The global high performance polymers market for automotive is slated to reach nearly US$ 4 billion by 2031, expanding at a robust CAGR of approximately 8%, according to a recent research report published by award-winning consulting firm Fact.MR. Growth is majorly reliant on usage of high performance polymers across powertrains, engines, interiors, exteriors, chassis, and structural components.
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As per Fact.MR’s report, high performance polymer demand for automotive components primarily banks on increasing governmental curbs on carbon emission levels. The US EPA estimates that, global carbon emissions from fossil fuels increased significantly since 1970, contributing 78% of total emission levels. Hence, preference for lightweight polymer-based automotive components is inclining, as these help achieve fuel economy by reducing engine load.
Furthermore, surging popularity of electric and autonomous vehicles is also inclining the high performance polymers market for the automotive industry. It is projected by the Institute of Electrical and Electronics Engineers that 3 out of 4 cars will be autonomous by 2040, while the International Energy Agency’s Global EV Outlook pegged sales of electric vehicles at 2.1 million units in 2019, comprising 3% of total car sales.
Key Takeaways from Market Study
- By product, polyphthalamide (PPA) deployment to remain maximum across key application areas
- High performance polymers for powertrain & engine manufacturing to experience major incline
- The U.S. to generate lucrative prospects for high performance polymers in the automated vehicles segment
- High scope for lightweight automotive parts manufacturing to spur high performance polymer sales across China
- India to witness high uptake amid increasing strictness in emission curbing standards
“Prominent players are increasingly tilting towards manufacturing ferroelectric polymers for various components, including acoustic systems, attributed to their low cost, easy processing, high compatibility, and light weight, generating significant revenue streams for the future,” comments a Fact.MR analyst.
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Prominent manufacturers are majorly reliant on expanding existing product portfolios along with capacity expansion initiatives so as to secure a firm footing within the global landscape.
- In August 2020, LANXESS Chemical launched its bio-based prepolymer line, Adiprene Green, as a replacement for fossil based polyether prepolymers to manufacture highly durable polyurethane elastomers. The objective was to create a range of bio-based prepolymers to produce component with a reduced CO2 footprint.
- Recently, in March 2021, Evonik Industries and InnovationLab jointly presented the TAeTTOOz® material technology printable batteries, developed from redox polymers offered by Creavis, Evonik’s strategic innovation unit. The solution presents an innovative technology for the efficient production of rechargeable battery cells.
- In April 2021, 3M Company announced the launch of 3M Ceramic Coating, its new long-lasting protective finish for automotive paint, metal, plastic trim, wheels and glass. The coating delivers high-gloss, extremely slick surface with high aesthetic value and helps shed water quickly.
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What are the Primary Applications that Generate Demand for High Performance Polyphenylene Sulfide (PPS) for Automotive?
High performance polymers mainly find their application in the automotive industry, as a replacement for traditional components. For example, powertrain system and engine components composed of high performance polymers increase the overall power output of engines with a significant reduction in high-level noises, vibrations and harness.
Additionally, the applicative properties of high performance polymers have made their use possible in weight reduction, engine-downsizing and reducing fuel consumption. Moreover, OEMs and automotive companies are coming up with innovative solutions to meet city regulations and customer expectations.
Additionally, companies are working on making safe and clean cars to enhance the mobility experience for consumers. For instance, Victrex a high performance polymers company has come up with a reliable hardware solution for autonomous and connected vehicles. These trends are expected to drive the growth of high performance polymers sales in the coming decade.
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