Long Fiber Thermoplastics Market Size, Share & Trends Analysis Report By Resin Type (Polypropylene, Polyamide, Polyether Ether Ketone), By Fiber, By Manufacturing Process, By End-use, By Region, And Segment Forecasts, 2022 - 2030
Long Fiber Thermoplastics Market Growth & Trends
The global long fiber thermoplastics market size is anticipated to reach USD 9.3 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to exhibit a CAGR of 9.7% in terms of revenue from 2022 to 2030. Increasing demand for lightweight materials with high strength in the automotive, aerospace, and electrical & electronics industry is expected to propel the demand for long-fiber thermoplastics.
Long-fiber thermoplastics are majorly used in the automotive industry. According to the European Automobile Manufacturers’ Association (ACEA), global vehicle production increased by 1.3% in 2021 compared to 2020. The global production of vehicles reached 79.1 million in 2021. Increasing production and sales of automobiles in the world are expected to propel the long-fiber thermoplastics demand.
The COVID-19 pandemic negatively impacted the long fiber thermoplastics market as production activities were halted worldwide. The outbreak of the pandemic disrupted the whole supply chain causing a shortage of raw materials and further inflating prices.
Long Fiber Thermoplastics Market Report Highlights
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