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I AgreeAnalysis of Automotive Carbon Thermoplastic Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global automotive carbon thermoplastic market is valued at US$ 700 million in 2023 and is expected to touch US$ 8 billion by 2033, rising at a high-value CAGR of 27.5% from 2023 to 2033 (forecast period).
Automotive carbon thermoplastic is a composite material comprised of carbon fiber and plastic. Carbon fiber is a cutting-edge material that is ten times more durable than steel while weighing only a fifth of the weight. Carbon fiber is blended with one or two polymers to create a one-of-a-kind product that can be employed in the production of robust and lightweight vehicle parts. These thermoplastic materials are used to design the interior and exterior of automobiles.
Carbon thermoplastic for automotive applications has the extra benefit of being highly resistant to deformation as well as alkaline and acid corrosion. Its potential to aid in meeting the demand for energy savings and CO2 reduction in the automobile industry has gained more attention over the past few years.
The automotive industry is a major contributor to worldwide CO2 emissions.
As a result, automotive firms have concentrated their research on technologies that decrease these pollutants, resulting in the creation of high-efficiency and low-emission internal combustion engines, electric motors, fuel cell engines, and hybrid engines.
Moreover, the automotive industry is continually seeking methods to make cars lighter, faster, stronger, and cheaper.
Hence, in recent years, there has been a substantial increase in the development and application of carbon thermoplastics for automotive weight reduction and stringent CO2 emissions, with the goal of mass manufacturing opportunities.
Thermoplastic composite materials have exceptional properties, making them more attractive as a metal alternative in many industries. The goal is to create lighter, less fuel-intensive automobiles that release less CO2. As a result, the need for carbon thermoplastic is rising. Carbon thermoplastic is increasingly used to replace high-tension steel and other materials in hybrid, electric, and other next-generation environmentally-friendly vehicles.
As per Fact.MR, a market research and competitive intelligence provider, such aspects are projected to raise the demand for automotive carbon thermoplastic over the next ten years.
Report Attributes |
Details |
Market Size in 2023 |
US$ 700 Million |
Projected Market Value (2033) |
US$ 8 Billion |
Global Market Growth Rate (2023 to 2033) |
27.5% CAGR |
Europe Market Share (2022) |
39% |
Leading Resin Type |
Polyamide (PA) |
Key Companies Profiled |
|
“Strict Environmental Regulations by Governments”
Governments throughout the world are working on increasing the number of electric and solar vehicles on the road to reduce pollution. The global market will expand as more environmentally-friendly vehicles become available.
Government stringent rules will, therefore, indirectly increase the demand for automobile carbon thermoplastic.
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“High Cost of Carbon Fiber”
Carbon fiber-reinforced structural parts are light, sturdy, and load-bearing, and they play a vital role in reducing automotive weight. However, the high cost of carbon fiber in comparison to other fibers (glass, natural) utilized in the creation of various automobile components is one of the primary challenges for this market since small auto parts manufacturers can't afford to invest in high-priced carbon fibers. Furthermore, vehicle manufacturers' concerns about establishing a waste disposal or recycling mechanism for carbon composite parts pose a barrier.
“Presence of Well-established Automotive Sector”
Europe is dominating the worldwide market. Europe accounted for 39% of the global market for automotive carbon thermoplastic in 2022.
The European Council, European Parliament, and European Commission established binding CO2 emission targets for new light commercial vehicles and passenger cars for 2025 and 2030. The goals are to cut average CO2 emissions from new cars by 20% in 2025 and 40% in 2030.
Furthermore, Europe has surpassed China as the world's leading electric vehicle market. The government subsidies and the availability of numerous new automobiles and hybrids are encouraging customers to invest in eco-friendly vehicles.
As a result, European companies are investing more in creating and producing carbon thermoplastic for automotive applications due to the rising popularity of electric vehicles and rigorous carbon emission regulations.
Germany is leading the regional market due to the presence of a well-established automotive sector. Germany is a prominent auto exporter in the world. With over 12 million units sold globally in 2019, Volkswagen Group topped a list of the leading producer based on global sales. In 2019, over 3.7 million passenger automobiles were sold in Germany, representing a small increase over 2018.
“Strong Research and Development Efforts across the Region”
Demand for automotive carbon thermoplastic is surging in North America. The United States and Canada are greatly supporting regional market growth. Strong research and development efforts in more sustainable and recyclable composite materials are boosting the market in these countries.
Automakers in the United States and Canada are investing extensively in reducing vehicle weight through the use of various polymers and fibers to improve fuel efficiency.
“Rapidly Increasing Adoption of Electric Vehicles in These Countries”
The Asia Pacific market is growing rapidly due to the large production of electric vehicles and expanding production in the automotive industry. Automotive manufacturers are concentrating heavily on increasing manufacturing capacity to meet the region's growing demand for lightweight automobiles. This is boosting the sales of automotive carbon thermoplastic due to possible benefits such as weight reduction and increased fuel efficiency.
The Japanese and South Korean markets are also witnessing tremendous growth due to the increasing adoption of electric vehicles in these countries. The growing popularity of electric vehicles can be attributed to government initiatives and support to better the environment and reduce reliance on fossil fuels. Governments in Japan and South Korea are supporting the adoption of zero-emission vehicles by lowering the registration tax on electric vehicles.
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“Widespread Use of Polyamide Resin in Automotive Industry”
Demand for polyamide (PA) resin is escalating due to its widespread use in the automotive industry. Polyamide's mechanical qualities, including high flexibility, high tensile strength, good resilience, and high impact strength (toughness), have raised its demand in the automobile industry. Polyamides have high melting and glass transition temperatures, which results in good mechanical characteristics at high temperatures. Moreover, many market players are introducing innovative polyamide-based products.
Furthermore, the demand for polypropylene (PP) is also increasing. Polypropylene is not affected by moisture, making it an excellent choice for applications where moisture is an issue. This is expected to boost its use in thermoplastic composite manufacturing.
Polyetherimide (PEI) is also in high demand in the automotive industry. Polyetherimide is a flexible thermoplastic material that is widely used in the automotive industry. Polyetherimide can be processed using standard processes such as extrusion, injection molding, thermoforming, and compression molding. Furthermore, this material has excellent qualities such as flame resistance, low smoke output, hydrolytic stability, and UV light resistance.
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.
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The global automotive carbon thermoplastic market stands at US$ 700 million in 2023.
Worldwide demand for automotive carbon thermoplastics is projected to increase at a CAGR of 27.5% from 2023 to 2033.
Sales of automotive carbon thermoplastics are predicted to reach US$ 8 billion by 2033.
Europe accounted for 39% share of the global market in 2022.
Celanese Corporation, BASF SE, Dow, Inc, DuPont de Nemours, Inc, Cytec Industries, Inc, and Gurit Holding AG are leading automotive carbon thermoplastic suppliers.