The global automotive carbon thermoplastic market is projected to reach USD 549.4 Million by 2021, registering a CAGR of 29.65% between 2016 and 2021. Growth in production of automobile is increasing the demand for carbon thermoplastics market. Rising demand for fuel-efficient and light cars in developed and developing countries have triggered the growth of the carbon thermoplastics market.
In 2015, the exterior application segment accounted for the largest share, in terms of volume, of the overall market, followed by chassis, interior, and powertrain & UTH applications. The rising demand for new product, light-weight automotive, as well as the need for research & development of CFRTP composites has encouraged companies to adopt organic and inorganic strategies and increase their market share in the respective regions.
Carbon fiber reinforced polyamide is currently the dominant technology used in the carbon thermoplastics market. Polyamide is selected by many major end-use industries for different applications due to its low dielectric constant, low cost, chemical inertness, high mechanical strength, good dimensional stability, and heat resistance to 2400C.
Asia-Pacific is expected to witness the highest growth rate in the global carbon thermoplastics market, in terms of value and volume, between 2016 and 2021. In recent years, the demand for automobile has increased in the region, thus driving the demand for carbon thermoplastics in the region.
The high cost of carbon fiber compared to other fibers (glass, natural) that are used in the manufacture of various components of car is one of the factors restraining molders and OEMs in the supply chain. Moreover, concerns of automotive manufacturers over providing a waste disposal or recycling system for carbon composite parts is also a restrain.
Companies such as 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 the key players in the global carbon thermoplastics market. Their diverse product portfolio, strategically positioned R&D centers, continuous adoption of development strategies, and technological advancements are some of the factors that strengthen the position of these companies in the carbon thermoplastics market. They have been adopting various organic and inorganic growth strategies to enhance their current market share for carbon thermoplastics.
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