Partnerships, agreements, supply contracts, joint ventures, alliance, & collaborations are the key strategies adopted by the market players to achieve growth in the carbon thermoplastics (CFRTP) composites market in automotive industry. These strategies accounted for the largest share of all the development strategies adopted by the market players to expand their global presence and increase their market share between 2011 and 2014. The rising demand for new product as well as the need for research and development of CFRTP composites to produce light-weight automotive has encouraged companies to adopt these strategies. Market players are focusing on launching technologically advanced and innovative automotive products in the developed markets. Cytec Industries, Inc. (U.S.), Gurit Holding AG (Switzerland), Mitsubishi Rayon (Japan), SGL Group (Germany), TenCate (Netherlands), and Toray Industries, Inc. (Japan) are some of the leading market players that adopted this strategy to develop their business. These companies have also adopted various organic and inorganic growth strategies to improve their business and maintain their market share, globally.
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.
Key companies such as BASF SE (Germany), Celanese Corporation (U.S.), Cytec Solvay (U.S.), Du Pont (U.S.), Gurit Holding Ag (Switzerland), Quickstep Holdings Limited (Australia), Saudi Basic Industries Corporation (Saudi Arabia), SGL Group (Germany), Teijin Ltd. (Japan), Tencate (Netherlands), the Dow Chemical Company (U.S.), and Toray Industries Inc. (Japan) are profiled in this report.
