ID: MRFR/CnM/3460-HCR | February 2021 | Region: Global | 137 pages
Long Fiber Composites (LFT) are the zenith of thermoplastic performance. They consolidate high amounts of solidness, quality, and durability together in a single material. The high mechanical execution qualities of Long Fiber Composites is the reason they are frequently picked as substitutes for metals, as a replacement for plastics that fail to meet expectations, or as contrasting options to higher cost designing polymers through up-building of lower cost plastics. The higher toughness of long fiber composites makes them into the most durable of plastic materials with structural characteristics and ideal for applications that experience repeated impact forces. These materials have excellent sound and vibration hosing capacities. The high strength-to-weight proportion of Long Fiber Composites makes them a reasonable metal substitute for those trying to diminish weight.
As per our Analysis, some of the prominent market factors and trends identified in the Global Long Fiber Thermoplastic Market include rapid industrialization, rising demand for fuel efficient vehicles and aircrafts by using LFT to manufacture lighter weight parts instead of metals, and increasing expenditure in the defense sector owing to their application in manufacturing body armor. Moreover, demand for long fiber thermoplastic is predicted to witness significant growth over the assessment period due to surging oil & gas industry. Rising crude oil production across the globe is anticipated to be an important driver to fill the demand gap for Long Fiber Thermoplastic raw material during the review period. Increasing automobile production and sales along with rising consumption of lightweight parts is estimated to fuel the growth of the market. LFT’s have major significance in manufacturing textiles and sanitary products. Furthermore, rapid increase in population coupled with increasing disposable income in emerging economies is predicted to fuel the textiles and personal care products growth during the assessment period, 2017 to 2023. The major added advantage of LFT’s use in various applications is that they are recyclable and emit less volatile organic compounds (VOC’s) is helping the market to grow at a higher CAGR every year as anticipated in the forecast period.
The Global Long Fiber Thermoplastic Market Share by End Use Industry, (2016) (%):
The Global Long Fiber Thermoplastic Market is spanned across five regions: Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among these, the North America is predicted to grow with the highest CAGR during the review period, 2017 to 2023 on account of expanding transportation industry and increasing investment in defense sector. The demand for long fiber thermoplastic is predicted to surge in numerous countries of the Europe region such as Germany, Italy, and U.K due to high vehicular production rate by the automotive industry. Moreover, recent shale gas discovery in North America region is predicted to fill the demand gap for LFT’s raw materials.
Asia Pacific has emerged as one of the upcoming market regions for long fiber thermoplastic. Asia Pacific Long Fiber Thermoplastic Market is predicted to witness a tremendous growth on account of high consumption potential, increasing production capacities, and rising economic growth rate in the emerging economies such as China, India, and Japan. In North American region, the U.S. is predicted to be the major contributor in the regional growth of Long Fiber Thermoplastic Market and is expected to see a significant demand for Long Fiber Thermoplastic during the forecast period, 2017 to 2023. As of 2016, the U.S accounted for the largest market share and is followed by Canada in terms of value & volume and is estimated to grow with a moderate CAGR owing to LFT’s less generation of VOCs and recycling capabilities. In Europe, the demand for Long Fiber Thermoplastic is predicted to grow in various countries such as Italy, Germany, Spain, U.K, France, and Russia on account of increasing expenditure in innovation and growing purchasing power of consumers. Moreover, presence of major automobile manufacturers specifically in Germany is expected to give a new impetus to the market growth. Latin American countries such as Argentina, Colombia, and Brazil are also predicted to witness substantial growth owing to increasing consumer spending on passenger cars as well as involvement of new technologies and inventions in Long Fiber Thermoplastic. Asia Pacific long fiber thermoplastic market is predicted to grow with the moderate CAGR due to expanding textile industries in India and China. Moreover, continuous growth of automotive sector in various economies of Asia Pacific such as China, India, Malaysia, Thailand, and Japan is expected to raise the demand for lighter weight parts made of LFT’s which in turn is predicted to fuel the demand for Long Fiber Thermoplastic over the forecast period, 2017 to 2023.
The Global Long Fiber Thermoplastic Market is categorized on the basis of type, fiber type, end use industry, and region. On the basis of type, the market is polypropylene, polyamide, polybutylene terephthalate. On the basis of fiber type, the market is segmented into glass fiber and carbon fiber. On the basis of end use industry, the long fiber thermoplastic market is categorized into defense, transportation, aerospace, electrical & electronics, textiles, personal care and others. On the basis of region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Some of the prominent players operating in the Global Long Fiber Thermoplastic Market are 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.