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.
