Long Fiber Thermoplastics (LFT) Market

Long Fiber Thermoplastics (LFT) Market Size-(2023-2028)

The long fiber thermoplastics market size is predicted to grow from USD 2.5 billion in 2022 to USD 4.1 billion by 2028, with a CAGR of 10.8%. 

The main additional benefit One of the main reasons for using LFTs in various applications is that they are recyclable and emit the least volatile organic compounds (VOCs), helping the market grow at a higher CAGR each year, as predicted during the foreseen period.

Long fiber composites (LFTs) are the zenith of thermoplastic performance. They consolidate large amounts of strength, quality, and durability in a single material. The high mechanical workmanship qualities of long fiber composites are the reason they are often chosen as substitutes for metals, as substitutes for plastics that fall short of expectations, or as contrasting options to designer polymers. more expensive thanks to the construction of plastics at a lower cost. The higher toughness of long fiber composites makes them the most durable plastic material with structural characteristics and ideal for applications subject to repeated impact forces. These materials have excellent acoustic and vibratory flexibility capabilities. The high strength-to-weight ratio of long-fiber composites makes them a reasonable metal substitute for those trying to reduce their weight.

Long Fiber Thermoplastics (LFT) Market Trends:

Some of the major market drivers and trends identified in the worldwide long fiber thermoplastics market include rapid industrialization, a growing call for fuel-efficient vehicles and aircraft using LFTs to make lighter parts rather than metals, and escalating expenses. in the defense sector due to its application in the manufacture of bulletproof vests. Furthermore, the call for long-fiber thermoplastics is predicted to experience significant expansion during the evaluation period due to the boom in the oil and gas industry. Escalating crude oil production around the world is predicted to be a major factor in filling the call gap for long-fiber thermoplastic raw materials during the review period. Escalated car production and sales, as well as escalated consumption of light parts, are believed to drive market expansion. LFTs are of great importance in the manufacture of textiles and sanitary products.

Recent Developments in the Long Fiber Thermoplastics (LFT) Market:

Solvay, one of the world's dominating suppliers of high-performance materials, is developing its specialty polymer portfolio with the launch of Omnix® LF-4050 and Omnix® LF-4060, two high-performance polyamides (HPPA) with a fiber content glass of 50 and 60 percent length respectively.

Long Fiber Thermoplastics (LFT) Market Drivers:

Long fiber thermoplastics (LFTs) are molding materials with excellent mechanical properties, mainly employed in the automotive industry. Significant technological advancements have been made in the field of long-fiber thermoplastics, leading to escalated adoption of LFTs. The worldwide long-fiber thermoplastics market is predicted to experience tremendous expansion during the foreseen period due to an increase in its end-use applications. Long fiber thermoplastics offer greater resistance and are characterized by their lightness, which helps improve energy efficiency. In recent times, there has been a boom in the automotive industry that has led to a growing call for lightweight manufacturing materials. This has contributed greatly to the expansion of the worldwide market for long-fiber thermoplastics.

Long Fiber Thermoplastics (LFT)Market Restraints:

However, along with drivers, some obstacles may hamper the expansion of the worldwide long-fiber market. The availability of substitutes and the lack of awareness about the benefits of long-fiber thermoplastics in underdeveloped countries can lead to a market deficit.

LONG FIBER THERMOPLASTICS (LFT) MARKET REPORT COVERAGE:

Opportunities in the Long Fiber Thermoplastics (LFT) Market:

Long-fiber thermoplastic finds various applications in end-use industries due to its ability to provide design freedom. Furthermore, it is recyclable and offers several advantages over conventional manufacturing materials. This has led to a significant increase in its production, thus boosting the long-fiber thermoplastics market. Resistance to high temperatures and the ability to adapt to multiple manufacturing techniques have fueled the market expansion. In addition to this, LFTs are escalating employed as substitutes for metals due to their cost-effectiveness. This has had a favorable impact on the worldwide long-fiber thermoplastics market and helped its expansion. Furthermore, favorable government initiatives and high disposable income in emerging economies have also driven market expansion.

Challenges in the Long Fiber Thermoplastics (LFT) Market:

The escalating use of alternatives such as thermosets due to their structural integrity, and resistance to heat and heat, is widely employed in the automotive, aerospace, and construction industries, as it keeps costs lower, which can hamper the expansion of the LFT industry and thus affect market price trends.

Long Fiber Thermoplastics (LFT)Market Segmentation:

By Resin:

• PP

• PA

• PEEK

• PPA

PP resin has dominated the worldwide market for long-fiber thermoplastics in terms of volume and value. PP resins are in high call because they have their unique properties and the ability to adapt to various manufacturing techniques making them suitable for a wide range of applications.

By Fiber:

• Glass

• Carbon

Fiberglass type will lead the overall long fiber thermoplastics industry in 2021, on the basis of value and volume, owing to its escalated call in the automotive industry.

By Manufacturing process:

• Injection molding

• Pultrusion

• D-LFT

Injection molding is in high call because it helps produce high-value long-fiber thermoplastics and is widely employed in the automotive industry to make heavy-weight-to-weight automotive parts.

By End-Use industry:

• Automotive

• Electrical & electronics

The use of long fiber thermoplastics in automobiles has grown because they are lightweight and have high tensile strength.

Long Fiber Thermoplastics (LFT)Regional Analysis:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

Among these, North America is predicted to grow with the highest CAGR during the review period, from 2022 - 2027, due to the expansion of the transportation industry and escalated investments in the defense sector. The call for long-fiber thermoplastics is predicted to increase in many countries in the European region such as Germany, Italy, and the UK due to the high rate of vehicle production by the automotive industry. Additionally, the recent discovery of shale gas in North America is predicted to close LFT's raw material call gap. Europe accounts for the majority of the long fiber thermoplastics market, due to the economic expansion of Germany and the United Kingdom, the presence of leading players, and the expansion of the industry. car.

In Europe, Germany is predicted to experience the fastest expansion during the foreseen period. The country's economic expansion is the main reason for the high consumption of long-fiber thermoplastics. The Asia Pacific has emerged as one of the next long fiber thermoplastics market regions. The Asia Pacific long fiber thermoplastics market is predicted to experience tremendous expansion due to high consumption potential, escalated production capacities, and escalated economic expansion rate in emerging economies such as China, and India. and Japan.

 In the North American region, the United States is predicted to be the main contributor to the regional expansion of the long fiber thermoplastics market and is predicted to experience a significant call for long fiber thermoplastics during the foreseen period, 2022 - 2027 The Asia Pacific long fiber thermoplastics market is predicted to grow at a moderate CAGR due to the expansion of the textile industries in India and China. Furthermore, the continued expansion of the automotive sector in several Asia-Pacific economies such as China, India, Malaysia, Thailand, and Japan is predicted to increase the call for lighter parts in LFT, which is predicted to increase its call. The tower feeds the call for long fibers Thermoplastic during the foreseen period, 2022 - 2027.

Long Fiber Thermoplastics (LFT) Market Key Players:

1. Solvay SA (Belgium)
2. Celanese Corporation (U.S.)
3. PolyOne Corporation (U.S.)
4. SABIC (Saudi Arabia)
5. PlastiComp, Inc. (U.S.)
6. BASF SE (Germany)
7. Laxness AG (Germany)
8. Quadrant AG (Switzerland)
9. RTP Company, Inc. (U.S.)
10. PPG Industries, Inc (U.S.)