Automotive Carbon Thermoplastic Market Report

Automotive Carbon Thermoplastic Market Report

Automotive Carbon Thermoplastic Market Report
Report code - SR3023 Delivery - 2 Weeks
Automotive Carbon Thermoplastic Market Size, Share, Trend, Forecast, Competitive Analysis, See more...

“The Automotive Carbon Thermoplastic Market size was estimated to be US$ 522 Million in 2023 and is likely to grow at a decent CAGR of 13.5% in the long run to reach US$ 983 Million in 2028.”

Market Dynamics

Introduction

Carbon fiber production is increasing to such an extent that it can meet demand in the market. It is because raw material producers are extending their production capacities as production costs are falling steadily. Therefore, launching lower-cost carbon fibers in the market can be done while continuing to improve quality levels. Their unrivaled strength-to-weight ratio and aesthetic appeal continue to ensure their attraction in the luxury and high-performance automotive sectors for carbon thermoplastics. Due to the growth of the automotive sector in emerging economies, there has been growing environmental consciousness. This has led to an increasing demand for lightweight materials, including carbon thermoplastics. Since embedding recycled carbon fiber in applications is an up-and-coming trend, it is expected to lower the ecological footprint resulting from the manufacturing process involved in carbon thermoplastics. Equally, development regarding bio-based resin will promise to equally enhance the sustainability profile of carbon thermoplastics by reducing dependency on fossil fuels.

Recent Market JVs and Acquisitions:

There has been a spree of Mergers and acquisitions in the last few years in the automotive carbon thermoplastic market, wherein companies try to achieve more market presence and leverage synergies for strengthening their product portfolios while attaining better financial performance. Some M&A and JVs that have taken place are listed here:

  • Celanese Corporation Successfully completed the acquisition of the majority of DuPont's mobility and materials business; this strategic move was announced in February 2022. The transaction includes a global portfolio of advanced thermoplastics and elastomers, well-renowned brand and intellectual assets, global manufacturing infrastructure, and a highly respected workforce.
  • The company Avient Corporation signed a definitive agreement towards divesting the distribution business to an affiliate of HIG capital for a cash consideration of $950 million, pending regulatory approval.

Market Drivers:

CFRTP composites have been used very successfully in the production of Formula One cars, enabling a niche, high-technology sport. This is likely to expand into volume premium vehicles within the next five years as more OEMs focus on fuel efficiency by reducing weight in their line-ups. As volumes grow, suppliers experienced in motorsport applications could be less successful in transferring their technology to higher volume vehicle sectors. Mainstream applications, like those in aerodynamics and wind energy, bring special challenges that may catch not all suppliers well prepared. The turning point for small companies to succeed in this market could arise with a strategic positioning towards an increase in the value chain involvement of composites. Significant medium-term growth opportunities could come through cost reduction and cycle time improvement.

Challenges

Stagnation in resurging technological advances.

Consequently, heavy investments are being made in setting up various laboratories for developing new and cost-efficient carbon fiber production technologies. One of the major researches is being driven at Oak Ridge National Laboratory (ORNL). The automotive OEMs have pledged notable investments in proliferating the use of carbon fiber composites in their sector. Valued-chain restructuring in carbon composites is being tried but not much success has been reported so far in that direction.

High-cost Parameters of Manufacturing Automotive Carbon Thermoplastics

Manufacturing carbon fiber requires heavy capitalization and considerable financial investments. Innovations play a role in making such productions of carbon fiber economically viable, facilitating the wider commercialization of derivative products. Current efforts continue to reduce production costs by introducing new technological and process-related breakthroughs. One of the pressing tasks for most governments, research houses, and carbon fiber manufacturers around the world is to develop affordable and efficient technologies for large-scale production of affordable thermoplastic composites.

Market Segments' Analysis

Segmentations

List of Sub-Segments

Segments with High Growth Opportunity

Resin-Type Analysis

PA Resin, PEEK Resin, PPS Resin, PC Resin, PP Resin & Others

The PA Resin segment is projected to be the predominant and most rapidly expanding market in terms of value.

Applications-Type Analysis

Exterior, Interior, Chassis & Powertrain & UTH.

Exterior Application segment is estimated to be the fastest growing.

Country Analysis or Region Analysis

The USA, Canada, and Mexico or North America, Europe, Asia-Pacific, and The Rest of the World

The European market is expected to grow at the fastest rate.

 
By Resin Type

PA Resin is forecasted to emerge as the foremost and most rapidly expanding category in the market during the forecast period.

  • PA Resins mainly consist of manmade synthetic fibers such as Exterior, nylon, Chassis or viscose, and Powertrain & UTH—all engineered to exhibit certain properties.
  • CF/PA composites find application in automotive air intake manifolds, traditionally fabricated from metals. By replacing metals with nylon, the weight of these components can be reduced by as much as 60%, leading to cost savings through integrated part design and enhancing fuel efficiency.

