Long-fiber Thermoplastics Market Overview
The long-fiber thermoplastics market size is forecast to reach US$6.3 billion by 2027 after growing at a CAGR of 5.5% during the forecast period 2022-2027. The long fiber thermoplastics industry is the pinnacle of structural performance in injection molding thermoplastics. They have the properties such as high levels of stiffness, strength, and toughness together in a single material. No other method of reinforcing melt polyether ether ketone can match their performance. long fiber composites are often selected as substitutes for metals, as a replacement for under-performing plastic resins, or as alternatives to higher-cost engineering polymers. The demand for long-fiber thermoplastics is increasing from various end-user sectors, including electrical and electronics, aerospace, automotive, buildings and construction, sporting equipment, and others. Long-fiber thermoplastics have gained popularity among thermoplastics matrix composites, mainly due to significant technological developments in the automotive industry. Moreover, long-fiber thermoplastics are expected to replace conventional materials in the aforementioned industry, its usage is expected to grow during the forecast period. All these factors contribute to driving the market demand for the Long-fiber thermoplastics industry.
The COVID-19 pandemic has negatively impacted the long fiber thermoplastics market extensively. Unfavorable conditions arising due to the COVID-19 outbreak coupled with higher costs and other restraints are hindering the market growth. Long fiber thermoplastics have the properties such as heat resistance, low-temperature performance, and creep resistance. long fiber thermoplastics have an application that includes wheel cover, latch bracket, sunroof components, seat handle, seat back, and air inlet components, used in the automotive industry. According to Knoema global data, motor vehicle production fell sharply in 2020, dropping to 15.4% from the 2019 year, because of travel restriction measures and an overall decline in economic activity due to the COVID-19 pandemic. Passenger cars experienced a more significant drop in production than commercial vehicles, with decreases of 16.9% and 11.6%, respectively. This marks the third consecutive year with negative growth in global automotive vehicle production. Thus, the decrease in the demand in the automotive industry is accounted to hamper the growth of long fiber thermoplastics market share.
Long fiber thermoplastics Market Segment Analysis – By Resin Type
The polyamide resin held the largest share of over 30% in the long fiber thermoplastics (LFT) market in 2021. The product is utilized in the packaging and manufacturing of toys, furniture components, and bumpers owing to its chemical and heat-resistant properties. These long fiber thermoplastics uphold exceptional mechanical properties because of which it is utilized for industrial application in the manufacturing of cars and tractors, dashboards, gaskets, and ceiling fans. The demand for furniture has been observed to majorly generate from northern and southern India, Asia Pacific countries followed by North America and Europe. According to the Centre for Industrial Studies (CSIL), the value of furniture production in China reaches US$ 200 billion in 2021. The bulk of international trade of furniture originates in China, Vietnam, Poland, Germany, and Italy, and goes to the US, Germany, France, the Us. China exports furniture to the world for a total of US$ 77 billion in 2021. Thus, polyamide resin used in furniture and woodworking is a major driver for the long fiber thermoplastics market.
Long fiber thermoplastics Market Segment Analysis – By Fibre Type
Glass fiber held the largest share of over 38% in the long fiber thermoplastics market in the year 2021. Glass fiber is widely used in the automotive industry as it boasts flexibility which makes molding of car parts comfortable. It also provides more resistance for handling damages and prevents cracks that may cause paint pops, blistering, and pits which in turn increase bondage and provide mechanical solidity. According to the International Organization of Motor Vehicle Manufacturers, global sales of passenger vehicles were US$711 billion in 2020 and global sales of vehicles were US$1033 billion in 2020. Thus, the use of glass fiber in the automotive industry will drive the market demand for the long fiber thermoplastics market.
Long fiber thermoplastics Market Segment Analysis – By Manufacturing Process
Compression molding held the largest share of over around 25% in the long fiber thermoplastics market in 2021. Compression molding produces solid parts that are free of flow and knit lines. The structural stability of compression molded parts is very high because of the presence of long fiber thermoplastics. Compression molding is also used to manufacture parts using long fiber thermoplastics materials, which makes it more durable, corrosion-resistant parts and products can be produced easily through this method. Many large parts and panels for cars, tractors, and other vehicles are made of compression molding with the presence of long fiber thermoplastics in them. Some of the applications are Computer and gaming devices, Kitchenware, Dinnerware, Electrical components, and Medical and dental device parts. According to Global Healthcare amid rising the global healthcare market is crossed the $2 trillion mark in 2020. The new vision for healthcare for 2020 and beyond will not just focus on access, quality, and affordability but also on predictive, preventive, and outcome-based care models promoting social and financial inclusion. In 2022, consumer-driven models of healthcare will gain more market traction, as they stand to better bridge the gap of what consumers want and what healthcare can deliver. Many plastic and silicone parts used in the medical industry are using compression molding which has long fiber thermoplastics components used in them which will drive the market growth.
