Automotive Carbon Thermoplastic Market by Resin Type (PA, PEEK, PPS, PC, PP), Application (Exterior, Interior, Chassis, Powertrain & UTH), and Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2028
Updated on : April 23, 2024
Automotive Carbon Thermoplastic Market
The global automotive carbon thermoplastic market was valued at USD 522 million in 2023 and is projected to reach USD 983 million by 2028, growing at 13.5% cagr from 2023 to 2028. The automotive sector is under constant pressure to reduce carbon emissions and bring down fuel consumption by reducing the weight of vehicles. At the same time the improvement in the safety is essential. This is in turn driving the electric drive technology, lower weight of automobiles, multi material or hybrid cars, as well as stricter environmental legislation, and related traffic regulations. The thermoset composites have already been in use widely for many years in the construction of racing cars and luxury sports cars. The processing capacity of thermoset composites has not yet achieved the industrial production speeds required in the automobile industry, which is characterized by high volumes. For larger volumes of cars, automated production processes are a must. For instance, the time required to make a component should be a maximum of about one minute only. This is achievable with the use of thermoplastic composites.
Attractive Opportunities in Automotive Carbon Thermoplastic Market Trends
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Automotive Carbon Thermoplastic Market Dynamics
Driver: OEMs looking for a complete solution from suppliers
CFRTP composites have enjoyed considerable success in Formula 1 motorsport car production. This has created a highly fragmented and technology-rich support industry. Over the next five years, CFRTP composite usage will cascade from the high-end sports and luxury segments into mainstream premium vehicles as OEMs aim to deliver fuel-efficient cars through weight reduction across their portfolios. Not all incumbent suppliers, however, will be able to translate their motorsport experience into these higher-volume segments. The lack of experience using composites in the mainstream applications such as aerospace and wind energy will drive OEMs towards suppliers, who can provide a complete solution to help navigate through the adoption cycle. Small companies wishing to prosper in this segment should look to provide an increasing proportion of the composites value chain. Reducing manufacturing costs and cycle times will offer the greatest potential to grow the business in the medium term.
Restraint: No major breakthrough from research and technical side
Huge investments are made and various laboratories are being set up in order to develop new technologies for production of low-cost carbon fiber. Oak Ridge National Laboratory (ORNL) leads the research work done for carbon fiber. The Automobile OEMs have made huge investments for mass use of carbon fiber composites in the automotive industry. Attempts are being made to modify the value chain of carbon composites but nothing concrete has been achieved in this regard so far.
Opportunity: Growth opportunity in high volume production of structural automotive components
Composites are becoming a core strategic material for automotive OEMs for structural (hood, roof, doors, fenders, deck-lid, front-end, seats, powertrain) as well as non-structural (dashboard, under the hood components) components. Higher volume usage to date has been hindered by high material costs, long production cycles, and lack of automation. But the scenario is expected to change in the near future with decreased cost of carbon fiber and automated processes with low cycle time for large volume production of automotive components.
Challenge: Capital-intensive and complex manufacturing process of carbon fibers
Carbon fiber manufacturing is highly capital-intensive and requires significant investments. New technologies must be developed to produce low-cost carbon fiber to commercialize the end products. Production and development projects are being undertaken to reduce the manufacturing costs of carbon fiber products through advanced technologies and process solutions. According to some industry experts, the production process of carbon fiber is complex and lengthy compared to the other alternative products. Developing low-cost and simpler technologies for the commercial production of low-cost thermoplastic composites is a major challenge for governments, research laboratories, and carbon fiber producers globally.
Automotive Carbon Thermoplastic Market Ecosystem
Based on the application, the interior segment is estimated to account for the second-largest automotive carbon thermoplastic market share during the forecast period.
CFRP composites have been embraced by luxury car manufacturers for seat backs, headliners, package trays, dashboards, and other interior parts. Technology for implementing CFRP composites into interior trim continues to be developed by Tier I and Tier II automotive suppliers, typically in partnership with producers of carbon fibers. Car interior trim laminate in sports and luxury automobiles today is a natural offshoot of CFRP material with the impressive strength to weight ratio. Consoles, knobs, steering wheels, and door sills are other popular carbon fiber car interior items.
Based on resin type, the PA resin is anticipated to register highest CAGR in automotive carbon thermoplastic market.
