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Global Long Fiber Thermoplastic Market By Fiber (Glass and Carbon.); By Resin (Polypropylene, Polyamide, Thermoplastic Polyurethane, Polybutylene Terephthalate, Polyphenylene Sulfide, Polycarbonate and PEEK.); By Process (Injection Molding, Pultrusion, D-LFT); By End User (Automotive, Aerospace, Electrical and Electronics, Buildings and Construction, Sporting Equipment, and Other) and Region - Global Analysis of Market Size, Share & Trends for 2019 - 20 and Forecasts to 2030
Long fiber thermoplastic is the material that bridges the gap between conventional fiber-reinforced components and composites. Long fiber thermoplastic is a moldable thermoplastic that is employed to manufacture the components used in the automotive industry. Long fiber thermoplastic components are produced by the pultrusion process or injection molding. They are generally 10-12 mm long. Long fiber thermoplastic has higher mechanical performance due to which they are often used as metal substitutes, as an alternative to under-performing plastics, and as a replacement for higher-cost engineering polymers. Long fiber thermoplastic exhibits various properties including high strength, heat resistance, durability, weight reduction, and corrosion resistance. Long fiber thermoplastic finds its application in automotive, aerospace, construction, healthcare, consumer, electronics, and sports and leisure.
Global Long Fiber Thermoplastic Market to surpass USD 8.077 billion by 2030 from USD 2.925 billion in 2020 at a CAGR of 9.7% in the coming years, i.e., 2020-30. The Long Fiber Thermoplastic Market is growing owing to its increasing demand from automobiles, aerospace, and defense. The escalating demand for lightweight materials in various end-user industries as well as its heat resistance, performance, and process benefits including higher strength, radiolucency, and recyclability is expected to drive the market further.
In April 2019, Quadrant AG announced to change its name to Mitsubishi Chemical Advanced Materials AG (MCAM). This name change will be a significant further step in the history of the Group as the renamed company as well as most of its subsidiaries and affiliates, which will share the name of Mitsubishi Chemical as part of its new identity with some additional designation.
In April 2017, PlastiComp Inc. announced that it has added a new manufacturing line in long carbon fiber reinforced thermoplastic composite pellets which will increase its production capacity and improve the overall productivity.
Global Long Fiber Thermoplastic market is segmented by fiber into glass and carbon. The glass, the segment held the largest market share in the year 2019 owing to its accelerating demand from the electrical and electronics, building & construction, and automotive sectors. They offer more resistance to handle damages and prevents cracks which may lead to paint pops, blistering which in turn increase bondage and provide mechanical solidity.
Global Long Fiber Thermoplastic market is divided by Resin into polypropylene, polyamide, thermoplastic polyurethane, polybutylene terephthalate, polyphenylene sulfide, polycarbonate and PEEK. Polypropylene segment held the largest market share in the year 2019 and will continue to dominate the market in the coming years. Polypropylene is used with glass or carbon fibers to manufacture electronic materials. They are also utilized in automobiles in order to reduce the emissions
Global Long Fiber Thermoplastic market is bifurcated by End User into automotive, aerospace, electrical and electronics, buildings and construction, sporting equipment, and others. The automotive segment held the largest market share in the year 2019 and will continue to dominate the market in the coming years owing to the consumer inclination towards lightweight and fuel-efficient vehicles. Long fiber thermoplastics are used in bumpers, instrument panels, door modules, battery cooling box and underbody shielding applications which are projected to robust the growth of the market globally.
Long fiber thermoplastics are extensively used in the automotive industry as they help to reduce the weight of vehicles and improve fuel efficiency. The reduced weight of vehicles saves energy by decreasing tire wear and emissions. Long fiber thermoplastics are used as a substitute for conventional components such as die castings, metal assemblies, and underperforming plastics in the automotive sector. Furthermore, with the increasing population along with the rising disposable income, the demand for vehicles is fueling which is expected to spur the demand for long fiber thermoplastics across the automotive industry.
Long fiber thermoplastics are highly preferred for manufacturing aircraft owing to their chemical resistance and corrosion-free properties which makes the product durable and increases its life. Additionally, long fiber thermoplastics are cost-effective as compared to metals which in turn increasing its utilization in interiors and some of the exterior parts of the aircraft which is anticipated to drive the market in the coming years.
The increasing usage of thermosets due to their improved mechanical properties and cost efficiency is estimated to hamper the long fiber thermoplastics market. Moreover, a lack of knowledge regarding the benefits of long fiber thermoplastics is likely to restrict the market growth.
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Global Long Fiber Thermoplastic Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa. Global Long Fiber Thermoplastic Market in Europe held the largest market share in the year 2019. Europe will continue to dominate the global Long Fiber Thermoplastic market owing to the increasing automotive industry and the presence of major automotive manufacturers in this region. Additionally, economic growth in the region is expected to spur market growth.
Long Fiber Thermoplastic Market Segments:
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