Long fiber thermoplastics Market Segment Analysis – By End Users
Automotive Industry held the largest share of over 40% in the long fiber thermoplastics market in 2021. long-fiber thermoplastics provide high strength, freedom of design, and have dimensional stability. Thereby, they have gradually become an integral part of the automotive industry. Long-fiber thermoplastics are used in both interior and exterior applications. The most common applications include powertrain, under-hood, and body components, such as upper front end, service panel, and battery cooling box, door module, wheel cover, latch bracket, sunroof components, seat handle, seat back, and air inlet components, among others. Long-fiber thermoplastics are used in the automotive industry, to reduce the overall weight of an automobile and gain fuel efficiency, to meet various regulations by EPA and other government authorities. Thus, all these factors are driving the market growth for the long fiber thermoplastics market.
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Long fiber thermoplastics Market Segment Analysis – By Geography
Asia Pacific (APAC) dominated the long-fiber thermoplastics market during the year 2021 with a market share of around 33%, followed by North America and Europe. The Asia Pacific (APAC) is projected to be the largest and fastest-growing market, in terms of volume and value, during the forecast period. This growth is driven by the rapid use of the indoor module, wheel cover, latch bracket, sunroof components, seat handle, seat back, and air inlet components. Asian countries such as India and China account for more than half of the total Asia market. The long-fiber thermoplastics market growth is attributed to the growth in the automotive industry. China is one of the largest producers and consumers of long-fiber thermoplastics in the region. In China, the consumption of long-fiber thermoplastics had increased drastically in the recent past, due to the growing population, increasing urbanization, and substitution of many metals by suitable long-fiber thermoplastics in variable applications. According to European Commission, the machinery sector is a substantial contributor to the European economy in 2020. China (a major player in the Asian industry), Germany, the United States, Japan, and Italy are also major competitors in the global machinery market. The strong and healthy growth in the machinery sector in association with the growing demand for electrical sockets, switches, faceplates, and metering devices will drive the demand for long fiber thermoplastics.
Long fiber thermoplastics Market Drivers
Growing Demand from Automotive Industry
The rise in automotive and construction activities, development of engineering industries, and expansion of the transportation sector are some demand-generating factors that are estimated to drive the expansion of the long fiber thermoplastics market. Long fiber thermoplastics offer better strength and are characterized by light-weight, which helps in enhancing fuel efficiency. In recent times, there has been a surge in the automobile industry leading to increasing demand for lightweight manufacturing materials. This has highly contributed to the growth of the global long fiber thermoplastics market. Hence, with the rapid increase in demand from the automotive segment across the world, the market for long fiber thermoplastics is expected to rapidly increase over the forecast period. According to the International Organization of Motor Vehicle Manufacturers recorded global production of US$691 billion for all vehicles. Thus, all these factors are driving the market growth for the long fiber thermoplastics market.
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Rising Implementation of mass reduction technology Worldwide
Light weighting or mass reduction is a core focus in aerospace where weight reduction facilitates increased fuel economy and decreases associated emissions. In this context, long fiber composites are eco-friendly alternatives to heavier materials. Using less of a higher-performing material is not only a tactic to reduce weight but can also lower overall material costs, especially when fiber reinforcement is used to up-engineer the structural properties of a lower-cost polymer or as a price diluent in higher cost engineering resins. Thus, all these factors are driving the market growth for the long fiber thermoplastics market.
Long fiber thermoplastics Market Challenges
Low Quality & melting point
Thermoplastic materials, especially composites, tend to fracture rather than deform under high-stress levels. They suffer from creep where the thermoplastics materials relax or weaken when they are exposed to long-term loading which hinders the market growth for long fiber thermoplastics. Some types of low-quality thermoplastics melt and some thermoplastics degrade when they’re exposed to direct sunlight or ultraviolet light levels for extended times. Lack of awareness regarding the benefits of long fiber thermoplastics in underdeveloped countries may cause a shortfall in the market. Nonetheless, researchers are working on enhancing the thermal and mechanical properties of long fiber thermoplastics. These developments will increase the efficiency of long fiber thermoplastics thereby, facilitating an expansion in the long fiber thermoplastics market.
Long fiber thermoplastics Industry Outlook
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the market. long fiber thermoplastics market top 10 companies include:
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A. Thermoplastic Composites Market
B. Short Fiber Thermoplastic Composites Market
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