A recent report published by Infinium Global Research on the long fiber thermoplastics market provides an in-depth analysis of segments and sub-segments in the global as well as regional long fiber thermoplastics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional long fiber thermoplastics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global long fiber thermoplastics market. According to the report, the global long fiber thermoplastics market was nearly worth USD 3 billion in 2020 and is expected to reach up to USD 4.8 billion by 2026, growing with a CAGR of 8% over the forecast period of 2020-2026.
A long fiber thermoplastic (LFT) possesses superior specific modulus and strength, excellent impact resistance, and other advantages such as ease of processability, recyclability, and excellent corrosion resistance. These advantages make long fiber thermoplastic one of the most advanced lightweight engineering materials and enable their increasing use in various applications.
However, industries such as automotive and aerospace, have experienced a severe COVID-19 impact. The automotive industry has been largely by factory closures, supply chain disruption, and a sharp reduction in demand. Their production largely affected, which further significantly lowering demand for the chemical materials required for manufacturing. This has resulted in cost pressure for chemical sector companies. Sustainability becomes more and more important in the automotive industry due to topics such as electric motors, lightweight construction, and CO2 emission reduction that are key issues. Therefore, e.g. the use of natural fibers especially for premium brands can only be considered in connection with the highest standards regarding practical and aesthetical aspects. The high mechanical performance characteristics of long fiber composites are the reason they are often selected as substitutes for metals, as a replacement, or as alternatives to higher-cost engineering polymers. It has gained popularity among thermoplastics matrix composites, mainly due to significant technological developments in the automotive industries. Light weighting and mass reduction are a core focus in the aerospace and automotive markets. In this context, long fiber composites are eco-friendly alternatives to heavier materials. Long fiber thermoplastics reduce the overall weight of an automobile and gain fuel efficiency, to meet various regulations by EPA and other government authorities. Furthermore, long-fiber thermoplastics provide freedom of design, high strength, and have dimensional stability. Thereby, they have gradually become an important part of the automotive industry. Hence, the rising demand for automobiles is expected to drive the demand for the long-fiber thermoplastics, market. However, high processing and manufacturing cost is affecting on the growth of the market. Moreover, increasing the use of long fiber thermoplastics in various end-use industries will provide a significant growth opportunity for the market.
The Asia Pacific holds the largest market share in the long fiber thermoplastics market. Emerging economies such as China, India are contributing to the growth of the market. China is one of the largest producers and consumers of long-fiber thermoplastics. In China, the consumption of long-fiber thermoplastics had increased drastically in the recent past, due to increasing urbanization, and the substitution of many metals by suitable long-fiber thermoplastics in variable applications. The demand for long-fiber thermoplastics in the Asia Pacific is increasing from various end-user sectors, including electrical and electronics, aerospace, automotive, buildings and construction, sporting equipment, and others.
The report on the global long fiber thermoplastics market covers segments such as resin type, and end-user industry. On the basis of resin type, the sub-markets include polypropylene, polyamide, polybutylene terephthalate, and other resin types. On the basis of end-user industry, the sub-markets include automotive, aerospace, electrical and electronics, buildings and construction, sporting equipment, and other.
The report provides profiles of the companies in the market such as Celanese Corporation, Lanxess AG, SABIC, BASF SE, Daicel Polymer Ltd, Asahi Kasei Corporation, RTP Company Inc, Mitsubishi Chemical Holdings, PlastiComp Inc, and Others.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of long fiber thermoplastics market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.