With CAGR of 10.3%, Long Fiber Thermoplastics Market Size to Worth USD 5,749.3 Million by 2027
The global long fiber thermoplastics market is forecast to reach a market size of USD 5,749.3 Million by 2027, and register a significantly high revenue growth rate over the next seven years, according to a new report by Reports and Data. Growing demand for long fiber thermoplastics can be attributed to growth of the electronics industry. Long fiber thermoplastics possess high impact resistance and function as a buffer for delicate electronic components and parts and comply with several regulatory policies and norms in the electronics industry. Long fiber thermoplastics also have very good temperature resistance and low water absorption capacity, which are critical for the proper functioning and safety of electric devices. Furthermore, in electronic applications, long fiber thermoplastics like Polyamides are considered suitable for the passing of specific tests like GWIT, as these have excellent flame regarding capability.
The COVID-19 impact
The COVID-19 pandemic had a severe impact on long fiber thermoplastic market. Global shutdown of the automotive industry and movement restriction have severely affected the sales of electric vehicles. Also, mass layoffs have resulted in decreased consumer spending, plummeting the demand for consumer electronic goods. All these factors have resulted in a decline in demand for long fiber thermoplastic materials.
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Further key findings from the report suggest
- Polypropylene possesses a tactile, slippery surface and is considered optimal for use in low friction automotive applications, including gears. Polypropylene provides exceptional elasticity and fatigue resistance providing enhanced durability and strength. Also, high electrical resistance of polypropylene finds widespread application in producing electrical products and cables.
- Long fiber thermoplastics adaptability to numerous fabrication methods and high temperature resistance has stimulated the market growth. Additionally, long fiber thermoplastics are increasingly used as alternates to metals due to their cost-efficiency.
- Long fiber thermoplastics market in Europe accounted for the largest revenue share in 2019, owing to growing sales of electric vehicles, growing demand for fuel-efficiency, and stringent regulatory policies to curb vehicle emission in the region. Besides, growing demand for consumer goods and presence of leading aircraft manufacturers in the region drive the market growth.
- Key market participants include Lanxess AG, PlastiComp Inc., Solvay, BASF SE, Celanese Corporation, Mitsubishi Chemical Holdings, Daicel Polymer Ltd., Avient Corporation, Toray Industries Inc., and Asahi Kasei Corporation.
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For the purpose of this report, Reports and Data has segmented the global long fiber thermoplastics market on the basis of resin type, fiber type, industry vertical, and region:
Resin Type Outlook (Revenue, USD Million; 2017-2027)
- Polypropylene
- Polyamide
- Polyether Ether Ketone
- Polyphthalamide
- Others
Fiber Type Outlook (Revenue, USD Million; 2017-2027)
- Glass
- Carbon
- Others
Industry Vertical Outlook (Revenue, USD Million; 2017-2027)
- Automotive
- Consumer Goods
- Electronics
- Sports
- Others
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- U.S
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
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