(MENAFN- GetNews) ![]( "Automotive Carbon Thermoplastic Market<br/>")
The automotive carbon thermoplastic market is projected to grow from USD 522 million in 2023 to USD 983 million by 2028, at a CAGR of 13.5% during the forecast period. The automotive carbon thermoplastic market is continuously showing significant growth due to its increasing applications of CFRTP in various end-use applications, such as exterior, interior chassis and powertrain & UTH. Asia Pacific, North America, and Europe are the major markets for automotive carbon thermoplastics. The excellent and efficient properties along with the flexibility in manufacturing various complex designs & shapes are driving the demand for CFRTP from the automotive sector.
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Some of the major manufacturers operating in the automotive carbon thermoplastic market are BASF SE (Germany), Solvay (Belgium), Avient Corporation (US), Celanese Corporation (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Group Corporation (Japan), SGL Carbon (Germany), Asahi Kasei Corporation (Japan), CompLam Material Co., Ltd. (Taiwan), Ensinger (Germany), and Jiangsu QIYI Technology Co., Ltd. (China). Many major players have been adopting various growth strategies to strengthen their position in the global market. These strategies include contracts, product launches, mergers and acquisitions, partnerships, and product development activities aiming to expand their market presence in the automotive carbon thermoplastic market further.
Mitsubishi Chemical Holding Corporation
(Japan)
Mitsubishi Chemical Holding Corporation (MCHC) is the parent company of Mitsubishi Chemical Corporation (MCC). MCHC is a holding company that oversees the business management of the Mitsubishi Chemical Group (MCG) Group, which includes MCC, Mitsubishi Tanabe Pharma Corporation, Life Science Institute, Inc., and Nippon Sanso Holdings Corporation. Mitsubishi Chemical Group Corporation deals in chemicals and fibers and provides water purification solutions. The company manages its operations under five business segments: performance products, chemicals, industrial gases, healthcare, and others. Through advanced materials & composites, under the performance products business segment, the company offers carbon fiber and carbon fiber products for various applications in automotive, aerospace & defense, industrial equipment, wind energy, medical, and other industries.
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The company has four manufacturing facilities in Japan and overseas services in the US, Hong Kong, China, and Germany. It also has a presence in other countries with sales representatives and distribution centers.
BASF SE (Germany)
BASF SE, a worldwide chemical leader, has a strong position in the automotive carbon fiber thermoplastic market, demonstrating its dedication to innovation and sustainable solutions. Leveraging a comprehensive business overview, BASF integrates cutting-edge technologies and materials to revolutionize the automotive industry. With a keen focus on carbon fiber thermoplastics, BASF addresses the growing demand for lightweight, high-performance materials in vehicle manufacturing. It operates through seven business segments: agricultural solutions, materials, industrial solutions, surface technologies, nutrition & care, chemicals, and others. BASF offers automotive carbon fiber thermoplastic products under its performance polymers subsegment of materials business. It has a presence in Europe, North America, Asia Pacific, South America, and the Middle East & Africa.
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