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Long Fiber Thermoplastics (LFT) market is projected to rise at a faster rate during the forecast period (2017-2023) due to the growing demand from end use applications such as automotive, electrical and electronics industry. The long fiber thermoplastics are known for their lightweight, high-performance and environment-friendly nature. The increasing environmental concerns and increasing government regulations focusing on a superior fuel resulting in the growth of long fiber thermoplastics market during the forecast period. The global market for long fiber thermoplastics is expected to experience significant growth from the automobile industry on account of growing focus towards the manufacture of light weight automobile components in order to reduce the overall weight and gain in the fuel efficiency.
Long fiber thermoplastics are bulk molding materials with high mechanical performance characteristics such as stiffness, strength and toughness which are combined into a single material thereby, forming a substitute to metals. These long fiber thermoplastics are continuous fiber filaments flowing along the length of the pellet, with improved stiffness, strength and impact resistance. The key properties of long fiber thermoplastics are stiffness, strength, durability, weight reduction, system cost, corrosion resistance, dimensional stability, heat resistance, thermal conductivity, and functional performance.
The primary drivers of the long fiber thermoplastics market are the extensive use in manufacturing light weight structural parts in automobiles, increasing use of polyamide LFT in turbocharged engines and crash absorbers, use of reinforced polypropylene in the construction industry, growing use of LFTs in wind turbines, expanding applications in aviation and electronics sector.
The global long fiber thermoplastics market is categorized by resin type, fiber type, application and geography. The market, by resin type, is segmented into polypropylene, Polyamide (PA), Polybutylene Terephthalate (PBT). Polypropylene is the fastest growing resin type segment in the long fibre thermoplastics market, in terms of volume, due to feasible adaptability to fabrication techniques involved in the thermoplastics market. The polypropylene resins have high resistance to temperature and are used with glass or carbon fibres to manufacture electronic components. They can also be used to manufacture light weight automobiles to decrease emissions.
By fiber type, the global long fiber thermoplastics market is segmented into long glass fiber thermoplastics and long carbon fiber thermoplastics. Long glass fiber thermoplastics market is forecasted to increase during the forecast period on account of the intensive demand for glass fibers in automotive, electrical and electronics industry. Long carbon fibers are used in applications including aerospace and sporting goods that require high stiffness and high performance products.
The long fiber thermoplastics, by application, is categorised into Automotive, Electrical & Electronics, Sporting Goods, and Consumer Goods. The automotive industry is projected to spur the long fiber thermoplastics market, in terms of value and volume, due to extensive demand for lightweight materials and reduce green-house gas emissions. Additionally, growth in automotive industry is estimated to spur demand of long fiber thermoplastics in modular applications including front end modules, door modules, and underbody systems. Industrial goods being the second-largest market for LFT, are expected to experience robust growth as the performance of the industrial goods can be enhanced with the use of resins along with long fiber thermoplastics.
By region, the long fiber thermoplastics market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa (MEA), and South America. Europe is estimated to be the largest market during the forecast period with increasing use of thermoplastic-based composites and growth in end use industries such as automotive, electrical, electronics, sporting goods and consumer goods. Additionally, the presence of major automotive manufacturing industries, has further spurred the growth of LFT market in European region. The increasing use of composites in automotive, consumer goods and industrial goods is expected to drive the market for long fiber thermoplastics in Asia-Pacific and other regions.
The primary restraints to the growth of long fiber thermoplastics market include improved mechanical properties and cost efficiency of thermosets as compared to long fiber thermoplastics.
The key players in the long fiber thermoplastics market include Celanese Corporation, RTP Company, JNC Corporation, Daicel Polymer Limited, Sumitomo Chemical Company Ltd, PPG Industries, Inc., SABIC, CTC Plastics, LANXESS, Solvay.
By Resin Type
By Fiber Type