Rockville, March 09, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global automotive carbon thermoplastic market is set to reach a size of US$ 8 billion by 2033, surging at 27.5% CAGR by 2033.
Carbon thermoplastic is a composite material made of plastic and carbon fiber. The material has the benefit of being very resistant to deformation and alkaline and acid corrosion. Furthermore, its ability to address demands for CO2 reduction and energy savings in the automobile industry is gaining wide attention.
The global automotive carbon thermoplastic market is expanding significantly as a result of increased demand for fuel-efficient vehicles, reduced weight, and part consolidation. Furthermore, environmental regulations are increasing OEMs' interest in carbon fiber composites.
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The need for lightweight and fuel-efficient automobiles is a major factor driving the global automotive carbon thermoplastic market, as automotive carbon thermoplastics composite is one of the most efficient methods for decreasing vehicle weight, boosting fuel economy, and reducing pollution levels. Moreover, the high volume manufacturing of structural vehicle components is predicted to open up tremendous opportunities for carbon thermoplastic in the automotive industry in the years ahead.
Key Takeaways from Market Study
- The global automotive carbon thermoplastic market amounted to US$ 700 million in 2023.
- Worldwide demand for automotive carbon thermoplastic is estimated to evolve at a CAGR of 27.5% during the forecast period (2023 to 2033).
- The global market is forecasted to garner US$ 8 billion by 2033.
- Europe accounted for 39% share of the global market in 2022.
- The polyamide (PA) segment is leading the automotive carbon thermoplastic market.
“The increasing population in large countries is raising public interest in purchasing more vehicles, which is expected to spur the demand for automotive carbon thermoplastic over the coming years,” says a Fact.MR analyst.
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Competitive Landscape
Key players in the automotive carbon thermoplastic market are actively focusing on methods such as investments, collaborations, new developments, R&D activities, and acquisitions to broaden and strengthen their international footprint. Moreover, many start-ups are working on creating advanced solutions.
- Solerial Matusions, a Swedish start-up, is creating a carbon fiber nanoparticle additive. The additive solution seeks to reduce the cost and weight of automotive structural components while providing greater protection.
- Anand Group collaborated with Far-UK to produce carbon fiber composites in February 2021. The collaboration emphasized creating innovative methods to reduce emissions.
Key Companies Profiled
- Celanese Corporation
- BASF SE
- Dow, Inc
- DuPont de Nemours, Inc
- Cytec Industries, Inc
- Gurit Holding AG
Regional Analysis
- Europe is dominating the worldwide market. Germany is a major contributor to regional market growth due to the presence of prominent automotive companies in the country.
- The North American market is also growing at a rapid pace. The United States is a market leader in North America due to increasing government efforts to reduce CO2 emissions.
- Japan and South Korea are booting Asia Pacific market growth due to the growing adoption of electric vehicles in these countries.
Automotive Carbon Thermoplastic Industry Research Segmentation
- By Resin Type:
- Polyamide (PA)
- Polypropylene (PP)
- Polyphenylene Sulfide (PPS)
- Polyetherimide (PEI)
- Polyetheretherketone (PEEK)
- Polycarbonate (PC)
- By Application:
- Exterior
- Chassis
- Interior
- Powertrain & UTH
- By Region
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive carbon thermoplastic market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market based on resin type (polyamide (PA), polypropylene (PP), polyphenylene sulfide (PPS), polyetherimide (PEI), polyetheretherketone (PEEK), polycarbonate (PC)) and application (exterior, chassis, interior, powertrain & UTH), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
Key Questions Covered in the Automotive Carbon Thermoplastic Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Automotive Carbon Thermoplastic sales grow until 2033?
- Which are the factors hampering the Automotive Carbon Thermoplastic demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Automotive Carbon Thermoplastic Market during the forecast period?
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