Demand for carbon thermoplastics in automotive to register CAGR of over 29% until 2021

05-Oct-16

Carbon thermoplastics market in automotive to register a CAGR of 29.65% between 2016 and 2021, as per Research and Markets. The market size of carbon thermoplastics is estimated to reach US$549.4 mln by 2021, registering a CAGR of 29.65% between 2016 and 2021. Increase in production of automobile and growing middle-class population is expected to drive the carbon thermoplastics market in the next five years.
The major restraining factor of the CFRTP market is the high cost of carbon fiber compared to other fibers (glass, natural) that are used in the manufacture of various components of car. Moreover, concerns of automotive manufacturers over providing a waste disposal or recycling system for carbon composite parts is also a restrain.

Polyamide carbon thermoplastics is the dominant segment in the overall carbon thermoplastics market, in terms of volume. Efficiency in technology to improve consumer experience is vital to the growth of the modern composite industry. Carbon fiber reinforced polyamide (CF/PA) is used in exterior and interior automotive parts such as door modules, body-in-white components, steering wheel components, seat structures, exterior mirrors, frontend grilles, and trim. Asia-Pacific is the fastest-growing region in the global carbon thermoplastics market. The increase in middle-class population, rising disposable income, and demand for fuel efficient automobiles are expected to fuel the demand is carbon thermoplastics in the region.