Long Fiber Thermoplastics Market is projected to be worth USD 7.7 Billion by 2030, registering a CAGR of 9.9% during the forecast period (2021 - 2030)
The Long fiber thermoplastics come under a variety of composite materials that are generally used for industrial purposes. The reinforced and the resin varieties are used to manufacture the parts of industrial components. They are intensively used in the automotive industry and the increasing growth of the automotive and demand across the industry due to the demand for lightweight components is driving the long fiber thermoplastics market growth.
The developed countries are utilizing the long fiber thermoplastics due to their favorable characteristics like they are recyclable and they emit lesser or no volatile organic compounds. Such factors comply with the regulations imposed by the government and their enhanced performance is expected to boost the long fiber thermoplastics market growth.
COVID 19 Analysis:
COVID 19 has brought in huge distress for several industrial growth and customers have also changed their purchasing routines. The severe spread of the virus had propelled the government to impose severe norms and regulations in terms of traveling and logistics. Several industries including automotive, consumer goods, sporting goods, and significant industrial equipment manufacturing have reduced their production rates. Such factors have affected the overall growth of the long fiber thermoplastics industry.
The Long fiber thermoplastics industry had faced a 12% decline in the year 2020, however, the market is expected to pick up the pace during the forecast period.
The long fiber thermoplastics industry is highly driven by the automotive industry, because of the mechanical properties and lower density. They are utilized in bumpers, front and rear modules, and instrument panels as well. The attitudes of the consumers are also changing in recent years. Such factors are propelling the overall growth of the long fiber thermoplastics industry.
The varied applications and the varied end-user industries such as sporting goods, automotive industry, electrical and electronics, consumer goods, construction, and marine and their increasing growth in demand, revenues, and sales are considered as the major drivers of long fiber thermoplastics market growth.
The increasing application of long fiber thermoplastics in the aerospace industry and the growth of the aerospace industry combined with the increasing investment in the industry are expected to bolster the growth of the long fiber thermoplastics industry. The increasing investment in the automotive industry and the surging preference for higher performance materials for the manufacturing industries are also expected to boost the overall growth of the long fiber thermoplastics industry during the forecast period.
The increasing utilization of thermoplastics in the construction industry across varied applications due to its potential characteristics such as corrosion-free, nonconductive, and excellent strength and life is expected to boost the overall growth of the long fiber thermoplastics industry during the forecast period.
Several established market players are inclined towards the development of other types of polymers and plastics to bring in new competitive materials. The increasing investment in these researches is helping them in acquiring varied options for their applications, thereby avoiding the intensive production process involved in the long fiber thermoplastics industry. This factor is considered as the major restraint of long fiber thermoplastics market growth.
The fluctuation in the price of raw materials utilized for the production of long fiber thermoplastics is considered as the major restraint of long fiber thermoplastics market growth.
The manufacturing of long fiber thermoplastics includes a tedious and technically advanced and expensive forming process. The time consumption and the complexity of these processes are considered as the major challenge for the overall growth of the long fiber thermoplastics industry.
The surging availability of alternatives in the market which are comparatively cheaper and withstand certain conditions are considered as the major challenge for the long fiber thermoplastics market growth.
Cumulative growth analysis:
The Long fiber thermoplastics are used intensively in manufacturing operations, especially in the manufacturing of electronic appliances like microwaves, air purifiers, ceiling fans, hairdryers, air conditioners, and significant others. The demand for these electronic appliances is increasing due to the increasing population and the inclination towards living in nuclear families. Some of the potential characteristics such as stiffness, toughness, and the strength of the material are par excellence. Due to these characteristics, they are selected as alternatives of metals and replacing the under-performing plastics as well.
