Automotive Carbon Thermoplastic Market to Witness Positive Growth amid COVID-19 Impact, as Sales of Brake Actuators Soar, MarketsandMarkets™ Study
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.
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.
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.