Automotive Carbon Thermoplastic Market to Achieve $983 Million by 2028 as Industry Focuses on Reducing Emissions
The automotive carbon thermoplastic market is projected to grow USD 522 million in 2023 and is projected to reach USD 983 million by 2028, at a CAGR of 13.5% from 2023 to 2028. During the forecasted years, reduced maintenance costs of CFRTP and the long lifecycle, growing economies of emerging countries, and rapid urbanization are expected to drive the automotive carbon thermoplastic market. Some of the market opportunities include emissions regulations that are forcing OEM’s attention towards carbon fiber composites and growth in the high-volume production of structural automotive components.
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Based on resin type, the automotive carbon thermoplastic market is segmented on the basis of PA, PPS, PEEK, PP, PC, and others. In terms of value, PEEK resin segment accounted for the largest market share. This high market share can be attributed to its properties such as operational stability and high impact resistance at high pressure and temperature. Allow a customization of the composite material to any required characteristics and ensure short processing times. CFRTP composites enable automobile manufacturers to produce affordable structural components to substitute conventional metal solutions.
Based on application, the market for automotive carbon thermoplastic market has been segmented into exterior, interior, chassis and powertrain & UTH. The exterior application of automotive carbon thermoplastic accounted for the largest market share in terms of both, value and volume Use of CFRP composites is considered as one of the most effective ways of reducing vehicle weight and improving fuel economy and emissions levels, but the relative expense of the material means that it is still reserved for only a handful of high-end cars production.
Based on Region, Asia Pacific is expected to witness the highest CAGR, in terms of both volume and value, during 2023 to 2028. The high growth can be attributed to urbanization and rapid modernization in various countries. The growth of the CFRTP composites market for the automotive industry in Asia-Pacific is driven by increased pressure on OEMs for lightweight and fuel-efficient vehicles. The market in Asia-Pacific, similar to markets in other regions, is driven by capacity expansions, joint ventures, and partnerships of various leading market players in the product supply chain to meet the growing needs of CFRTP composites from the rapidly developing automotive industry.
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Major players operating in the automotive carbon thermoplastic market include BASF SE (Germany), Solvay (Belgium), Avient Corporation (US), Celanese Corporation (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Group Corporation (Japan), SGL Carbon (Germany), Asahi Kasei Corporation (Japan), CompLam Material Co., Ltd. (Taiwan), Ensinger (Germany), and Jiangsu QIYI Technology Co., Ltd. (China). Many companies have reliable manufacturing facilities as well as wide and strong distribution networks across the globe, such as Europe, North America, and Asia Pacific. The manufacturers have well-established portfolio of wide range of products and services, a robust global market presence, and strong business and growth strategies.