Long Fiber Thermoplastics Market, by Materials (Glass and Carbon), Resin Types (Polypropylene, Polyamide, Thermoplastic Polyurethane, Polybutylene Terephthalate, Polyphenylene Sulfide, Polycarbonate, and PEEK), Applications (Automobile, Aerospace, Electronics Appliances, Sports Leisure, and others), End-Users (Automotive, Electrical & Electronics, Constructions, Furniture, and others), Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027

The global market for long fiber thermoplastics will see substantial growth as the demand for high-performance materials is increasing globally. Rapid developments of fuel-efficient automobiles, coupled with growth in consumer purchasing power for commercial vehicles, are some other drivers for the growth of the market.

Long Fiber Thermoplastics Market, Analysis:

Long fiber thermoplastics (LFT) are transplanting components with enhanced chemical and physical properties. LFT is mainly used in the automobile sector, owing toits low cost of production. Advanced research and development in the relevant areas of thermoplastics will be a primary factor behind the growing usage of long fiber thermoplastics on the global market.

Rising demand for automobiles is expected to drive the global long fiber thermoplastic market:

The flourishing automotive manufacturing industry is anticipated to propel the growth of the long fiber thermoplastics market. In the automotive industry, long-fiber thermoplastics are used to minimize the total weight of a vehicle and increase energy efficiency. LFTs are widely used in the automotive industry as substitutes for traditional materials such as metal structures and plastics and processes such as die casting. The growing demand in the automotive industry for long fiber thermoplastics is considered as a major market driver.   

Availability of substitutes is anticipated to restrain the growth of the global long fiber thermoplastics market:

The availability of substitutes, such as thermosets, is commonly used in the automotive and other end-user industries due to its functional reliability and lower cost. In addition, investors are investing in research and development for other polymer types that are more beneficial than long fiber thermoplastics. These factors may hinder the growth of the market. 

Growth in the end-user industry is expected to create enormous opportunities for the global long fiber thermoplastics market:

Growth in end-user industries such as aerospace & defense and automobiles is expected to fuel the demand of the global fiber thermoplastics market in the projected period. The use of carbon fiber and glass fiber in large aircraft such as Airbus A320, Airbus A350 XWB, and others has made long fiber thermoplastics more appealing than metals. In addition, the rising demand for lighter materials to reach optimal fuel efficiency in the automobile industry is likely to improve the growth of the global long fiber thermoplastics market in the forecast period.

Long Fiber Thermoplastics Market, by Material:

The long glass fiber thermoplastics is expected to dominate the market

On the basis of materials, the global long fiber thermoplastics market is divided into glass and carbon fiber thermoplastics. Currently, carbon fiber dominates the fiber thermoplastics market, although carbon fiber is costly and sensitive to handle. Therefore, glass fiber is expected to outperform carbon fiber in the coming years due to glass fiber having high resistance, strength, and longevity.

Long Fiber Thermoplastics Market, by Resin Types:

Polypropylene type is expected to dominate the market 

By resin types, along the fiber thermoplastics market can be classified into resin types polypropylene, polyamide, thermoplastic polyurethane, polybutylene terephthalate, polyphenylene sulfide, polycarbonate, and PEEK. Among these, polypropylene is expected to hold a dominant place in the global market due to the growing adoption of PP resin by sectors such as automobile and consumer goods. 

Long Fiber Thermoplastics Market, by Applications: 

Automobile applications will register a significant growth till 2027

By applications, the global long fiber thermoplastics market can be segmented into automobile, aerospace, electronics appliances, sports leisure, and others. Out of these automobiles, application dominates the market and is expected to grow in the upcoming period mainly due to the high demand in the automotive industry and considerable technological advancements. Some of the automobile applications include door module, air inlet, service panel, upper front end, and other applications.

Long Fiber Thermoplastics Market, by End-Users:

The automotive industry is estimated to dominate the market

By end-users long fiber thermoplastics market can be bifurcated into automotive, electrical & electronics, constructions, furniture, and others. As fiber thermoplastics are widely adopted in the automotive industry, the automotive segment is anticipated to dominate the market shares. It helps to reduce an automobile's total weight and to produce fuel-efficient cars to meet regulatory standards.

Long Fiber Thermoplastics Market, by Region:

Europe will have lucrative opportunities for the market investors

The global long fiber thermoplastics market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America has a major market share owing to the rapid growth of the automotive and aerospace industries. Europe has a rapidly growing market and is anticipated to be the fastest-growing region due to the growing demand for composites dependent on thermoplastics.

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Key Participants in the Global Long Fiber Thermoplastics Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Some of the major key players in the global long fiber thermoplastics market are Miller Waste Mills Inc., PolyOne Co., Daicel Co., Sumitomo Bakelite Company Ltd., SGL Carbon SE, Lanxess AG, Saudi Aramco, Mitsubishi Chemical Holdings Co., Asahi Kasei Co., Solvay, and others. 

Market players prefer inorganic growth strategies to expand into local markets. The long fiber thermoplastics market players are emphasizing more on merger & acquisition and advanced product development. These are the various strategies followed by established organizations. To emphasize more on the competitive analysis of market players, Porter's five forces model is explained in the report.

Source: Research Dive Analysis