Long Fiber Thermoplastics Market Size, Share & Trends Analysis Report By Resin Type (Polypropylene, Polyamide, Polyether Ether Ketone), By Fiber, By Manufacturing Process, By End-use, By Region, And Segment Forecasts, 2022 - 2030
New York, Jan. 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Long Fiber Thermoplastics Market Size, Share & Trends Analysis Report By Resin Type, By Fiber, By Manufacturing Process, By End-use, By Region And Segment Forecasts, 2022 - 2030" - https://www.reportlinker.com/p06377957/?utm_source=GNW
Long Fiber Thermoplastics Market Growth & Trends
The global long fiber thermoplastics market size is anticipated to reach USD 9.3 billion by 2030. It is expected to exhibit a CAGR of 9.7% in terms of revenue from 2022 to 2030. Increasing demand for lightweight materials with high strength in the automotive, aerospace, and electrical & electronics industry is expected to propel the demand for long-fiber thermoplastics.
Long-fiber thermoplastics are majorly used in the automotive industry. According to the European Automobile Manufacturers’ Association (ACEA), global vehicle production increased by 1.3% in 2021 compared to 2020. The global production of vehicles reached 79.1 million in 2021. Increasing production and sales of automobiles in the world are expected to propel the long-fiber thermoplastics demand.
The COVID-19 pandemic negatively impacted the long fiber thermoplastics market as production activities were halted worldwide. The outbreak of the pandemic disrupted the whole supply chain causing a shortage of raw materials and further inflating prices.
Long Fiber Thermoplastics Market Report Highlights
• Based on resin type, the polypropylene segment accounted for the largest revenue share of 58.0% in 2021 and is expected to retain its dominance over the forecast period. The demand for polypropylene-based LFTs is more owing to their cheap price compared to other polymer-based LFTs such as polyether ether ketone and polyamide-based LFTs
• Based on fiber, the glass fiber segment is expected to witness a CAGR of 9.0% during the forecast period. The growth of this segment can be attributed to the increasing demand for glass fiber thermoplastics in the automotive industry. Glass fiber thermoplastics have properties such as stiffness, lightweight, and durability which makes them a great alternative to metal in the automotive industry
• Based on the manufacturing process, the injection molding segment accounted for the largest revenue share of 45.0% in 2021 and is expected to retain its dominance over the forecast period. This manufacturing process is highly used in the plastics industry owing to its several advantages such as low manufacturing cost and less complexity compared to the pultrusion and D-LFT process
• The automotive segment is expected to witness a CAGR of 9.5% during the forecast period in terms of revenue. This is due to the rising production of Electrical Vehicles (EVs) across the globe. Long fiber thermoplastics are increasingly finding application in electric vehicles owing to their lightweight and high strength. According to International Energy Agency (IEA), the sales of EVs doubled in 2021 and reached a mark of 6.6 million EVs globally
• Asia Pacific dominated the market and accounted for the largest market share of 40.2% in 2021 and is expected to retain its dominance over the forecast period. China is a major contributor to the regional market. The majority of long fiber thermoplastics are consumed in China to manufacture vehicles, electronic devices, and other consumer products
• In March 2022, Polyplastics Group launched a new eco-friendly long fiber thermoplastic i.e., PLASTRON LFT. The new product is made of regenerated cellulose fibers, it provides weight reduction and mechanical strength which helps manufacturers to reduce their carbon footprint and meet sustainability
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