for Automotive?

“Green Manufacturing Trends Leading to Increased Production of Environmentally Sustainable Polymers”

Adoption of high-performance polymers for automotive at a significant rate is predicted to adversely impact the environment. New entrants are investing a handsome amount in introducing green polymers. These newly developed high-performance polymers for automotive are predicted to offset negative impacts, which are related to their production.

Country-wise Insights

What Makes Japan and South Korea Lucrative Markets for Manufacturers of Automotive High-performance Polymers?

“Growing Demand for EVS in Japan Boosting Sales of High-performance Polymers for Automotive”

Sales of high-performance polymers for automotive in Japan are forecasted to progress at a CAGR of 4.8% and reach a valuation of US$ 169 million by the end of 2033.

High-performance polymers are used extensively in electric vehicles. As weight is a prominent factor, which affects the performance and range of electric cars, there arise crucial requirements for heat control. Leading companies looking for more effective ways to control weight and heat are adopting high-performance polymers for automotive.

“Rapid Expansion of Automotive Industry in South Korea Propelling Sales of High-performance Automotive Polymers”

Demand for high-performance polymers for automotive in South Korea is estimated to advance at a CAGR of 5.2% and reach a valuation of US$ 103.25 million by the end of 2033.

• TTTechAuto reports that as of April 1, 2021, the South Korean automotive industry ranked fifth in passenger car production and seventh in global vehicle sales.

This significant growth in the automotive industry in South Korea is predicted to contribute to the rising sales of high-performance polymers for automotive in the coming decade.

How is Demand for High-performance Polymers for Automotive Shaping Up in the United States?

“Increasing Plastic Standardization Boosting Deployment of High-Performance Polymers for Automotive”

Sales of high-performance polymers for automotive are predicted to expand at a high CAGR of 8.2% from 2023 to 2033 to reach US$ 1.55 billion in the United States. Rising demand for plastic standardization is boosting the deployment of high-performance polymers for automotive in the United States automotive industry.

Advanced plastics are predicted to play a significant role in enhancing automotive autonomy and mobility.

For instance :

• The Society of Plastic Engineers (SPE) organized the Automotive Composites Conference in 2020. According to this conference, noteworthy opportunities for industry players are available in the automated vehicles sector. New plastics are enabling the design as well as seamless integration of different advanced content, including transparent displays, ambient light aesthetics, and sensors.

What is the Demand Outlook for High-performance Polymers for Automotive in the United Kingdom?

“Strong Presence of Prominent Premium and Sports Car Manufacturers”

Demand for high-performance polymers for automotive in the United Kingdom is anticipated to progress at a CAGR of 7.1% through 2033 and reach a value of US$ 230 million. The presence of sports and premium car manufacturers in the United Kingdom is predicted to contribute to the rising demand for high-performance polymers for automotive there.

Category-wise Insights

Why is Polyphthalamide (PPA) Extensively Used in the Automotive Industry?

“High Deflection Temperature and High Chemical Resistance of Polyphthalamide”

Based on product type, the global high-performance polymers market for automotive is segmented into liquid crystal polymers (LCPs), polyamide (PA) PA46 & PA4T, polyvinylidene fluoride (PVDF), polyphthalamide (PPA), polyaryletherketone (PAEK), polyphenylene sulfide (PPS), polyether ether ketone (PEEK), ferroelectric polymers, and others. Among these, demand for polyphthalamide is predicted to reach new heights owing to its wide applications for various purposes, including heating and cooling system components, fuel system components, and structural parts.

Sales of PPA are projected to progress at a CAGR of 8.5% to reach a valuation of US$ 1.16 billion by the end of 2033. Several properties of polyphthalamide, including excellent mechanical stiffness & strength, high deflection temperature, high creep & fatigue resistance, high chemical resistance, and superior dimensional stability are predicted to contribute to market growth.

What are the Demand Projections for High-Performance Polymers for Use in Powertrains & Engines?

“Growing Demand for Fuel-efficient and Lightweight Automobiles”

The powertrains & engines, structural components, interior & exterior furnishings, electrical components, under-the-hood components, and other sectors are predicted to contribute to the rising demand for high-performance polymers for automotive. Demand for high-performance polymers is predicted to remain high in the powertrains & engines sector compared to other domains. Demand for high-performance polymers for automotive from the powertrains & engines sector is predicted to expand at a CAGR of 7.5% to reach US$ 1.41 billion by the end of 2033.

The use of high-performance polymers for automotive in the manufacturing of powertrains & engines is helpful to reduce their overall weight and make automobiles more efficient and much lighter. Replacement of traditional metal components with advanced lightweight polymers can lower manufacturing costs and reduce carbon emissions.

Key Market Players

Key manufacturers of high-performance polymers for automotive are emphasizing the availability of user-friendly and more efficient polymers in the global market. They aim to target a reliable consumer base with a supply of quality products that match the standards set by regulatory bodies. Some advanced manufacturing techniques are also incorporated to produce high-performance polymers for automotive at economical prices.

Supply chain management is one of the initiatives of industry players to ensure safe and timely product delivery.

Key industry players are investing significantly in product development to generate leads in the global market.

For instance :

• In May 2021, BASF SE introduced Ultramid® A3WG10 polyamide to support the Manchester Academy for Healthcare Scientist Education (MAHSE) in its efforts to enhance energy efficiency by 50% through the implementation of plastic transmissions in automobiles.

Prominent suppliers of high-performance polymers for automotive include BASF SE, Saudi Basic Industries Corp. (SABIC), DuPont de Nemours Inc., 3M Company, Lanxess Chemical, Dow Chemicals Company, Mitsui Chemicals Inc., Royal DSM, Kuraray Co. Ltd., Evonik Industries AG, Celanese Corporation, EMS-Chemie Holding AG, and Solvay S.A.

Segmentation of High-performance Polymers Industry for Automotive

• By Product Type :

  • Polyphenylene Sulfide (PPS)
  • Polyphthalamide (PPA)
  • Polyamide (PA) PA46 & PA4T
  • Liquid Crystal Polymers (LCPs)
  • Polyether Ether Ketone (PEEK)
  • Polyaryletherketone (PAEK)
  • Polyvinylidene Fluoride (PVDF)
  • Ferroelectric Polymers
  • Others

• By Application :

  • Powertrains & Engines
  • Structural Components
  • Interior & Exterior Furnishings
  • Electrical Components
  • Under-the-hood Components
  • Others

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa