The market research and consulting department of Ameliate Digital Consultancy Private Limited, Executive Consultancy, has officially released a market development analysis report on carbon fiber reinforced thermoplastic composites (CFRTP) for the automotive industry. According to the market analysis results
The global market size of carbon fiber thermoplastic composites for the automotive industry in 2022 was 712.3 million US dollars, and it is expected to reach 4.386 billion US dollars by 2029, with a composite annual growth rate of 29.65% from 2023 to 2029.
Carbon fiber thermoplastic composites for automobiles are a composite material obtained by adding carbon fibers to a thermoplastic resin matrix. High performance materials such as carbon fiber have a durability of 10 times that of steel, while their weight is only one fifth that of steel.
In order to develop a unique product that can be used to manufacture durable and lightweight automotive components, carbon fibers are typically combined with one or more polymers. The interior and exterior of the car are designed using these thermoplastic materials.
Another major advantage of carbon fiber reinforced thermoplastic composites in automotive applications is their strong resistance to deformation and acid and alkali corrosion. In the past few years, there has been increasing attention to the potential of CFRTP to help the automotive industry meet energy saving and carbon dioxide emission reduction requirements.
Carbon fiber reinforced structures are characterized by robustness, portability, and strong load carrying capacity, and are crucial for reducing vehicle weight. Although its advantages are obvious, there are also certain constraints. One of the main obstacles is that compared to other fibers (glass fiber, natural fiber) used to develop various automotive components, carbon fiber has a higher cost, as small automotive component manufacturers cannot invest in expensive carbon fibers. Another obstacle is that car manufacturers are hesitant to implement carbon fiber composite parts recycling or waste disposal systems.
In order to reduce pollution, the number of electric vehicles and solar powered vehicles is increasing, and with the emergence of environmentally friendly vehicles, the market for carbon fiber thermoplastic composites for automobiles will expand. For example, Tata Motors has launched hybrid and electric Star buses at its manufacturing plant in Pune as part of its zero emission mass transit solution. Government regulations will also indirectly promote the development of carbon fiber thermoplastic composites in the automotive industry.
In the field of carbon fiber thermoplastic composites for the automotive industry, the major participating companies worldwide include Basf, Cytec Solvay Group, Plasticomp, Dowaksa, Sgl Group, Toray Industries, Teijin Limited, Hexcel Corporation, Arkema S.A., Mitsubishi Chemical Holdings Corporation, Covestro Ag, Plasan Carbon Composites, and others.
Recent major developments in related fields include:
On January 19, 2023, Fujitsu Co., Ltd. and Dili announced the launch of a cooperative project to increase the environmental value of recycled materials used in the construction of bicycle frames between January and March 2023.
E Bike Advanced Technologies GmbH and V Frames GmbH are both manufacturers and distributors of carbon fiber reinforced plastic bicycle frames in Germany.
Swedish start-up Solid Materials is developing a carbon fiber nanoparticle additive that uses additive manufacturing technology to reduce the cost and weight of automotive structural components while providing better protection.