The global carbon thermoplastic market in automotive 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.
Seattle, WA -- (SBWIRE) -- 12/14/2016 -- The report "Carbon Thermoplastics Market in Automotive by Resin Type (PA, PPS, PP, PEI, PEEK, PC) and Application (Exterior, Interior, Chassis, Powertrain & UTH) - Global Forecast to 2021", The market size for carbon thermoplastics market in automotive is projected to reach USD 549.4 Million by 2021.
Browse 66 market data Tables and 86 Figures spread through 182 Pages and in-depth TOC on "Carbon Thermoplastics Market in Automotive - Global Forecast to 2021"
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The carbon thermoplastics market in automotive is projected to register a CAGR of 29.65% between 2016 and 2021, in terms of value. Growth of the CFRTP market is driven by increase in demand for fuel efficient vehicles, CO2 and GHG emissions reduction efforts, weight reduction, parts consolidation, and energy efficiency.
Exterior Application: The most dominant application segment in the CFRTP composites market
Use of CFRP composites is considered as one of the most effective ways of reducing vehicle weight and improving fuel economy and emissions levels. However the relatively higher cost of the material limits its use in only a handful of high-end cars production. CFRP composites are used for body-in-white, hood, roof, doors, fenders, deck-lid/trunk-lid, and other exterior components. Despite their cost, there is little economic incentive to attempt repairs on such parts, and this is unlikely to see any decline in terms of volume.
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Powertrain & UTH: The fastest-growing application segment of the CFRTP composites market
The market for CFRTP composites in the powertrain & UTH application segment is growing faster rate than in exterior, interior, and chassis application segments, in terms of value and volume. Properties of CFRTP composite such as light weight, durability, design flexibility, and uniform surface make them ideal for use in powertrain. CFRTP have been used to reduce weight, to dampen noise and vibrations, and also to make single-piece clutch cylinders, shift control cables, air intake manifolds, engine covers, accelerator and parking brake pedals, fuel system and cooling system components, and gear-lever housing.
Asia-Pacific to register the highest growth rate in the CFRTP Composites market
The Asia-Pacific automotive industry is witnessing a phase of rapid transformation and growth, mainly driven by stable economic growth and infrastructure development. The auto components industry of the region is also developing rapidly to complement the growth of the automotive industry. Asia-Pacific is a global sourcing hub for key automotive companies. Healthy economic growth, changing consumer preferences, improvement in the standard of living, and increased spending on infrastructure in the automotive sector are expected to drive the carbon thermoplastics market.
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Key market players in the carbon thermoplastics market
The key players in this market are 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).
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