Automotive Carbon Thermoplastic Market 2022 Analysis Highlights the Impact of Covid-19- Exclusive Report by MarketsandMarkets™

2022-05-13 08:09:01 UTC | Chemicals & Advanced Materials
Automotive Carbon Thermoplastic Market 2022 Analysis Highlights the Impact of Covid-19- Exclusive Report by MarketsandMarkets™

The market size for carbon thermoplastics (CFRTP composites) market in automotive is estimated at USD 149.97 million in 2016 and is projected to reach USD 549.4 million by 2021, at a CAGR of 29.65% between 2016 and 2021. The growth of the CFRTP composites market in automotive is attributed to the increase in demand for fuel efficient vehicles and reduced weight and parts consolidation from developed countries. CFRTP composites are largely used in exteriors of automobiles such as body-in-white, hood, roof, doors, fenders, deck-lid front-end, and others. In interiors, CFRTP composites are mainly used in seating, dashboard, and others. It is also used in wheels, suspensions, and for other applications such as powertrain & under-the-hood (UTH). 

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Asia-Pacific is the fastest-growing market for CFRTP composites, in terms of value and volume. Polypropylene (PP), polyetheretherketone (PEEK), and polyphenylene sulfide (PPS) based composites are expected to growth at the highest rate in the region. 

The CFRTP composites market for automotive industry in Asia-Pacific is growing significantly. This growth 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 supported by capacity expansions, joint ventures, and partnerships of various leading market players in the product supply chain.

Polyamide is the most preferred carbon fiber reinforced thermoplastic composites due to its low dielectric constant, low cost, chemical inertness, high mechanical strength, good dimensional stability, and heat resistance to 2400C. Carbon fiber reinforced polyamide (CF/PA) composites can be used in automobile air intake manifolds which were traditionally made of metal. Substituting metal in the manifolds with nylon reduces the weight of the part by up to 60%, cuts system costs through parts integration, and contributes to higher fuel efficiency. Engine covers, rocker valve, airbag containers, and automotive pedals are some other applications of carbon fiber reinforced polyamide composites. CF/PA is also used in exterior and interior automotive parts. These include door modules, body-in-white components, steering wheel components, seat structures, exterior mirrors, front-end grilles, and trim.

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Key companies are constantly strengthening their R&D capabilities to provide cost-effective products. These products are manufactured adhering to regulations set by various associations and governments. All these developments are expected to lead to a sustainable growth of the CFRTP Composites market in the next five years. 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) are some of the important players in the global carbon thermoplastics market. 

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