Richmond, Dec. 11, 2023 (GLOBE NEWSWIRE) -- According to a research report "Long Fiber Thermoplastics Market”, by Fiber Type (Glass, Carbon, Other Fibers), Resin Type (PA, PP, PEEK, PPA, Other Resins), End-use Industry (Automotive, Consumer Goods, Sporting Goods, Electrical & Electronics, Others), Manufacturing Process (Injection Molding, Pultrusion, Direct-LFT (D-LFT), Others) and Region - Global Forecast to 2030.
Global Long Fiber Thermoplastics Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 3.9 Billion |
| Market size value in 2030 | USD 7.1 Billion |
| CAGR (2023-2030) | 8.9% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Fiber Type, Resin Type, Manufacturing Process, End-use Industry and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Long Fiber Thermoplastics Market
177 - Market Data Tables
68 - List of Figures
230 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The global long fiber thermoplastics market serves as a crucial component within the broader materials industry, playing a vital role in enhancing the performance and durability of various end-use products. Long fiber thermoplastics are composite materials where the reinforcement fibers are significantly longer than those in traditional thermoplastic composites. This elongated fiber structure imparts superior mechanical properties, such as increased strength, stiffness, and impact resistance, making them ideal for a diverse range of applications. Industries such as automotive, aerospace, and consumer goods leverage these materials to manufacture lightweight yet robust components, contributing to fuel efficiency, structural integrity, and overall product longevity.
Furthermore, the adoption of long fiber thermoplastics aligns with the growing emphasis on sustainable and eco-friendly manufacturing practices. The recyclability and reduced environmental impact of these materials make them a favorable choice in an era where industries are increasingly focused on reducing their carbon footprint. As a result, the global long fiber thermoplastics market not only benefits individual industries by enhancing product performance but also contributes to the broader ecosystem by promoting sustainable and efficient material utilization practices.
Major Vendors in the Global Long Fiber Thermoplastics Market:
- Celanese Corporation
- SABIC
- Lanxess AG
- BASF SE
- Mitsubishi Chemical Group Corporation
- Avient Corporation
- Daicel Polymer Ltd.
- Asahi Kasei Corporation
- RTP Company, Inc.
- Solvay SA
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Light weighting Trends in Automotive Industry
The automotive industry is witnessing a significant shift towards lightweight materials to enhance fuel efficiency and reduce emissions. Long Fiber Thermoplastics (LFT) have emerged as a preferred choice for automotive manufacturers seeking lightweight solutions with high strength and stiffness. These materials, reinforced with long glass fibers, offer a favorable strength-to-weight ratio, making them suitable for various automotive components such as body panels, interior parts, and structural components. The demand for electric vehicles (EVs) has further accentuated the importance of lightweight materials in the automotive sector, as reducing vehicle weight directly contributes to increased range and overall efficiency. As a result, the global adoption of Long Fiber Thermoplastics in the automotive industry is expected to surge, driving market growth. According to industry reports, the automotive sector accounted for a substantial share of the global long fiber thermoplastics market, with an increasing number of manufacturers incorporating these materials into their designs to meet stringent regulations and consumer preferences for lightweight, fuel-efficient vehicles.
Market Dynamics
Drivers:
- Increasing demand for lightweight materials in automotive and aerospace industries.
- Growing awareness and adoption of eco-friendly and recyclable materials.
- Advancements in manufacturing technologies for long fiber thermoplastics.
- Rising need for high-performance materials in various end-use applications.
Opportunities:
- Expanding applications in the construction and infrastructure sector.
- Rising preference for long fiber thermoplastics in consumer goods manufacturing.
- Growing market penetration in emerging economies.
- Continuous research and development for new formulations and applications.
Growing Applications in Consumer Goods and Electronics
Long Fiber Thermoplastics are finding expanding applications beyond the automotive sector, particularly in the consumer goods and electronics industries. The demand for durable and lightweight materials in consumer goods such as appliances, sporting goods, and electronic housings has fueled the adoption of Long Fiber Thermoplastics. These materials offer excellent impact resistance and dimensional stability, making them suitable for products that require robust performance. Additionally, the increasing complexity of electronic devices necessitates materials that can meet stringent engineering requirements while maintaining a lightweight profile. Long Fiber Thermoplastics, with their versatility and ability to be molded into intricate shapes, are becoming integral in the production of casings and structural components in electronic devices. This diversification of applications beyond traditional markets contributes to the sustained growth of the global Long Fiber Thermoplastics market, with projections indicating a rising trend in demand from the consumer goods and electronics sectors.
North America dominates the market for Long Fiber Thermoplastics.
North America stands out as a dominating region in the global long fiber thermoplastics market, with the United States being a key contributor. The region's dominance is attributed to the robust presence of automotive and aerospace industries, both of which extensively utilize long fiber thermoplastics for light weighting applications. The U.S. automotive sector, in particular, has been at the forefront of adopting these materials to meet fuel efficiency standards and consumer demands for high-performance vehicles.
Asia-Pacific, and specifically China, is emerging as a region with high growth potential in the long fiber thermoplastics market. The rapid industrialization, increasing automotive production, and a growing focus on sustainability in the Asia-Pacific region are driving the demand for lightweight materials. China, as the world's largest automotive market, is witnessing a surge in the adoption of long fiber thermoplastics to address environmental concerns and comply with stringent regulations. The region's expanding consumer electronics market further contributes to the increased usage of these materials, presenting significant growth opportunities for long fiber thermoplastics manufacturers.
The Fiber Type Segments is anticipated to hold the Largest Market Share during the Forecast Period
In the global long fiber thermoplastics market, the fiber type segment encompasses glass, carbon, and other fibers. Currently, this segment is dominating the market due to the distinctive properties offered by each fiber type. Glass fibers provide cost-effectiveness and good mechanical strength, making them widely used in various industries. Carbon fibers, on the other hand, offer exceptional strength and lightness, making them ideal for high-performance applications. The inclusion of Other Fibers reflects the continuous innovation and adoption of newer materials to meet specific performance requirements. The dominance of this Fiber Type segment is attributed to the versatility it offers, allowing manufacturers to tailor long fiber thermoplastics to a wide range of applications, from automotive components to consumer goods, thereby driving its widespread adoption in the market.
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