Long Fiber Thermoplastics Market Size was valued at USD 3.8 Billion in 2022. The Long Fiber Thermoplastics industry is projected to grow from USD 4.1 Billion in 2023 to USD 8.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.90% during the forecast period (2023 - 2032). Growing automotive industry demand and rising implementation of mass reduction technology are the primary market drivers boosting market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The expansion of the long fibre thermoplastics market CAGR is expected to be driven by an increase in automotive and construction activities, the development of engineering industries, and the expansion of the transportation sector. Long fibre thermoplastics have higher strength and are lighter in weight, which improves fuel efficiency. The vehicle sector has recently experienced a spike, resulting in increased demand for lightweight production materials. This has significantly aided the expansion of the long fibre thermoplastics market.
As a result of the fast increase in demand from the automotive segment worldwide, the market for long fibre thermoplastics is predicted to grow substantially throughout the forecast period. According to the International Organization of Motor automobile Manufacturers, automobile production was US$691 billion. As a result, all of these factors are propelling the long fibre thermoplastics market forward.
Light weighting, often known as mass reduction, is a major priority in aerospace, where weight reduction allows for greater fuel economy and lowers associated emissions. Long fibre composites are eco-friendly alternatives to heavier materials in this context. Using less of a higher-performing material is not just a weight-saving strategy, but it can also lower overall material costs, particularly when fibre reinforcement is employed to improve the structural qualities of a lower-cost polymer or as a price diluent in higher-cost engineering resins. As a result, all of these factors are propelling the long fibre thermoplastics market forward.
Another factor driving the growth of the Long Fibre Thermoplastics (LFT) market is the increasing need for lightweight and high-performance materials in a variety of applications. Because of their outstanding mechanical qualities, such as high strength, stiffness, and impact resistance, LFTs are widely employed in the automotive, aerospace, and consumer goods industries. LFTs are also lightweight, which helps to reduce overall product weight, resulting in increased fuel efficiency and lower emissions. LFTs are utilized in the automotive industry, for example, to make door panels, instrument panels, and front-end modules. The usage of LFTs in these parts decreases vehicle weight, resulting in increased fuel efficiency and lower emissions. The increased demand for lightweight and high-performance materials to reduce fuel consumption and emissions is propelling the LFT industry forward. The LFT market is predicted to expand further due to rising demand for lightweight and high-performance materials in a variety of applications.
The Long Fiber Thermoplastics Market segmentation, based on type includes Polypropylene, Polyamide, Polybutylene Terephthalate. The polypropylene segment had the highest revenue share in 2022 and is predicted to maintain its dominance throughout the forecast period. Thermoplastics based on polypropylene are widely utilized in the automotive, textile, packaging, and construction industries. Polypropylene-based long-fiber thermoplastics are significantly less expensive than polyamide and polyether ether ketone. As a result, they are becoming more prevalent in the automotive and construction industries.
The Long Fiber Thermoplastics Market segmentation, based on Fiber Type, includes Glass and Carbon. The glass segment presently dominates the long fibre thermoplastics market, and this trend is expected to continue. Because of their high strength, stiffness, and corrosion resistance, glass fibres are commonly used to make long fibre thermoplastics. Because glass fibres are less expensive than carbon fibres, they are the material of choice in many applications.
Figure1: Long Fiber Thermoplastics Market, by Fiber Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Long Fiber Thermoplastics Market segmentation, based on end-use, includes Defense, Transportation, Aerospace, Electrical & Electronics, Textiles, Personal Care. The aerospace segment is a major player in the Long Fibre Thermoplastics (LFT) market. Because of its great strength, stiffness, and impact resistance, LFTs are used in the aircraft sector to create a variety of items such as interior panels, seat backs, and overhead bins. LFTs' lightweight nature also makes them excellent for usage in aeronautical applications, as reducing an aircraft's weight can lead to increased fuel efficiency and lower emissions. The aircraft industry is very heavily regulated, and LFTs meet the strict safety and performance requirements for aerospace applications.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Long Fiber Thermoplastics Market area will dominate this market, because of the presence of key automakers such as General Motors, Ford, and Fiat Chrysler Automobiles, which are continually looking for cutting-edge materials for the production of automobiles, the region is expected to maintain its dominance during the forecast period.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: LONG FIBER THERMOPLASTICS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Long Fiber Thermoplastics Market accounts for the second-largest market share because of the increased demand for robust, lightweight materials for infrastructure projects. Further, the German Long Fiber Thermoplastics Market held the largest market share, and the UK Long Fiber Thermoplastics Market was the fastest growing market in the European region
The Asia-Pacific Long Fiber Thermoplastics Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because of the growing need for lightweight materials in the construction and automotive industries. Moreover, China’s Long Fiber Thermoplastics Market held the largest market share, and the Indian Long Fiber Thermoplastics Market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Long Fiber Thermoplastics Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Long Fiber Thermoplasticsindustry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Long Fiber Thermoplastics industry to benefit clients and increase the market sector. In recent years, the Long Fiber Thermoplastics industry has offered some of the most significant advantages to medicine. Major players in the Long Fiber Thermoplastics Market, including BASF SE (Germany), Laxness AG (Germany), Quadrant AG (Switzerland), RTP Company, Inc. (U.S.), and PPG Industries, Inc. (U.S.) and others, are attempting to increase market demand by investing in research and development operations.
