Growth Opportunities in the Global Automotive Thermoplastic Resin Composites Market
The future of thermoplastic resin in the global automotive composites market looks good with opportunities in various applications such as powertrain system, electrical and electronics, chassissystem, interior, exterior, under body system, and others. Thermoplastic resin in the globalautomotive composites market is expected to reach an estimated $4.7 billion by 2022 and it isforecast to grow at a CAGR of 5.1% from 2017 to 2022. The major growth drivers for this marketare increasing automotive production and growing demand for lightweight and durable materialsdue to stringent government regulations to increase fuel efficiency and reduce greenhouse gasemissions. The other major drivers of thermoplastic resin for automotive are higher impact strength,better surface finish to the composite materials, and higher production rates than thermoset resin.
In this market, exterior, interior, power train system, under body system, electrical and electronics,chassis system, and others are the major applications. On the basis of its comprehensive research,Lucintel forecasts that the power train system/ engine component is expected to be the largestmarket and under body system is expected to show the highest growth rate during the forecastperiod of 2017 to 2022.
Within thermoplastic resin in the global automotive composites market, glass mat thermoplastic(GMT), short fiber thermoplastic (SFT), long fiber thermoplastic (LFT), continuous fiberthermoplastic (CFT), and others are the major intermediate materials for manufacturing automotiveparts. SFT is expected to remain the largest market by value and volume, mainly driven by smallcomplex shaped components in powertrain system applications.
For business expansion, Lucintel’s report suggests innovation and new product development toachieve higher thermal and hydrolysis resistance with improved mechanical properties forthermoplastic resin. The report further suggests the development of partnerships with customersto create win-win situations and development of low-cost solutions for customers.
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This market report fulfills this core need and is an indispensable reference guide for materialsuppliers, product manufacturers, investors, executives, distributors, and more that operate in thismarket. Some of the features and scope of this report include the following:
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