Automotive Carbon Thermoplastics Market: Overview
- The automotive industry is focusing on reducing the weight of vehicles in order to improve their performance and efficiency
- The automotive industry is 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
- Automotive carbon Thermoplastics is 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
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Key Drivers of Automotive Carbon Thermoplastics Market
- The automotive carbon Thermoplastics market is majorly driven by the increase in demand for lightweight and fuel efficient vehicles in the global automotive market, as automotive carbon Thermoplastics composite is one of the effective ways of reducing vehicle weight, improving fuel economy, and decreasing emission levels
- 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
Polyacrylonitrile Segment to Expand at Rapid Pace
- 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 polyacrylonitrile segment 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 Resin to be Major Segment
- 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.
- Polyether ether ketone 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) Segment to Expand Significantly
- 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.
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North America 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
Key Players in Market
Major players operating in the global automotive carbon Thermoplastics market include:
- Toray Industries, Inc.
- SGL Group
- Hexcel Corporation
- Teijin Limited
- BASF SE
- Mitsubishi Rayon Co., Ltd.
- Celanese Corporation
- Cytec Industries, Inc.
- Gurit Holding AG
- Quickstep Holdings Limited
Global Automotive Carbon Thermoplastics Market: Research Scope
Global Automotive Carbon Thermoplastics Market, by Raw Material
- Polyacrylonitrile (PAN)
Global Automotive Carbon Thermoplastics Market, by Resin Type
- Polyphenylene Sulfide
- Polyether Ether Ketone
Global Automotive Carbon Thermoplastics Market, by Application
- Others (Deck-lid, Front-end, etc.)
- Under the Hood
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.