Market Size of Canada Automotive Thermoplastic Polymer Composites Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.72 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada Automotive Thermoplastic Polymer Composites Market Analysis
The Canada Automotive Thermoplastic Polymer Composites Market is valued at USD 0.8 billion in 2023, and it is expected to reach USD 1.25 billion by 2028, registering a CAGR of 7.72% during the forecast period.
There was a rising interest in thermoplastic polymer composites over the past few years, owing to several advantages of these materials, including high volume processability, recyclability, superior damage tolerance, fracture toughness, and ability to produce complex shapes.
These composites found applications in different modes of transportation, from cars to underground trains. Among thermoplastic composites, long-fiber thermoplastics (LFTs) are being extensively used in the transportation sector.
The automotive industry was impacted due to high fuel prices. Furthermore, in the transportation industry, vehicle OEMs and suppliers use thermoplastic composites to reduce vehicle mass. Due to stringent emission regulations, automotive manufacturers are focusing on reducing the weight of the vehicle, as it helps in saving a noticeable amount of carbon dioxide emissions. A 10 kg weight reduction is estimated to reduce 1 gm of carbon dioxide per km.
Canada Automotive Thermoplastic Polymer Composites Industry Segmentation
The Canada Automotive Thermoplastic Polymer Composites Market refers to the industry involved in the production and distribution of thermoplastic polymer composite materials specifically designed for use in the automotive sector. Thermoplastic polymer composites are materials made by combining thermoplastic polymers, such as polypropylene (PP), polyethylene (PE), or polyamide (PA), with reinforcing fibers or fillers to enhance their mechanical properties.
The Canadian automotive thermoplastic polymer composite market covers the latest trends and technological development and provides an analysis of the market demand by production type and application type. By production type, the market is segmented into hand layup, resin transfer molding, vacuum infusion processing, injection molding, and compression molding. By application type, the market is segmented into structural assembly, power train components, interior, exterior, and others.
The report offers market size and forecasts in value USD.
| By Production Type | |
| Hand Layup | |
| Resin Transfer Molding | |
| Vacuum Infusion Processing | |
| Injection Molding | |
| Compression Molding |
| By Application Type | |
| Structural Assembly | |
| Power-train Components | |
| Interior | |
| Exterior | |
| Other Application Types |
Canada Automotive Thermoplastic Polymer Composites Market Size Summary
The Canada Automotive Thermoplastic Polymer Composites Market is experiencing significant growth, driven by the increasing adoption of these materials in the automotive sector. The rising interest in thermoplastic polymer composites is attributed to their advantages such as high volume processability, recyclability, and superior mechanical properties. These composites are extensively used in various transportation modes, with long-fiber thermoplastics being particularly popular in the automotive industry. The push towards reducing vehicle weight to comply with stringent emission regulations is a key factor propelling the demand for these materials. Innovations in glass mat thermoplastic composites, which offer a balance between cost and mechanical performance, are also contributing to market expansion. The automotive industry's focus on minimizing carbon emissions and enhancing fuel economy through lightweight materials is further driving the market for thermoplastic composites.
The market is characterized by a few dominant players, with companies like 3B-Fiberglass, Base Group, BASF, and Cytec Industries, Inc. leading the charge. Collaborative efforts and strategic partnerships are pivotal in advancing the development and standardization of continuous fiber-reinforced thermoplastic composites (CFRTP), which are crucial for future vehicle designs. The market is witnessing increased demand for glass mat thermoplastic composites, as evidenced by their use in innovative automotive components like the front-end module of Mercedes-Benz's S-class series. The automotive industry's transformation, coupled with the need for sustainable and recyclable materials, is fostering a conducive environment for the growth of thermoplastic polymer composites in Canada.
Canada Automotive Thermoplastic Polymer Composites Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Increasingly Focused On Lightweighting Vehicles
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1.2 Market Restraints
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1.2.1 High Production Cost
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value USD)
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2.1 By Production Type
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2.1.1 Hand Layup
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2.1.2 Resin Transfer Molding
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2.1.3 Vacuum Infusion Processing
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2.1.4 Injection Molding
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2.1.5 Compression Molding
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2.2 By Application Type
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2.2.1 Structural Assembly
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2.2.2 Power-train Components
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2.2.3 Interior
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2.2.4 Exterior
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2.2.5 Other Application Types
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Canada Automotive Thermoplastic Polymer Composites Market Size FAQs
What is the current Canada Automotive Thermoplastic Polymer Composites Market size?
The Canada Automotive Thermoplastic Polymer Composites Market is projected to register a CAGR of 7.72% during the forecast period (2024-2029)
Who are the key players in Canada Automotive Thermoplastic Polymer Composites Market?
3B-Fiberglass, Base Group, BASF SE, Gurit Holding and Solvay SA are the major companies operating in the Canada Automotive Thermoplastic Polymer Composites Market.
