As per the recently published report by MarketsandMarkets™, The “Automotive Carbon Thermoplastic Market by Resin Type (PA, PEEK, PPS, PC, PP), Application (Exterior, Interior, Chassis, Powertrain & UTH), and Region (North America, Europe, APAC, Latin America, MEA) – Global Forecast to 2028″, is estimated at 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. Thermoplastic composites enable automobile manufacturers to produce affordable structural components to substitute the conventional metal ones. Shorter cycle times for the manufacture of components are feasible with the use of thermoplastics. At the same time, the overall production costs can be reduced through automated volume production. Some of the critical production factors are flexibility of design, low tooling costs, ease of injection molding, and suitability for welding. The potential of thermoplastic composites in this area is great. There are excellent possibilities for combining advanced materials with technologies that are already used in the plastics processing.
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- 277 Market data Tables
- 50 Figures
- 258 Pages and in-depth TOC on “Automotive Carbon Thermoplastic Market – Global Forecast to 2028”
This report also provides a comprehensive analysis of the companies listed below:
Prominent companies 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), Jiangsu QIYI Technology Co., Ltd. (China) and others.
Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the automotive carbon thermoplastic market.
Recent Developments in Automotive Carbon Thermoplastic Market Industry
- In October 2023, Toray Industries, Inc., announced that it had decided to expand French subsidiary Toray Carbon Fibers Europe S.A.’s production facilities for regular tow medium- and high-modulus carbon fibers. This move will increase the annual capacity at the plant in Abidos (South-West France) from 5,000 metric tons annually to 6,000 metric tons. Also, this advancement will boost the production of automotive carbon fiber thermoplastic products. The production is expected to start in 2025.
- In June 2023, BASF and Avient collaborated to offer colored grades of Ultrason high-performance polymers to the global market. The collaboration will give customers in different industries a distinctive benefit by providing comprehensive technical support from the base polymer to the final-colored product.
- In May 2023, Celanese announced its intent to initiate a three-year plan to expand engineered materials compounding capacities at the company’s facilities in Asia, including the locations of Nanjing, China; Suzhou, China; and Silvassa, India.
- In March 2023, Solvay and Airborne received funding for a composite alternative to metal battery enclosures. Solvay’s collaboration with Airborne, a technology leader in advanced composites manufacturing using automation and digitalization, received letters of support from Jaguar Land Rover and Vertical Aerospace. They see great potential in the design of more compact and lightweight enclosures for high-energy batteries in future electric cars and aircraft and are interested in the sustainability aspect of this project, which aims to reuse composite waste.
- In February 2023, Toray Industries, Inc. developed a rapid integrated molding technology for carbon fiber-reinforced plastic mobility components. This material sandwiches a light, porous carbon fiber-reinforced foam core prepreg skin, offering outstanding mechanical properties.
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The PEEK segment accounted for the largest market share in 2022, in terms of value.
CF/PEEK composites efficiently offer significant weight reduction in the automotive components as compared to other conventional metals and alloys. By using CF/PEEK, manufacturers can easily produce wide range of complex shapes more quickly and easily as compared to other thermoplastic resins. The potential to consolidate and integrate multiple components ultimately results in the reduced part count of the automobiles. CF/PEEK composites are successfully replacing metals and other alternative products with various automotive components such as bearings, bushing, fastening systems, seal rings, washers, and many other high temperature tolerating parts.
Exterior applications are expected to grow with the highest CAGR in terms of value during the forecast period.
The exterior applications dominated the global automotive carbon thermoplastic market. CFRTP is widely used in various applications such as hoods, roofs, doors, fenders, deck-lid, front-end, and many others. Despite their cost, there is little economic incentive to attempt repairs on such parts, and this is unlikely to change in high-volume applications. CFRTP products offer various advantages such as weight reduction, design flexibility, corrosion resistance, durability, impact resistance, and high aerodynamic performance stability as compared to other traditional materials.
North America accounted for the largest share in 2022, in terms of value.
In North America, the growth of the CFRTP composites in the automotive industry is driven by recent technological innovations in the use of thermoplastics composites in the automotive industry. Also, the market is driven by capacity expansions, joint ventures, and partnerships of various leading market players in the product supply chain to meet the growing demand of CFRTP composites from the rapidly developing automotive industry.