PA is a strong competitor for the polymeric matrix of the carbon fiber reinforced thermoplastic composites due to its low dielectric constant, low cost, chemical inertness, high mechanical strength, good dimensional stability, and heat resistance to 2400C. CF/PA composites can be used in automobile air intake manifolds which were once made of metal. Substituting metal in the manifolds with nylon reduces the weight of the part by up to 60%, cuts system costs through parts integration, and contributes to higher fuel efficiency.
Europe to hold the second-largest market share during the forecast period.
Europe is the second-largest market for automotive carbon thermoplastics. Major factors driving the growth of the market in the region are the presence of established automobile manufacturers, industrial expansion, and technological developments in the automotive industry. The European automotive industry is one of the major industries in the region and is stronger than other regions due to the presence of established automakers. The European Union Commission has enforced to increase the EU’s GHG reduction target for 2030 from a 40% cut in CO2 emission to 50 or 55%. The increasing fuel efficiency requirement has forced the use of automotive carbon thermoplastic composites in the region.
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Key Market Players
The automotive carbon thermoplastic market is dominated by a few globally established players. BASF SE (Germany), Solvay (Belgium), Avient Corporation (US), Celanese Corporation (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Group Corporation (Japan), SGL Carbon (Germany), Asahi Kasei Corporation (Japan), CompLam Material Co., Ltd. (Taiwan), Ensinger (Germany), and Jiangsu QIYI Technology Co., Ltd. (China), among others, are the main producers in the global market.
These companies are attempting to establish themselves in the automotive carbon thermoplastic market by employing a range of inorganic and organic approaches. A thorough competitive analysis of these major automotive carbon thermoplastic market participants is included in the research, along with information on their company profiles, most recent advancements, and important market strategies.
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Report Metric |
Details |
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Market size available for years |
2018–2028 |
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Base year considered |
2022 |
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Forecast period |
2023–2028 |
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Units considered |
Value (USD Million), Volume (Kiloton) |
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Segments Covered |
By Resin Type, By Application, By Region |
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Geographies covered |
Europe, North America, Asia Pacific, Latin America, Middle East, and Africa |
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Companies covered |
BASF SE (Germany), Solvay (Belgium), Avient Corporation (US), Celanese Corporation (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Group Corporation (Japan), SGL Carbon (Germany), Asahi Kasei Corporation (Japan), CompLam Material Co., Ltd. (Taiwan), Ensinger (Germany), and Jiangsu QIYI Technology Co., Ltd. (China). |
The study categorizes the automotive carbon thermoplastic market based on Resin Type, Application, and Region.
By Resin Type
- PA
- PEEK
- PPS
- PC
- PP
- Others
By Application:
- Exterior
- Interior
- Chassis
- Powertrain & UTH
By Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
Recent Developments
- In October 2023, Toray Industries, Inc., announced that it had decided to expand French subsidiary Toray Carbon Fibers Europe S.A.’s production facilities for regular tow medium- and high-modulus carbon fibers. This move will increase the annual capacity at the plant in Abidos (South-West France) from 5,000 metric tons annually to 6,000 metric tons. Also, this advancement will boost the production of automotive carbon fiber thermoplastic products. The production is expected to start in 2025.
- In June 2023, BASF and Avient collaborated to offer colored grades of Ultrason high-performance polymers to the global market. The collaboration will give customers in different industries a distinctive benefit by providing comprehensive technical support from the base polymer to the final-colored product.
- In May 2023, Celanese announced its intent to initiate a three-year plan to expand engineered materials compounding capacities at the company’s facilities in Asia, including the locations of Nanjing, China; Suzhou, China; and Silvassa, India.
- In March 2023, Solvay and Airborne received funding for a composite alternative to metal battery enclosures. Solvay’s collaboration with Airborne, a technology leader in advanced composites manufacturing using automation and digitalization, received letters of support from Jaguar Land Rover and Vertical Aerospace. They see great potential in the design of more compact and lightweight enclosures for high-energy batteries in future electric cars and aircraft and are interested in the sustainability aspect of this project, which aims to reuse composite waste.
- In February 2023, Toray Industries, Inc. developed a rapid integrated molding technology for carbon fiber-reinforced plastic mobility components. This material sandwiches a light, porous carbon fiber-reinforced foam core prepreg skin, offering outstanding mechanical properties.
