The automotive carbon thermoplastics market is majorly driven by the increase in demand for lightweight and fuel efficient vehicles, as these composite is one of the effective ways of reducing vehicle weight, improving fuel economy, and decreasing emission levels, as per a report by Transparency Market Research. High manufacturing cost associated with automotive carbon Thermoplastics is hampering its usage. High volume production of structural automotive components is estimated to create immense opportunities for the automotive carbon Thermoplastics market in the next few years
The automotive industry is focusing on reducing the weight of vehicles in order to improve their performance and efficiency, by replacing heavy metals with suitable lightweight materials, such as metal parts and welding with plastics and adhesives, respectively. Automotive carbon Thermoplastics, also termed as CFRTP composite, is used to manufacture lightweight durable automotive vehicles. It is a high cost product primarily used in the manufacture of premium and customized automotive vehicles. They are primarily employed in exterior automotive manufacturing parts such as hood, roofs, doors, body-in-white, and deck-lids. It provides properties such as toughness, strength, and lightness of weight to automotive manufacturing parts
Polyacrylonitrile accounted for major share of the automotive carbon Thermoplastics market in 2018. The segment is expected to dominate the market during the forecast period. Growth of the thissegment can be ascribed to its superior properties, such as low density and high strength, than petroleum pitch as raw material for producing automotive carbon Thermoplastics
Polyether ether ketone was the dominant segment of the global automotive carbon Thermoplastics market in 2018. The segment is anticipated to maintain its dominance during the forecast period. It is majorly employed in exterior and interior parts such as doors, steering wheel components, seat structure, exterior mirrors, and front grills. Demand for polyether ether ketone is driven by factors such as typical melting range of polyether ether ketone in 1000 to 4000C and easy recyclability
Powertrain & Under the hood (UTH) accounted for major share of the global automotive carbon Thermoplastics market in 2018. It is estimated to be a rapidly growing segment of the global automotive carbon Thermoplastics market during the forecast period. Properties of carbon Thermoplastics composites such as lightness of weight, high durability, design flexibility, and uniform surface make it suitable for usage in powertrain & under the hood. Thus, demand for carbon Thermoplastics composites has been increasing in applications such as powertrain and under the hood. This is projected to drive the powertrain & under the hood segment during the forecast period.
North America is expected to hold major share of global automotive carbon thermoplastics market. Geographically, the global automotive carbon Thermoplastics market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to be the dominant region of the global automotive carbon Thermoplastics market in terms of consumption and production in the near future. The market in the region has been expanding due to rapid transformation in automotive and infrastructure development. Significant economic growth, change in consumer preferences, focus on improvement of standard of living, and increase in expenditure on infrastructure in the automotive sector are anticipated to propel the automotive carbon Thermoplastics market. North America and Europe held key share of the global automotive carbon Thermoplastics market in 2018, led by the stable economic growth and early adoption of luxury automotive vehicles in these regions. The automotive market in Latin America is anticipated to expand at a significant pace in the next few years due to the presence of a well-established automotive industry in Brazil. This, in turn, is propelling the demand for automotive carbon Thermoplastics in automotive manufacturing. The automotive carbon Thermoplastics market in Middle East & Africa is projected to expand at a moderate pace in the near future.