Teijin Limited is a Japanese corporation that manufactures chemicals, pharmaceuticals, and information technology. High-performance fibres such as aramid, carbon fibres & composites, healthcare, films, resin & plastic processing, polyester fibres, product converting, and IT products are its core areas of activity. The company is traded on the Tokyo Stock Exchange's first division and is a component of the Nikkei 225 stock index. In February 2022, Teijin has announced the addition of three new matrix resins to their carbon fibre thermoplastics line: polyamide (PA), polycarbonate (PC), and polypropylene (PP). These resins are used in Tenax's current composites such as Tenax ThermoPlastic Consolidated Laminate (TPCL), Tenax ThermoPlastic Woven Fabric (TPWF), and Tenax ThermoPlastic UniDirectional (TPUD).
Dow Chemical Company, officially Dow Inc., is an American multinational corporation based in Midland, Michigan. The firm is one of the world's top three chemical makers. It employs over 37,800 people worldwide and has a presence in approximately 160 countries. Dow has been dubbed the "chemical companies' chemical company" because its products are sold to other industries rather than directly to end users. Dow participates in the American Chemistry Council. In 2021, Dow Chemical Company established a collaboration with Shandong Weilian Chemical Co. Ltd. to boost acrylic acid and acrylic esters manufacturing in China. This collaboration will assist Dow Chemical Company in meeting the increasing demand for Long Fibre Thermoplastics in the Chinese market.
March 2022, LANXESS improved and expanded its Advanced Thermoplastic Composites Tepex fowcore product line with new composites aimed to replace thermoset moulding compounds. The new composites will be reinforced with 50 mm long fibres and resins such as pp and polyamide 6.
January 2020, Mitsubishi Chemical Corporation (MCC) has announced plans to acquire c-m-p GmbH, a German Carbon Fibre Prepreg Manufacturer. The deal was scheduled to close in February 2020 through Mitsubishi Chemical Advanced Material.
January 2020, RTP Company introduced novel thermoplastic compounds that give surgical robotic systems with flame retardance, chemical resistance, and robustness.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 3.8 Billion |
| Market Size 2023 | USD 4.1 Billion |
| Market Size 2032 | USD 8.8 Billion |
| Compound Annual Growth Rate (CAGR) | 9.90% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Fiber Type, End-Use and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Solvay SA (Belgium), Celanese Corporation (U.S.), PolyOne Corporation (U.S.), SABIC (Saudi Arabia), PlastiComp, Inc. (U.S.), BASF SE (Germany), Laxness AG (Germany), Quadrant AG (Switzerland), RTP Company, Inc. (U.S.), and PPG Industries, Inc. (U.S.) among others. |
| Key Market Opportunities | Increasing defence spending as a result of their use in body armour manufacture. |
| Key Market Dynamics | Rapid industrialisation and an increase in demand for fuel-efficient automobiles |
Long Fiber Thermoplastics Market Highlights:
Frequently Asked Questions (FAQ) :
The Long Fiber Thermoplastics Market size was valued at USD 3.8 Billion in 2022.
The Long Fiber Thermoplastics Market is projected to grow at a CAGR of 9.90% during the forecast period, 2023-2032.
North America had the largest share in the Long Fiber Thermoplastics Market.
The key players in the Long Fiber Thermoplastics Market are BASF SE (Germany), Laxness AG (Germany), Quadrant AG (Switzerland), RTP Company, Inc. (U.S.), and PPG Industries, Inc. (U.S.).
The glass fibre category dominated the Long Fiber Thermoplastics Market in 2022.
The polypropylene had the largest share in the Long Fiber Thermoplastics Market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
ยฉ 2024 Market Research Future ยฎ (Part of WantStats Reasearch And Media Pvt. Ltd.)
