The report "Automotive Carbon Thermoplastic Market (CFRTP Composites) by Resin Type (PA, PPS, PP, PEI, PEEK, PC) and Application (Exterior, Interior, Chassis, Powertrain & UTH) - Global Forecast to 2021", The market size for automotive carbon thermoplastic is estimated to reach USD 549.4 Million by 2021, registering a CAGR of 29.65% between 2016 and 2021. The growth of the CFRTP market is driven by an increase in demand for fuel-efficient vehicles, CO2 and GHG emissions reduction efforts, weight reduction, parts consolidation, and energy efficiency.
The 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.
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.
