Automotive Carbon Thermoplastic Market Future Prospects, Trends, Growth, Key Player SWOT Analysis by 2031| LANXESS, Teijin Ltd.

Carbon fiber is an advanced material that is ten times stronger than steel at only a quarter of its weight. Carbon fiber reinforced Thermoplastic (CFRP) is a composite material made of carbon fiber and plastic.The material has the added advantage of being highly defiant to deformation and both acid and alkaline corrosion. In addition, its potential to meet demands for energy saving and CO2 reduction in the automotive field has drawn increasing attention. Moreover, the development and application of carbon thermoplastics (CFRPs) for automotive weight reduction and strict CO2 emissions have increased significantly in recent years, aiming towards mass production opportunities

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Market Trends :

The automotive industry stands as a significant contributor to global CO2 emissions. For example, according to the United States Environmental Protection Agency (EPA), the average passenger vehicle emits approximately 4.6 metric tons of carbon dioxide annually. Consequently, automotive manufacturers have directed their research efforts towards technologies aimed at reducing these emissions. This focus has resulted in the development of low-emission and high-efficiency internal combustion engines, hybrid engines, fuel cell engines, and electric motors.

Moreover, weight reduction is a critical consideration across all automotive applications. For instance, as highlighted by Japan's Ministry of Transport, reducing the weight of a single automobile by 100 kg leads to an average decrease of 20 g/km in CO2 emissions.

Market Segmentation :

By Material Type : Polyamide, Polyurethane, Polypropylene, Polyethylene, Acrylonitrile-butadiene-styrene copolymer (ABS), Polyvinyl Chloride, Polycarbonate.

By Application : Exterior, Interior, Chassis, Powertrain & UTH.

North America (United States, Canada and Mexico)

Europe (Germany, UK, France, Italy, Russia and Turkey etc.)

Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)

South America (Brazil, Argentina, Columbia etc.)

Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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Geographical Share :

The European Commission, the European Council and the European Parliament set binding carbon dioxide (CO2) emission targets for new passenger cars and light commercial vehicles for 2025 and 2030. The targets aim to reduce the average CO2 emissions from new cars by 15% and 37.5% in 2025 and 2030, respectively.

Moreover, Europe is buying electric vehicles rapidly and has overtaken China as the world's biggest EV market. The government subsidies and dozens of new cars and hybrids encourages consumers. As per The Wall Street Journal, Europe's share of global new electric car sales nearly doubled to 43% last year, while China and the U.S. lost market share. Moreover, sales of plug-in electric vehicles in Europe rose 137% to 1.4 million vehicles last year, outpacing China, which recorded a 12% increase to 1.3 million.

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Competitive Landscape

Some of the key players which are contributing to the growth of the market include Covestro AG, DuPont, BASF SE, DSM, Rhodia, SABIC, LANXESS, Teijin Ltd, Celanese Corporation, Toray Industries among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the automotive carbon thermoplastic market globally.

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