Frequently Asked Questions (FAQ):
Which are the major companies in the automotive carbon thermoplastic market? What are their major strategies to strengthen their market presence?
Some of the key players in the automotive carbon thermoplastic market are BASF SE (Germany), Solvay (Belgium), Avient Corporation (US), Celanese Corporation (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Group Corporation (Japan), SGL Carbon (Germany), Asahi Kasei Corporation (Japan), CompLam Material Co., Ltd. (Taiwan), Ensinger (Germany), and Jiangsu QIYI Technology Co., Ltd. (China).
What are the drivers and opportunities for the automotive carbon thermoplastic market?
Increase in demand for fuel efficient vehicles is driving the market. Emission regulations are forcing OEM’s attention toward carbon fiber composites anticipated to accelerate market expansion globally.
Which region is expected to hold the highest market share?
North America, Asia Pacific, and Europe’s automotive carbon thermoplastic market has been experiencing growth and significant industry demand.
What is the total CAGR expected to be recorded for the automotive carbon thermoplastic market during 2023-2028?
The CAGR is expected to record a CAGR of 13.5% from 2023-2028.
How is the automotive carbon thermoplastic market aligned?
The market is growing at a significant pace. The market is a potential market, and many manufacturers are planning business strategies to expand their existing business. .
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The study involves two major activities in estimating the current market size for the automotive carbon thermoplastic market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred to for this research study include financial statements of companies offering automotive carbon thermoplastic products and information from various trade, business, and professional associations. Secondary research has been used to obtain critical information about the industry’s value chain, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level and regional markets. The secondary data was collected and analyzed to arrive at the overall size of the automotive carbon thermoplastic market, which was validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information regarding the automotive carbon thermoplastic market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors from business development, marketing, product development/innovation teams, and related key executives from automotive carbon thermoplastic industry vendors; system integrators; component providers; distributors; and key opinion leaders. Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to resin type, product type, application, and region. Stakeholders from the demand side, such as CIOs, CTOs, CSOs, and installation teams of the customer/end users who are using CFRTP products were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of CFRTP products and future outlook of their business which will affect the overall market.
The Breakup of Primary Research:
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Market Size Estimation
The research methodology used to estimate the size of the automotive carbon thermoplastic market includes the following details. The market sizing of the market was undertaken from the demand side. The market was upsized based on procurements and modernizations in automotive carbon thermoplastic products in different applications at a regional level. Such procurements provide information on the demand aspects of the automotive carbon thermoplastic industry for each application. For each application, all possible segments of the automotive carbon thermoplastic market were integrated and mapped.
Automotive Carbon Thermoplastic Market Size: Botton Up Approach
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Automotive Carbon Thermoplastic Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
Carbon fiber and carbon fiber reinforced plastics (CFRP) have been incorporated in high-performance applications for several decades, but relatively at a higher cost compared to conventional materials, such as steel and aluminum. The higher cost and limited supply have constrained their use in automotive applications, but they are expected to be extensively used in the near future. CFRTP composites are looked upon as the future material for automotive applications due to their various properties, such as mass-weight-reduction, high strength, high stiffness, and corrosion resistance.
Key Stakeholders
- Automotive Carbon Thermoplastic Manufacturers
- Raw Materials Suppliers
- Distributors and Suppliers
- End-use Industries
- Industry Associations
- R&D Institutions
- Environment Support Agencies
Report Objectives
- To define, describe, and forecast the automotive carbon thermoplastic market size in terms of volume and value
- To provide detailed information regarding the key factors, such as drivers, restraints, opportunities, and challenges influencing market growth
- To analyze and project the global automotive carbon thermoplastic market by resin type, application, and region
- To forecast the market size concerning five main regions (along with country-level data), namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, and analyze the significant region-specific trends
- To strategically analyze micro-markets with respect to individual growth trends, prospects, and contributions of the submarkets to the overall market
- To analyze the market opportunities and the competitive landscape for stakeholders and market leaders
- To assess recent market developments and competitive strategies, such as agreements, contracts, acquisitions, and new product developments/new product launches, to draw the competitive landscape.
- To strategically profile the key market players and comprehensively analyze their core competencies
Available Customizations
MarketsandMarkets offers following customizations for this market report:
- Additional country-level analysis of the automotive carbon thermoplastic market
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company's market
Growth opportunities and latent adjacency in Automotive Carbon Thermoplastic Market