Long fiber thermoplastics are used in various applications for their high stiffness, thermal conductivity, lightweight, corrosion resistance, toughness, and heat resistance properties, along with their design flexibility. In recent years, there have been technological advancements in the manufacturing of long fiber thermoplastics as well as wider acceptance in the use of long fiber thermoplastics in industries such as automotive, electrical & electronics, marine, medical, construction, sporting goods, and consumer goods.
PP resin type accounts for a major share in the overall long fiber thermoplastics market. Its properties include chemical resistance, fatigue resistance, insulation, elasticity, transmissivity, and toughness, making it suitable for use in the automotive and consumer goods industries.
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On the basis of the fiber type, the long fiber thermoplastics market is segmented into glass, carbon, and other fibers. Glass fiber has the right combinations of mechanical properties, chemical resistance, and insulating properties, making it the most preferred fiber for long fiber thermoplastics. It is widely used in automotive and electrical & electronics applications to produce front-end assemblies, body panels, structural body parts, sound shields, truck panels, doors, and other components. Carbon fiber is used in high-end industries, such as aerospace and sporting goods.
In terms of value, the long fiber thermoplastics market is projected to register a CAGR of 9.3% during the forecast period, owing to the high demand from various end use industries worldwide. It was USD 3.5 billion in 2021 and is projected to reach USD 6.1 billion by 2027. This high growth can be attributed to an increase in demand for long fiber thermoplastics from automotive and electrical & electronics end use industries. In 2021, Europe dominated the market with the presence of major market players, such as Lanxess AG (Germany) and Solvay SA (Belgium).
Companies operating in the long fiber thermoplastics market have strengthened their position in the global composites market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2017-2021.
Celanese Corporation (US), SABIC (Saudi Arabia), BASF SE (Germany), Solvay SA (Belgium), Avient Corporation (US), and Mitsubishi Chemical Group Corporation (Japan) have taken up competitive strategies to upgrade their products and provide advanced long fiber thermoplastics to their customers. New product development/launch is the key strategy adopted by the major manufacturers to provide innovative solutions for long fiber thermoplastics in various applications. The companies have also expanded their manufacturing plants and offices globally to cater to the increasing demand for these thermoplastics. The market players followed strategies such as new product development, expansion, and partnership to maintain their positions in the global market.
SABIC is one of the leading manufacturers of long fiber thermoplastics. The company is efficient in fuel-efficient cars, planes, enabling colorful smartphone cases, and helps in conserving the global water supply. It functions under three strategic business units: petrochemicals & specialties, agri-nutrients, and handled. It is a global leader in diversified chemicals. The Saudi Arabian government owns 70% of SABIC shares, with the remaining 30% publicly traded on the Saudi stock exchange. It caters to various industries such as agriculture, automotive, building & construction, consumer, electrical & electronics, healthcare, industrial, mass transportation, and packaging. The company manufactures long fiber thermoplastics in the Americas, Middle East, and Asia Pacific.
Celanese Corporation is a global technology and specialty chemicals company. It caters to various industries, including aerospace, appliance, coatings, consumer goods, energy, food & beverage, oil & gas, medical, fibers, textiles, and others. It has three business units: acetyl chain, engineered materials, and acetate tow. The company offers long fiber thermoplastic products through its engineered materials segment. It manufactures products through manufacturing facilities located in North America, Europe, and Asia. It consists of 23 global production facilities and 8 strategic affiliate production facilities. Celanese Corporation manufactures long fiber thermoplastics in Germany and US.
Long Fiber Thermoplastics Market by Fiber Type (Glass, Carbon), Resin Type (PA, PP, PEEK, PPA), Manufacturing Process (Injection Molding, Pultrusion, Direct-LFT (D-LFT)), End-use Industry and Region - Global Forecast to 2027
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