By Application Type

The Interior Application segment is anticipated to demonstrate the most rapid growth during the forecast period driven by increasing consumer preference.

  • Luxury Automobile manufacturers have adopted CFRP composites extensively for various interior components such as seat backs, headliners, package trays, dashboards, and other trim elements
  • Advanced technologies aimed at integrating CFRP composites into interior trims are continuously evolving, led by tier I and tier II automotive suppliers collaborating closely with carbon fiber producers.
  • The utilization of CFRP material in car interior trim, particularly in sports and luxury vehicles, is a logical progression owing to its remarkable strength-to-weight ratio.
  • Carbon fiber is prominently featured in the construction of consoles, knobs steering wheels, and door sills, underscoring its popularity in high-end automotive interiors.

Region analysis

“The European region is forecasted to exhibit the most accelerated expansion in the market for Automotive Carbon Thermoplastic Market in the mentioned period.”

  • Europe ranks as the second-largest market for automotive carbon thermoplastics, driven significantly by established automobile manufacturers, industrial growth, and advancements in automotive technology.
  • The European automotive sector holds a prominent position within the region, bolstered by its robust presence of established automakers, surpassing other global regions in strength,
  • The European Union Commission has mandated an elevation of the EU’s greenhouse gas reduction target for 2030, increasing it from a 40% reduction in CO2 emissions to a target range of 50% to 55%.
  • Stringent requirements for enhanced fuel efficiency have compelled the adoption of automotive carbon thermoplastic composites across the region, underscoring their rising prominence in the industry.

Key Players

It would be fair to say that the market is fairly fragmented, with a lot of regional players contributing significantly to the market. The leading players in the industry contend with several critical factors, including pricing strategies, service portfolios, regional presence, and other governing parameters. The following are the key players in the automotive carbon thermoplastic market. These big players often engage in mergers and acquisition activities as a key strategy to enhance their portfolios and regional presence.

Here is the list of the Top Players (Based on Dominance)

  • BASF SE (Germany)
  • Solvay (Belgium)
  • Avient Corporation (USA)
  • Celanese Corporation (US)
  • Toray Industries, Inc. (Japan)
  • Tejin Ltd. (Japan)
  • Mitsubishi Chemical Group Corporation (Japan)
  • SGL Carbon (Germany)
  • Asahi Kasei Corporation (Japan)SS
  • CompLam Material Co., Ltd. (Taiwan)
  • Ensigner (Germany)

Note: The above list does not necessarily include all the top players of the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis.
  • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
  • Market trend and forecast analysis.
  • Market segment trend and forecast.
  • Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
  • COVID-19 impact and its recovery curve
  • Attractive market segments and associated growth opportunities.
  • Emerging trends.
  • Strategic growth opportunities for the existing and new players.
  • Key success factors.

 

The global Automotive Carbon Thermoplastic Market is segmented into the following categories. 

Automotive Carbon Thermoplastic Market, by Resin Type

  • PA Resin (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • PEEK Resin (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • PPS Resin (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • PC Resin (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • PP Resin (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Other Resin (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Automotive Carbon Thermoplastic Market, by Application Type

  • Exterior Applications (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Interior Applications (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Chassis Applications (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • Powertrain & UTH Applications (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Automotive Carbon Thermoplastic Market, by Region Type

  • North America (Country Analysis:
  • USA, Canada, and Mexico)
  • Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
  • Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
  • Rest of the World (Country Analysis: Brazil, Middle East & Africa, and Others)

Research Methodology

  • This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Automotive Carbon Thermoplastic Market realities and future market possibilities for the forecast period. 
  • The report segments and analyses the market in the most detailed manner in order to provide a panoramic view of the market.
  • The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
  • This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
  • More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
  • We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

  • Detailed profiling of additional market players (up to three players)
  • SWOT analysis of key players (up to three players)

Competitive Benchmarking

  • Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

Frequently Asked Questions (FAQs)

Carbon thermoplastics, also known as carbon fiber-reinforced thermoplastics, are composite materials consisting of a thermoplastic matrix reinforced with carbon fibers. These materials combine the high strength, stiffness, and lightweight properties of carbon fibers with the moldability, design flexibility, and recycleability of thermoplastics.

The global market size for automotive carbon thermoplastic stood at USD 522 million in 2023. Long-term, the compound annual growth rate stands at 13.5 percent. This is projected to reach USD 983 million by 2028.

The Automotive Carbon Thermoplastic Market is estimated to grow at a CAGR of 13.5% by 2028.

Emerging markets and growing demands for lightweight, inexpensive, and rugged materials for automobiles are the key drivers in the automotive carbon thermoplastic market.

In terms of the Resin type, the PA resin segment is expected to show robust growth. The European region is expected to show the most accelerated expansion in the Automotive Carbon Thermoplastic Market. The Interior Application segment of the market is also anticipated to show robust growth as the consumers desire for wider range of choices in their aesthetics preferences.

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