Long Fiber Thermoplastics Market – Market Overview
The Global Long Fiber Thermoplastics Market is growing with the spontaneous speed; mainly due to the expanding transportation industries. According to a recent study report published by the Market Research Future, the global market of Long Fiber Thermoplastics is booming and expected to gain strong influence over the forecast period. The market is estimated to demonstrate a remarkable growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).
Globally, the market for Long Fiber Thermoplastics is driven by the region Asia Pacific, owing to growing consumption of superior thermoplastics in automotive, aerospace, electronics, construction materials, sports equipment, and others. These materials are used to impart excellent chemical resistance, durable nature, cost-effective nature, and high impact strength to the final product. Additionally, increasing consumption of the lightweight materials in the production of hybrid vehicles, and others has led to a surge in demand for Long Fiber Thermoplastics in the market.
Increasing demand for advanced thermoplastics in applications such as automobile interior, automobile seat repair, medical devices, and others signifies the growth of end-use industries. Moreover, growing consumption of product due to unique features offered by the product such as creep resistance, mechanical strength, thermal stability, and others provide a momentum to the long fiber thermoplastics market growth.
On the other hand, extensive use of advanced materials in major industries is projected to propel the market growth during the forecast period.
Long Fiber Thermoplastics are used in various end-use industries such as automotive, textiles, transportation, and others. They are utilized to add extraordinary features such as economic design, enhanced efficiency, and others to the final product. The growing demand of these materials has prompted the manufacturers and investors to shift their focus from heavy metals to light materials in end-use applications. Additionally, the improving technological advancement and innovations of the product in the leading companies have resulted into a remarkable growth in the market during the forecast period.
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Long Fiber Thermoplastics Market – Regional Analysis
Geographically, Asia Pacific is leading the Global Long Fiber Thermoplastics Market. China holds the major portion due to extensive use of advanced materials and increasing replacement of heavy substances by lightweight products in the region. Increasing consumption of thermoplastics in numerous applications such as fuel efficient vehicles, aircrafts, personal care products, and others has boosted the market demand in Japan, and India. North America has witnessed a significant growth in the market owing to rapid consumption of reinforced thermoplastics in end-use industries. A notable growth has been received by the European region due to implementation of strict rules and regulations to adopt recyclable materials instead of heavy substances in major sectors. Additionally, the market is growing significantly in the Middle East & Africa and Latin America regions, due to extensive consumption of low density, thermal resistant materials in the major industries.
Long Fiber Thermoplastics Market- Competitive Landscape
The Long Fiber Thermoplastics Market appears to be competitive with the presence of several large and small players operating in manufacturing and development of product. These key players compete with each other’s on the basis of quality, price, production and innovation. Long Fiber Thermoplastics Market is set to grow at a higher CAGR which is likely to attract many entrants to the market resulting into healthy competition in the future. Manufacturers operating in the Long Fiber Thermoplastics Market are struggling to respond to an increase in demand for the product from automotive, textiles, transportation, and other sectors attributed to technological advancement and increasing production capacity in major sectors. They ensure to deliver the best quality products based on innovative technologies, solutions and best practices.
Industry/ Innovation/ Related News:
October 13, 2015 – Solvay SA, (Belgium), one of the leading manufacturers of long fiber thermoplastics, declared that the company bought the services of long-fiber thermoplastics (LFT) technology from EPIC Polymers, the company located in Kaiserslautern, Germany. This deal was primarily done to improve the performance, and characteristics of the final product. One of the sources of the company also announced that the implementation of long-fiber thermoplastics (LFT) technology in end-use application has created a surge in demand for the product due to its low CO2 emissions, enhanced strength, and others. Therefore, these factors are expected to drive the market over the assessment period.
February 18, 2015 – PolyOne Corporation (U.S.), one of the prominent producers of long fiber thermoplastics, declared that the company has decided to increase the production capacity for its OnForce™ LFT long-fiber advanced thermoplastics. The new production line has been planned to be a part of Ohio production facility and plant operations were decided to start by the end of February 2015. One of the sources of the company also announced that the growing demand from the end-use applications has forced the company to take this decision to meet the customer requirements and needs. Therefore, these factors are expected to drive the market over the assessment period.
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