Since several industries are utilizing the highly engineered polymers for special purposes, they are increasingly replaced with Long fiber thermoplastics due to their performance efficiency. The heat resistance and the design freedom are considered as the key characteristics of the long fiber thermoplastics and the waste generated during the engineering can also be reduced significantly. In the market, stiffer plastics are available, yet they are too brittle to be applied in industrial applications; this factor is propelling the industrial sectors to utilize the long fiber thermoplastics intensively for their applications. Therefore the market value of the long fiber thermoplastics industry is expected to grow from USD 2.8 billion in the year 2020 to USD 4.6 billion by the year 2025 while registering a CAGR of 10.5%.
Value chain analysis:
The growth of the long fiber thermoplastics industry is driven by production-intensive industrial applications. The demand for polymers that can withstand repetitive impact forces and superior energy dissipation in the industrial area. Moreover, the demand to withstand abrasion without deforming while exhibiting higher sound and vibration damping capabilities are higher. Such factors are presenting lucrative opportunities for the growth of the Long fiber thermoplastics industry.
On the other hand, the industrial applications that undergo a significant amount of elevated temperatures are utilizing the long fiber thermoplastics as they are durable in such circumstances. Moreover, they are known for their high strength-to-weight ratio, which makes it more preferable over metals. Significant industries are replacing the metals with reinforced long fiber thermoplastics. For instance, the growth in the automotive and aerospace industries, where the demand for weight reduction facilities are carried out is currently utilizing long fiber thermoplastics. There are quite a few advantages for the long fiber thermoplastics over other materials. They are Eco-friendly materials, light in weight, higher-performing material, resisting abrasion and repetitive impacts and vibrations and significant others.
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The Global Long Fiber Thermoplastic Market Share by End Use Industry, (2016) (%):
Europe was holding the largest market share in the year 2019 because of the economic condition of countries like Germany, the UK, and the prominent market players across the region. The higher consumption of the long fiber thermoplastics, especially for the automotive industry and significant other end-users is presenting a favorable environment for the growth of the long fiber thermoplastics industry. The increasing growth of the automotive industry across the region and the stringent regulations towards the usage of electric vehicles are further promoting the overall growth of the long fiber thermoplastics industry across the region.
On the other hand, North America is expected to project market growth with a health CAGR of 9.9% during the forecast period. For instance, American countries like Argentina, Colombia, Brazil are also witnessing substantial growth in the Long fiber thermoplastics industry due to the attitude of the customers in this region towards passenger cars and increasing adaptation of new technologies.
Similarly, the growth in the Asia-pacific region is primarily due to the increasing growth of textile industries and inclination of the automotive engineers and manufacturers towards lighter machine parts.
In the year 2020, one of the leading market players, Toray industries had introduced the high tensile modulus carbon fiber into the industry which is specially designed for injection molding. These pellets are used in the production of complex and rigid parts. They are efficient and don’t have much impact on the environment.
In the year 2019, one of the leading aircraft manufacturers, Daher had announced their purchase of the KVE composites group. The composites group is known for its designing, production, and assembling of thermoplastic composites.
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|Market Size||2030 : Significant value|
|CAGR||2020-2030 : 5.80% CAGR|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Resin Type, Fiber Type, End-Use Industry and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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 expenditure in the defense sector owing to their application in manufacturing body armor.|
|Key Market Drivers||Rapid industrialization, rising demand for fuel efficient vehicles|
The market value of the long fiber thermoplastics industry is expected to grow from USD 2.8 billion in the year 2020 to USD 4.6 billion by the year 2025 while registering a CAGR of 10.5%.
• Automotive • Aerospace • Electrical • Electronics • Constructions • Consumer Goods • Sporting Goods • Others
• Celanese Corporation (US) • SABIC (Saudi Arabia) • Lanxess AG (Germany) • BASF SE (Germany) • Mitsubishi Chemical Holdings (Japan) • PlastiComp Inc. (US) • Daicel Polymer Ltd. (Japan) • Asahi Kasei Corporation (Japan)
• Stiffness • Strength • Creep resistance • Light weighting • Low-temperature performance • Design freedom • Lower system costs • Recyclable • Corrosion and chemical resistance