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(IndustryNews247.Com, May 24, 2023 ) The report "Automotive Carbon Thermoplastic Market (CFRTP Composites) by Resin Type (PA, PPS, PP, PEI, PEEK, PC) and Application (Exterior, Interior, Chassis, Powertrain & UTH) - Global Forecast to 2021", The market size for automotive carbon thermoplastic is estimated to reach USD 549.4 Million by 2021, registering a CAGR of 29.65% between 2016 and 2021.
Growth of the CFRTP market is driven by increase in demand for fuel efficient vehicles, CO2 and GHG emissions reduction efforts, weight reduction, parts consolidation, and energy efficiency. Carbon thermoplastics, such as carbon fiber reinforced polymers (CFRP), offer several advantages in the automotive industry, including lightweight construction, high strength-to-weight ratio, improved fuel efficiency, and enhanced performance.
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The demand for carbon thermoplastics in the automotive sector is driven by various factors, including stringent emission regulations, a growing focus on lightweight materials to improve fuel economy, and increasing consumer preference for high-performance vehicles. Additionally, the expanding electric vehicle (EV) market has created new opportunities for carbon thermoplastics, as EV manufacturers seek to optimize the weight of their vehicles to extend battery range.
Browse in-depth TOC on "Automotive Carbon Thermoplastic Market”
66 - Market Data Tables
86 - Figures
182 - Pages
Exterior Application: The most dominant application segment in the CFRTP composites market
Use of CFRP composites is considered as one of the most effective ways of reducing vehicle weight and improving fuel economy and emissions levels. However the relatively higher cost of the material limits its use in only a handful of high-end cars production. CFRP composites are used for body-in-white, hood, roof, doors, fenders, deck-lid/trunk-lid, and other exterior components. Despite their cost, there is little economic incentive to attempt repairs on such parts, and this is unlikely to see any decline in terms of volume.
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Powertrain & UTH: The fastest-growing application segment of the CFRTP composites market
The market for CFRTP composites in the powertrain & UTH application segment is growing faster rate than in exterior, interior, and chassis application segments, in terms of value and volume. Properties of CFRTP composite such as light weight, durability, design flexibility, and uniform surface make them ideal for use in powertrain. CFRTP have been used to reduce weight, to dampen noise and vibrations, and also to make single-piece clutch cylinders, shift control cables, air intake manifolds, engine covers, accelerator and parking brake pedals, fuel system and cooling system components, and gear-lever housing.
The Asia-Pacific automotive industry is witnessing a phase of rapid transformation and growth, mainly driven by stable economic growth and infrastructure development. The auto components industry of the region is also developing rapidly to complement the growth of the automotive industry. Asia-Pacific is a global sourcing hub for key automotive companies. Healthy economic growth, changing consumer preferences, improvement in the standard of living, and increased spending on infrastructure in the automotive sector are expected to drive the carbon thermoplastics market.
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Key market players in the carbon thermoplastics market
The key players in this market are BASF SE (Germany), Celanese Corporation (U.S.), Cytec Solvay (U.S.), Du Pont (U.S.), Gurit Holding Ag (Switzerland), Quickstep Holdings Limited (Australia), Saudi Basic Industries Corporation (Saudi Arabia), SGL Group (Germany), Teijin Ltd (Japan), Tencate (Netherlands), the Dow Chemical Company (U.S.), and Toray Industries Inc. (Japan).
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