April 17, 2020
As per the report titled ‘Long Fiber Thermoplastics Market Size By Material, By Resin, By Application, Industry Analysis Report, Regional Outlook Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, global long fiber thermoplastics market is projected to exceed USD 3 billion by the year 2025.
Rising consumer inclination towards lightweight and eco-friendly products is expected to augment the demand for long fiber thermoplastics in the forthcoming years, owing to their recyclability, biodegradability, and high strength to weight ratio. Increasing product use for manufacturing of aerospace, sports & furniture, and automotive parts will foster the market growth during the estimated timeframe.
Growing health conscious population will boost the sales of cycles, in turn stimulating the demand for long fiber thermoplastics (LFT) for assembling lightweight bicycles. Furthermore, use of reinforced LFT for the production of chess boards, badminton racquets, and gold shafts on account its rigidity and high durability is enhancing the market growth.
On the contrary, availability of alternatives such as thermosets which are cheap and offer high structural integrity and thermal resistance may impede the demand for LFT in the forthcoming years.
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Based on resin type, polypropylene resin segment is anticipated to witness a growth rate of 9.5% through 2025, on account of its extensive use in manufacturing of toys and furniture components due to high thermal and chemical resistance. It is also mixed with LFT for usage in packaging industry. Hence, growth of packaging industry will boost the demand for polypropylene resin.
Speaking of the application spectrum, aerospace segment is estimated to generate USD 450 million by the end of forecast period. Higher cost efficiency as compared to metals has encouraged the use of LFT for aerospace components. Improved durability and extended lifespan owing to non-corrosive and chemical resistant characteristics of LFT are key factors propelling product adoption in aerospace sector.
The report cites that U.S. long fiber glass industry share from construction application is presumed to cross USD 15 million by 2025. Low weight and high mechanical strength are the features bolstering the long fiber glass demand for fabrication of movable houses in U.S. The material has impact and abrasion resistant properties, hence prevents houses from impacts and harsh environmental conditions.
Germany long carbon fiber reinforced thermoplastics industry from automotive application is expected to witness significant growth over the analysis period. Increasing use of LFT in the manufacturing of various automotive components including dashboards, car seats, and doors, owing to its high flexibility is supporting Germany market outlook.
India long fiber thermoplastics industry from electronic appliances application is predicted to surpass USD 3.5 million by 2025. Rapid expansion of the electronic industry in tandem with non-conductive nature of LFT is favoring the product utilization across the electronics manufacturing facilities to prevent shocks.
Key players of global long fiber thermoplastics market include RTP Company, Great Resins Industrial Co, Inc., Plasticomp, Inc., Polyone Corporation, Sumitomo Bakelite Co., Ltd., Daicel Polymer Ltd., Quadrant Plastic Composites AG, SGL group, Inc., TechnoCompound GmbH, SKYi lnnovations, Inc., Celanese, Inc., Asahi Kasei, Inc., Solvay, Inc., SABIC, and Lanxess.
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