Global long fiber thermoplastics market valued around USD 3.4 Billion in 2018 and is estimated to grow at a CAGR of around 8.8 % between 2019 & 2026.
The global long fiber thermoplastics market valued around USD 3.4 Billion in 2018 and is estimated to grow at a CAGR of around 8.8 % between 2019 & 2026.
The report covers forecast and analysis for the global long fiber thermoplastics market on a global and regional level. The research report presents a comprehensive valuation of the market, competition, opportunities, emerging trends, and industry-validated market figures. The study provides historic data of 2018 to 2018 along with a forecast from 2019 to 2026 based on volume (Kilo Tons) and revenue (USD Billion).
The global long fiber thermoplastics market is likely to witness significant growth within a few years and is expected to grow at noticeable rate within the forecast period. There is massive potential in the long fiber thermoplastics market due to its variety of applications, superior properties and growing demand in the market. Superior processability, good corrosion resistance, higher shelf life, excellent mechanical properties, and low density are the crucial attributes that are thriving the demand for the long fiber thermoplastics market in several industries across a globe. The rising demand for the long fiber thermoplastics from electronic appliances like air purifiers, ceiling fans, microwaves, and air conditioners is the crucial parameter to drive the market.
The global long fiber thermoplastics market has been categorized on the basis of resin type, fiber type, and application. Based on the resin type, the long fiber thermoplastics market is segmented into polypropylene, polyamide, and polybutylene terephthalate. The polypropylene is likely to have maximum demand within the forecast period as it is used in furniture components, bumpers, packaging, and manufacturing of toys because of having chemical and heat resistant properties. Based on the fiber type, the long fiber thermoplastics market is divided into glass fiber and carbon fiber. The glass fiber reinforced thermoplastics material is anticipated to grow at a substantial rate owing to wider application in the automotive industry, aerospace industry, building & construction, and electrical industry because of its flexibility. Based on the application, the long fiber thermoplastics market is divided into automotive, electronics appliances, sports leisure, construction, and furniture. The automotive application is further segmented into door module, air inlet, service panel, upper front end, abs/esp bracket, battery cooling box, front mfb, seat handle, latch bracket, wheel cover, seat back.
The increasing demand for long fiber thermoplastics from the automotive industry is the major factor driving the growth of the market. The demand from the automotive industry is due to governmental regulations. For an instant, the Corporate Average Fuel Economy (CAFE) standard, have constantly emphasized the use of lightweight materials such as LFT composites in automobiles. Henceforth, automobiles and the automotive industry will remain the prime users of LFTs over the next 20 years. The secondary factor which is driving the market is the excellent properties of long fiber compared with short fiber thermoplastics. The factor which might hinder the global long fiber thermoplastics market is the high processing and manufacturing costs.
Key players for the long fiber thermoplastics market are SABIC (Saudi Arabia), Celanese Corporation (US), PolyOne (US), Solvay SA (Belgium), PlastiComp Inc. (US), and RTP Company (US).