Automotive Carbon Thermoplastic Market

Automotive Carbon Thermoplastic Market Size-(2023-2028)

Automotive Carbon Thermoplastic Market was valued at 150.36 million USD in 2022, and it is expected to progress with a CAGR of 31% during the forecast period of 2023-2028. By 2028, the valuation of the industry is supposed to reach 550 million USD. 

Drivers and Restraints of the Global Automotive Carbon Thermoplastic Market

The electronics industry is one of the biggest industries in the world. Automotive carbon thermoplastic is quickly replacing traditional materials in many manufacturing and industrial sectors and thus this adoption of the former is driving the market demand throughout the world. Automotive carbon thermoplastic provides a robust solution for lightweight components at a relatively cheap cost for the automotive industry and thus many of them are switching to this low-cost alternative. Increasing usage of plastics and lightweight materials in the aerospace industry is also a driving factor for the automotive carbon thermoplastics market across the globe.

In Europe, the high demand for these thermoplastics is mainly credited to the well-established automobile sector in the nations like Germany. The vehicle industry is in great need of lightweight materials to control emission concerns. Composite thermoplastics as mentioned earlier offer that solution at a very low cost. The transportation industry has also increased the demand for this material in the last few years.

The stringent government norms for making these thermoplastics are acting as a major limitation to the global automotive carbon thermoplastics market. Also, the fluctuations in the prices of raw materials, the trade issues between developed nations, and the lack of awareness of these products in some of the developing countries are acting as serious challenges to the expansion of this business.

AUTOMOTIVE CARBON THERMOPLASTIC MARKET REPORT COVERAGE:

Automotive Carbon Thermoplastic Market has been segmented based on the following categories.

Automotive carbon thermoplastic Market On the Basis of Resin Type

• Polyamide

• Polypropylene

• Polyphenylene Sulfide

• Polyetherimide

• Polycarbonate

• Polyether Ketone

Based on the resin type, the polyamide material is heavily used in the automotive carbon thermoplastic industry. Several other industries also utilize this material because of its low dielectric constant, low cost, chemical inertness, heat resistance, and high mechanical strength.

Automotive carbon thermoplastic Market On the Basis of Application

• Hood

• Roof

• Door

• Fenders

• Deck-lid

• Seating

• Dashboard

• Suspension

• Wheels

The automotive industry is using these thermoplastics at a significant rate as many vehicular components are made of plastic as which provides durability at a low cost. Major market players are using carbon thermoplastics in vehicles that are designed for a larger customer base.

The exterior application segment that comprises of the hood, door, fenders, roof, wheels, etc., accounted for the largest share, in terms of volume, of the global automotive carbon thermoplastics market. Not far behind are the chassis, interior, and powertrain & UTH applications. The incessant demand for new products, lightweight automotive, as well as the need for research & development of CFRTP composites, has presented companies with an opportunity to adopt organic and inorganic strategies and increase their market share in the respective regions.

Automotive Carbon Thermoplastic Market on the Basis of Region:

• North America

• Latin America

• Europe

• Asia Pacific

• Middle East & Africa

APAC is the fastest-growing region in terms of CAGR for automotive carbon thermoplastic. The economies of China and India are growing rapidly, and it provides plenty of investment opportunities for various market players. The influence of globalization and Westernization is also creating a positive impact on the market. The growing affluence of the people is creating demand for vehicles with durable components. The automotive sector of North America is also another principal end-user where carbon thermoplastics are heavily used. Various automotive and transportation industries are using these materials for manufacturing different components of vehicles.

Recent Developments 

• In 2020, De’Loghi, a household company based in Italy has initiated the usage of polyethersulfone (PESU) of BASF SE in their coffee machine, as the product is known to deliver excellent features and high-temperature resistance.

Automotive Carbon Thermoplastic Market Players:

1. BASF SE

2. SABIC

3. Plastico SPS

4. Zamil Plastic

5. Solvay

6. Gurit Holding

7. Celanese Corporation

Impact of COVID-19 on the Global Automotive carbon thermoplastic Market

Coronavirus has had a morose impact on various production markets across the nations in Europe, North America and Asia Pacific. The automotive industry is one of the hardest-hit industries because of the COVID-19 pandemic and the imposed lockdown in several countries. The production activities were low, and people during this time did not look forward to purchasing vehicles. The disruption in the supply chain resulted in delays or non-arrival of raw materials, disrupted financial flows, and declining morale among production line workers that pushed them to function at reduced or zero capacities. This has led to a reduction in demand for carbon thermoplastics. However, the market is supposed to recover from 2021 onwards.