Automotive Carbon Thermoplastic Market To Accumulate US$ 8 Billion By 2033
As per Fact.MR, a provider of market research and competitive intelligence, the global automotive carbon thermoplastic market is set to reach a size of US$ 8 billion by 2033, surging at 27.5% CAGR between 2023 and 2033.
Carbon thermoplastic is a composite material made of plastic and carbon fiber. The material has the benefit of being very resistant to deformation and alkaline and acid corrosion. Furthermore, its ability to address demands for CO2 reduction and energy savings in the automobile industry is gaining wide attention.
The global automotive carbon thermoplastic market is expanding significantly as a result of increased demand for fuel-efficient vehicles, reduced weight, and part consolidation. Furthermore, environmental regulations are increasing OEMs’ interest in carbon fiber composites.
The need for lightweight and fuel-efficient automobiles is a major factor driving the global automotive carbon thermoplastic market, as automotive carbon thermoplastics composite is one of the most efficient methods for decreasing vehicle weight, boosting fuel economy, and reducing pollution levels. Moreover, the high volume manufacturing of structural vehicle components is predicted to open up tremendous opportunities for carbon thermoplastic in the automotive industry in the years ahead.
Key Takeaways from Market Study
- The global automotive carbon thermoplastic market amounted to US$ 700 million in 2023.
- Worldwide demand for automotive carbon thermoplastic is estimated to evolve at a CAGR of 27.5% during the forecast period (2023 to 2033).
- The global market is forecasted to garner US$ 8 billion by 2033.
- Europe accounted for 39% share of the global market in 2022.
- The polyamide (PA) segment is leading the automotive carbon thermoplastic market.
“Growing demand for lightweight automobiles to fulfill strict fuel economic norms is projected to boost the automotive carbon thermoplastic market. Moreover, the increasing population in large countries is raising public interest in purchasing more vehicles, which is expected to spur the demand for automotive carbon thermoplastic over the coming years,” says a Fact.MR analyst.
- Europe is dominating the worldwide market. Germany is a major contributor to regional market growth due to the presence of prominent automotive companies in the country.
- The North American market is also growing at a rapid pace. The United States is a market leader in North America due to increasing government efforts to reduce CO2 emissions.
- Japan and South Korea are booting Asia Pacific market growth due to the growing adoption of electric vehicles in these countries.
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