Automotive Carbon Thermoplastic Market projected to reach USD 2269.1 Million by 2030, growing at a CAGR of 18.78% during the forecast period of 2023-2030 – a comprehensive study by MarketDigits

The Global Automotive Carbon Thermoplastic Market was valued USD 572.7 Million in 2023 and projected to reach USD 2269.1 Million by 2030, growing at a CAGR of 18.78% during the forecast period of 2023-2030

Richmond, Feb. 13, 2024 (GLOBE NEWSWIRE) — According to a research report “Automotive Carbon Thermoplastic Market, by Materials Type (Polyether ether ketone, Polyetherimide, Polyamide, Polypropylene, Polyphenylene sulphide, Polycarbonate, Others), By Application (Making interior, exterior, Chassis, Structural Components, Bicycle bodies, others) and Region – Global Forecast to 2030.

Global Automotive Carbon Thermoplastic Market Report Scope:

Report Details
Market size value in 2023 USD 572.7 Million
Market size value in 2030 USD 2269.1 Million
CAGR (2023-2030) 18.78%
Forecast Period 2023–2030
Historic Data 2019
Forecast Units Value (USD Million/USD Billion)
Segments Covered Materials Type, Component, End User and Region
Geographies Covered North America, Europe, Asia Pacific, and RoW
 
  • BASF
 
  • Cytec Solvay Group (US)
Sample of Companies Covered
  • PlastiComp, Inc. (U.S.)
 
  • DowAksa (Turkey)
 
  • SGL Group (Germany)

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TOC Covers in Depth & Breath on Automotive Carbon Thermoplastic Market
170 – Market Data Tables
65 – List of Figures
225 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings/ Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.

Market Overview

Carbon fiber reinforced thermoplastic composite is the name given to the automotive carbon thermoplastic. It is a thermoplastic material that is both stiff and lightweight. It is useful in the automotive sector for interior, exterior, chassis, aerospace, construction, sports, and consumer applications. Manufacturers prefer automobile carbon thermoplastic to minimize product weight and maintain sustainability. Lowering the vehicle’s weight reduces costs while also improving fuel economy. The usage of lightweight composite materials can reduce weight by up to 50%. It also aids in the improvement of the strength-to-weight ratio. Automotive Carbon Thermoplastics are created from many materials such as Polyether ether ketone, Polyetherimide, Polyamide, Polypropylene, Polyphenylene sulphide, Polycarbonate, Others. Carbon fiber thermoplastic materials are used in sports equipment, chassis, and other applications. They are stronger and lighter than typical metals used in body and structural components.

Major vendors in the global Automotive Carbon Thermoplastic Market:

  • BASF
  • Cytec Solvay Group (US)
  • PlastiComp, Inc. (U.S.)
  • DowAksa (Turkey)
  • SGL Group (Germany)
  • TORAY INDUSTRIES, INC. (Japan)
  • TEIJIN LIMITED (Japan)
  • Hexcel Corporation (U.S.)
  • Arkema S.A. (France)
  • Mitsubishi Chemical Holdings Corporation (Japan)
  • Covestro AG (Germany)
  • Plasan Carbon Composites (U.S.)

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 Growing preference for use of ecofriendly materials in automotive industry

The growing preference for eco-friendly materials in the automotive industry, such as those made of resins and which are highly resistant to deformation, alkali, alkaline, and acid corrosion, is one of the main factors driving the global automotive carbon thermoplastic market. The automotive sector faces ongoing pressure to reduce its carbon footprint and embrace more climate-friendly methods. Conventional manufacturing methods including molding, casting, and machining have had a big effect on the environment. In order to lessen its carbon impact, the automotive industry has acknowledged this challenge and is implementing sustainable production techniques. In order to lessen its carbon impact, the automotive industry has acknowledged this challenge and is implementing sustainable production techniques.

Market Dynamics

Drivers:

  • Its light weight and high strength
  • Increasing focus on lightweighting vehicle
  • Stringent emission regulations
  • Growing preference for use of eco-friendly materials in automotive industry

Opportunities:

  • To increase the efficiency of wind Turbine
  • Strengthening infrastructure and Structure against earthquake
  • Lightweighting in vehicle
  • Enhancing fuel efficiency and reduce emission

Enhancing fuel efficiency and reduce emission

Traditionally, automakers used materials like iron, aluminum, and steel to make their cars. However, these materials had a number of drawbacks, such as being corrosive or lacking in strength. Additionally, these materials were heavier, which made the vehicle heavier. Furthermore, as weight increased, fuel efficiency decreased, resulting in higher fuel consumption and higher emissions that affected the environment over time. To address these issues, automakers conducted research and developed a solution: carbon fiber. Carbon fiber is lightweight, strong, and resistant to corrosion. Today, manufacturers use this material to make cars, using it for the chassis, structural components, bonnets, and dashboards. this thing helps them so they achieved the reduction in weight and also reduced the emission.

Europe dominates the market for Automotive Carbon thermoplastic Market

Europe stands out as the dominating region in the global Automotive Carbon Thermoplastic Market, with the United States leading in consumption and market share. As the European country strict law and regulation regarding environment, people are investing more money for production of carbon fibre thermoplastic for application of automotive industry, Europe hold near thirty nine percent of automotive carbon thermoplastic market, also people adopting electric vehicle as sustainable option and in 2021 sales of the electric cars doubled according to the Wall Street journals.

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The interior Segments is anticipated to hold the Largest Market Share during the Forecast Period

In the global Automotive Carbon Thermoplastic Market, Luxury automobile manufacturers have included CFRP composites for seat backs, headliners, parcel trays, consoles, and other interior pieces. Tier I and Tier II automotive suppliers are continuing to develop technology for including CFRP composites into interior trim, often in collaboration with carbon fiber producers. Car interior trim laminate is a natural offshoot of CFRP material with an exceptional strength-to-weight ratio that is now used in sports and luxury vehicles. Other common carbon fiber automotive interior parts include consoles, knobs, steering wheels, and door sills.

Segmentations Analysis of Automotive Carbon Thermoplastic Market: –

  • By Material Type
    • Polyether ether ketone
    • Polyetherimide
    • Polyamide
    • Polypropylene
    • Polyphenylene sulphide
    • Polycarbonate
    • Others
  • By Application
    •  interior
    •  Exterior
    • Chassis
    • Structural Components
    • Bicycle bodies
    • Others
  • By Region
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East & Africa

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