Long Fiber Thermoplastics Market - Forecasts from 2024 to 2029

Long Fiber Thermoplastics Market - Forecasts from 2024 to 2029

The long fiber thermoplastics market is anticipated to register a compound annual growth rate (CAGR) of 8.47% during the projected period (2024-2029).

The long fiber thermoplastics market has been on the rise within the last few years this is majorly because of the enhancing demand from numerous segments. This growth is attributed to the numerous benefits of LFTs. They possess mechanical properties such as high strength, durability, toughness, and endurance to fatigue, as well as relatively low weight compared to metal or conventional thermoplastics. The market is also forecasted to grow due to the evolving understanding of some features of FRT resins. For instance, lightweight, durability, flexibility, high strength, and heat resistance will fuel the demand for various types of LFTs in the foreseeable future.
As a factor that has the potential to enhance the outlook for the long fiber thermoplastics market, one needs to acknowledge the need for these products within the automotive industry. The automotive segment is on the top of the consumption list of LFTs because of their application in offering weight and strength features that are very important in meeting fuel efficiency and emissions standards. There is a growing trend towards electric vehicles, and CAFM manufacturers require lighter materials to reduce automobile weight, which will be the primary demand driving LFT in the following years.
Another factor likely to drive the long fiber thermoplastics market is the rising aerospace and consumer goods market consumption. Precision: Another large market stimulant is the rising enlightenment of extended fibre thermoplastics’ eco-friendly nature. For this reason, long fiber thermoplastics are associated with being recyclable and sustainable this aspect runs a high risk of being raised by consumers/ manufacturers. Right now, consumers and industries have shown increased concern about the environment, with special emphasis on the use of green products, not to mention the need for less waste, which is also likely to fuel the demand for LFT in the global market. In addition, it is anticipated that the rising R&D, as well as advancement in the long fiber thermoplastics industry, will help in offering better products more aligned with the benefits of the global market.

LONG FIBER THERMOPLASTICS MARKET DRIVERS:

The Polypropylene segment by type will likely be the fastest-growing type during the forecast period.

The homopolymer segment is expected to be the fastest-growing polypropylene type during the forecast period. Polypropylene homopolymer is considered the most basic grade of polypropylene resin, containing only a propylene monomer in a linear structure. It controls the largest share of the global market as it grows at the highest rate compared to other types of polypropylene. This growth is due to the increased uses of Homopolymer polypropylene across end-user applications, including building and construction, packaging, electrical & electronics, medical, automotive, and others. Non-covalently bonded polypropylene homopolymer can have many of the following advantages: High tensile strength, low moisture resistance and resistance to staining and various chemical solvents, including acids and alkalis. Due to the above properties, it becomes ideal to be used in a wide range of uses, such as prosthetic and orthotic devices, secondary containment, pumps, and storage tanks.

Another factor that contributes to the growth of this particular segment is the rising need for lightweight, durable, and inexpensive materials in automotive applications. This is because the proportion of homopolymer polypropylene depends on the consumption of automotive applications tailored to its lightweight characteristics to enhance fuel economy in vehicles. Furthermore, the increase in the utilization of polypropylene across packaging sectors, especially for food and beverages, is also anticipated to fuel the polymer type, especially in the homopolymer segment during the forecast period.

The growing application of long-fiber thermoplastics in automotive production

The growing application of long fiber thermoplastics (LFTs) in automotive production is driven by their unique combination of properties, including high strength, low weight, and resistance to creep and warpage.

A typical requirement for LFTs is the increased application of metals in structural and semi-structural features, including door modules, front-end modules, instrument panels, and underbody shields, because when they are implemented, they offer remarkable weight optimization together with savings on fuel. The increased demand for small, lightweight, and narrowly framed cars and commercial vehicles also contributes to the observed trend of increased use of LFTs, particularly since they create possibilities for designing and manufacturing strong but lightweight components. A rise in curiosity in the recovery of recyclable material in the automotive structure, particularly in Europe, compelled the utilization of LFTs with mono-material construction, including LGFRP. The adoption of LFTs is projected to remain on the rise in the foreseeable future because of the increasing demand for sturdy materials that meet automotive sector standards and the reduced effects of manufacturing on the environment.

LONG FIBER THERMOPLASTICS MARKET GEOGRAPHICAL Outlook

Asia Pacific region to dominate the long fiber thermoplastics market during the forecast period.

The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies are from this region, such as ASEAN countries. This region is expected to dominate the long-fiber thermoplastics market during the forecast period owing to being the home of several countries, as mentioned above, constituting significant production capacities driven by the high demand for long-fiber thermoplastics.

Due to its growing opportunities, the Asia-Pacific region anticipates being the largest consumer of long-fiber thermoplastics during the forecast period. Competitors within the market are China, Japan, and South Korea, which have played a critical role in boosting the demand for LFTs in the region. Herein, China is anticipated to demonstrate the greatest regional increases. This is due to the expanding electric vehicle market and demand for lightweight automotive materials.

Furthermore, the region's automotive segments and related industries enjoy a large and growing middle-income populace and escalating per capita income. This gives way to a growing demand for consumer goods and durable household appliances incorporating long fiber thermoplastics. Moreover, mechanical industry growth and a business-friendly environment in the region also add to the long fiber thermoplastics market’s growth. Therefore, the Asia-Pacific is expected to remain the largest supplier in the global long fiber thermoplastics market, pertaining to the market share and the sales growth rate for the forecast years.

The long fiber thermoplastics market is segmented and analyzed as follows:

By Resin Type
Polypropylene
Polyamide
Polybutylene Terephthalate
Others
By End-User Industry
Automotive
Aerospace
Electrical and Electronics
Buildings & Constructions
Sporting Equipment
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Italy
Spain
Rest of Europe
Middle East and Africa
Saudi Arabia
Saudi Arabia
United Arab Emirates
Rest of Middle East and Africa
Asia-Pacific
China
India
Japan
South Korea
Taiwan
Thailand
Indonesia
Rest of Asia-Pacific