Long Fiber Thermoplastics Market

The global long fiber thermoplastics market was valued at USD 3.5 billion in 2021 and is projected to reach USD 6.1 billion by 2027, growing at a cagr 9.3% from 2022 to 2027. The market is growing because of the rise in the demand from electrical & electronics, and automotive industries.

Attractive Opportunities in the Long Fiber Thermoplastics Market

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Increasing demand for fuel efficient vehicles to drive the market

Stringent regulations are imposed on the automotive industry to reduce carbon dioxide (CO2) emissions that have an adverse effect on the global climate. Long fiber thermoplastics provide high strength, design flexibility, dimensional stability, and reduced weight. The reduction of weight in vehicles saves energy, minimizes brake and tire wear, and reduces emissions. Reducing the weight of an automobile by merely 50 kg (110 lbs) can reduce up to 5 g of CO2/km and increase fuel economy by up to 2%. This encourages the industry to focus on fuel-efficient vehicles, which can reduce greenhouse gas emissions (GHGs). For instance, cutting 11kg (24.2 lbs) from each of the 70 million light-vehicle engines could save up to 908 million liters (240 million gallons) of refined fuel or nine million barrels of crude oil. Eliminating 5 kg–7 kg (11 lbs–15.4 lbs) from the 40 million automotive transmissions would save up to 350 million liters (90 million gallons) of refined gasoline fuel or 3.4 million barrels of crude oil. These eliminations can be made by using long fiber thermoplastics in the parts of vehicles to reduce weight. Thus, long fiber thermoplastics are likely to be used for lightweight solutions for vehicles to reduce overall weight and gain fuel efficiency to meet various government norms.

High processing & manufacturing costs to restrict the market growth

The manufacturing of long fiber thermoplastics consists of several steps, including performing, molding, curing, cooling, and trimming before the final assembly. The processes used to manufacture these composites are pultrusion, compression molding, and injection molding, which require complex and expensive machinery. This results in a high manufacturing cost of long fiber thermoplastics, which in turn increases the cost of the final product. This high cost is a major restraint for the OEMs in the supply chain to use long fiber thermoplastics. Although these composites have many applications in various sectors, they are not yet commercially feasible in some of these sectors. These applications of long fiber thermoplastics can gain momentum only if the cost of production is reduced, resulting in cheaper component production costs.

Use of long fiber thermoplastics in various end-use industries to create lucrative opportunities for the market

The use of long fiber thermoplastics is increasing as manufacturers in different industries are increasingly adopting these composites. They are already being used in automotive parts, sporting goods, and other industries, as they offer several advantages, such as lightweight, corrosion resistance, toughness, and thermal conductivity, compared to traditional materials. Long fiber thermoplastics are being increasingly used because of their various advantages in consumer goods due to their functional performance, high-temperature tolerance, and dimensional stability. They are used in interior and exterior washing machines, freezers, electric appliances, and other applications. Glass fibers are preferred in the electrical industry as insulators for electrical conductors because of their mechanical strength and temperature stability. More significant opportunities in industries, such as marine, medical, industrial, and construction, for long fiber thermoplastics will propel the market growth.

Developing low cost technologies to be a major challenge for market growth

Long fiber thermoplastics are highly capital-intensive and require high-investment equipment for their manufacturing. New technologies need to be developed to produce low-cost glass fibers and long fiber thermoplastics to commercialize the end products. Production and development projects are undertaken to reduce the manufacturing costs of long fiber thermoplastic composite products through technology and process solutions. The development of low-cost long fiber thermoplastics would enable their use in a wide range of applications. The identification and development of low-cost technologies for the commercial production of low-cost fiber composites is a major concern for governments, research laboratories, and global glass fiber producers.

Glass fiber type accounted for the largest market share, in terms of value and volume

Glass fiber-based Long fiber thermoplastics usage is increasing owing to the increased consumption in automobile, and electrical & electronics applications. The increasing market is owing to the high stiffness, high performance and high strength to weight ratio of glass long fiber thermoplastics.

PP resin accounted for largest market share in resin segment in terms of value and volume

The market's dominant segment is made up of long fiber thermoplastics made of PP resin. Propylene monomers are combined to create PP resin. It is employed in both consumer and industrial applications. Its qualities and versatility in manufacturing methods make it the best material for a variety of applications. The most typical uses are those for consumer products, electronic devices, and car hoods, among others.

Injection molding is the largest segment of long fiber thermoplastics in terms of value and volume.

Injection molding is a fast, high-volume, closed molding process that uses, most commonly reinforced thermoplastics composites, such as nylon with chopped glass fiber. It is used for producing parts by injecting molten material into a mold. In this process, the material for the part is fed into a heated barrel, mixed, and injected into a mold cavity. This process offers low-cost tooling, which is economical for low production volumes or the production of large components. It is widely applicable in transportation and electrical & electronics industries to produce bumpers for vehicles, panels for electrical equipment, enclosures for medical devices, and other applications.

European region held the largest market share in the Long fiber thermoplastics market

Europe accounts for the largest share of the global Long Fiber Thermoplastics Industry due to major carbon and glass fiber manufacturers in Germany, France, and UK. The market in the automotive sector, which is a prominent user of long fiber thermoplastics, is growing significantly in the region. The electronics end-use industry, which is also among the major users of long fiber thermoplastics, is witnessing significant growth in the European region due to the growing focus of OEMs on manufacturing electric vehicles. These factors have helped the demand for long fiber thermoplastics to grow in the region.

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Key Market Players

The major players active in the market are Celanese Corporation (US), SABIC (Saudi Arabia), Lanxess AG (Germany), BASF SE (Germany), Mitsubishi Chemical Group Corporation (Japan), Avient Corporation (US), Daicel Polymer Ltd. (Japan), Asahi Kasei Corporation (Japan), RTP Company, Inc. (US), Solvay SA (Belgium) are some of the key players in the long fiber thermoplastics market. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the long fiber thermoplastics industry. The study includes an in-depth competitive analysis of these companies in the long fiber thermoplastics market, with their company profiles, recent developments, and key market strategies.

These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the Long fiber thermoplastics industry. The study includes an in-depth competitive analysis of these key players in the Long fiber thermoplastics market, with their company profiles, recent developments, and key market strategies.

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Scope of the Report

This research report categorizes the long fiber thermoplastics market based on fiber type, resin type, manufacturing process, end-use industry, and region.

By Fiber Type:

• Glass
• Carbon
• Other Fibers

By Resin Type:

• PA
• PP
• PEEK
• PPA
• Other Resins

By End-use Industry:

• Automotive
• Consumer goods
• Sporting Goods
• Electrical & Electronics
• Others

By Manufacturing Process:

• Injection Molding
• Pultrusion
• Direct-LFT (D-LFT)
• Others

By Region:

• North America
• Europe
• APAC
• MEA
• South America

Recent Developments

• In December 2022, Solvay S.A. partnered with Electronic Fluorocarbons (EFC) to gain exclusive distribution rights for its products in North America.
• In November 2022, Celanese Corporation acquired a majority of the stake in the Mobility & Materials Business of DuPont, which improves its thermoplastics and elastomer product portfolio.
• In May 2022, Lanxess AG has acquired the DSM Engineering Materials business from Royal DSM, invested jointly by Advent International and Lanxess AG.
• In March 2022, Celanese Corporation and Mitsubishi Gas Chemical Company (MGC) formed a joint venture named Korea Engineering Plastics Co. (KEP), which allows the company to have an improved portfolio of its engineered materials division.

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