A composite is defined as a multiphase material that exhibits a significant proportion of properties of both constituent phases. It usually consists of a continuous phase, called the matrix, and a dispersed phase called the reinforcement. Polymer matrix composite is polymer-based reinforced material that is used in various end-use industries such as construction, transportation, oil & gas, sports, energy, aerospace, consumer goods, and electrical & electronics. The automotive industry is a prominent end-use industry for polymer matrix composites. Various resins such as polypropylene, polycarbonates, polyamides, acrylonitrile-butadiene styrene, and other engineered plastics are employed, along with reinforcing fibers, to manufacture automotive polymer matrix composite. The global automotive polymer matrix composites can be segmented into fiber used and application areas in the automotive industry. The most commonly used fibers for automotive application are carbon fiber and glass fiber. The carbon fiber reinforcement possesses diverse mechanical and physical characteristics such as a high strength to weight ratio and corrosion resistance. These properties allow it to be utilized to make lightweight and strong components. However, glass reinforcement is majorly produced due to its relatively low cost and competitive physical and mechanical characteristics. Nevertheless, high strength to weight ratio of carbon fibre reinforced composites is predicted to offer enormous growth opportunities during the next few years.
Composites offer many structural and weight advantages over traditional steel and injection molded automotive parts such as cost and weight reduction and recyclability. Polymer matrix composites are generally employed in the manufacturing of interiors, exteriors, and structural parts. The exterior segment accounts for significant share of the automotive polymer matrix composites market. The carbon fiber reinforced composites is anticipated to be highly attractive segment by the end of the forecast period due to rising demand for high performance lightweight materials in the automotive industry.
The passenger cars segment is anticipated to drive the expansion of the global automotive industry due to a rise in disposable income. However, increasing environmental concerns and pollution are estimated to be a slight hindrance during the forecast period. Automotive manufacturers are focusing on reducing their weight to provide highly efficient cars and reduced fuel consumption. Therefore, OEMs are substituting traditional materials with advanced engineered composites such as polymer matrix composites. Furthermore, polymer matrix composites offer high stiffness, tensile strength, and temperature tolerance, and low weight and thermal expansion. Thus, they are preferred in the manufacture of automobiles. This is estimated to boost the demand for automotive polymer matrix composites during the forecast period. Additionally, polymer-reinforced composites offer excellent crash performance as compared to traditional steel. Therefore, along with weight reduction, composites in vehicles offer better safety components. These properties are predicted to augment the demand for automotive polymer matrix composites in the near future. However, the high cost of carbon composites might slightly hinder the expansion of the automotive composites market in the near future.
In terms of geography, the global automotive polymer matrix composites market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The automotive polymer matrix composites market in Asia Pacific is anticipated to expand during the forecast period due to rapid expansion of the automotive industry in countries such as China, India, and Japan. Thus, Asia Pacific is anticipated to dominate the global market during the forecast period. North America and Europe follow Asia Pacific in the automotive polymer matrix composites in terms of market share. Nonetheless, North America is anticipated to offer high growth opportunities for the carbon reinforced automotive polymer composites market. The automotive polymer matrix composites market in Latin America is likely to expand at a significant rate during the forecast period, due to the considerable expansion of the automotive industry in the region. Middle East & Africa is also anticipated to expand in the automotive polymer matrix composites market.
The global automotive polymer matrix composites market is slightly consolidated, with U.S. and China being prominent manufacturers of composites. However, there are several manufacturers around the world. Key players operating in the automotive polymer matrix composites market include Hexcel Corporation, TPI Composites, Inc., Owens Corning, Teijin Limited, Toray Industries, and Hexagon Composites
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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