NEW YORK, Sept. 20, 2018 (GLOBE NEWSWIRE) -- The global long fiber thermoplastic market is expected to grow at a CAGR of 8.96% during 2017 – 2023 to reach USD 6,110.2 Million by 2023. Factors propelling the growth of long fiber thermoplastic market include stringent norms across various legislations leading to larger manufacturing of fuel efficient vehicles, greater demand for LFT part reducing assembly procedures and greater demand of LFT for metallic and structural applications.
The report segments the long fiber thermoplastic market by Resin Type (Polypropylene, Polyamide, Polybutylene Terephthalate, and Others), by Fiber Type (Glass, Carbon, and Others), by Manufacturing Processing (Pellet Pultrusion Processing, Injection Moulding, and Direct), by Application (Automotive (Upper Front-End Module, Door Module, Service Panel, Underbody Shields, Running Boards, and Others), Industrial Goods, Consumer Goods, Sporting Goods, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World (ROW)). The report studies the global long fiber thermoplastic market over the forecast period (2017-2023).
Long fiber thermoplastics are bulk molding materials having high mechanical performance characteristics which include strength, stiffness and toughness and are combined into a single material, creating an alternative to metals. Long fiber thermoplastics find its application in the automotive industry, resulting in reduced overall weight of an automobile and improved fuel efficiency, to meet various regulations by EPA and other government authorities. The reduction of weight in vehicles saves energy, minimizes brake and tire wear, and cuts emissions. Additionally, long-fiber thermoplastic provides high strength, flexibility of design, and poses dimensional stability.
Key Findings of the Global Long Fiber Thermoplastic Market
- On the basis of resin type, polypropylene is anticipated to be fastest growing segment of long fiber thermoplastic, in terms of volume, during the forecast period, owing to feasible adaptability to fabrication techniques involved in the thermoplastic market
- On the basis of fiber type, glass fiber is anticipated to be the fastest growing segment of long fiber thermoplastic, over the forecast period, attributed to the intensive demand of glass fibers in automotive industry
- On the basis of application, automotive is expected to be the fastest evolving segment of long fiber thermoplastic, in terms of value and volume, throughout the forecast period, owing to its light weight properties
- Geographically, Europe was the largest market for long fiber thermoplastic, in 2016. Presence of some of the major automotive manufacturers is anticipated to foster the growth of European long fiber thermoplastic market
- Key players in long fiber thermoplastic market are SABIC, Solvay SA, Lanxess AG, BASF SE, RTP Company, Inc., Quadrant AG, Polyone, Daicel Polymer Ltd., Celanese Corporation, PPG Fiber Glass Inc. among others
Long Fiber Thermoplastic- Design and Development for Mass-Transit Applications
Long fiber thermoplastic (LFT) is increasingly being used in automotive applications for upper front-end modules, door module, service panel, and underbody shields. They possess a significant potential for mass-transit applications in buses, trucks, and railroad vehicles. The LFTs are processed with a thermoplastic matrix such as polypropylene (PP) or polyamide (PAI) reinforced with long glass or carbon fibers, with initial fiber lengths greater than 12 millimeters, using a pultrusion processing method. The LFT components are typically produced using extrusion-compression molding. In an experiment, a bus seat was chosen as a component to assess the viability of LFT technology to reduce cost and weight, without compromising performance over conventional designs. An estimate of 18% cost reduction and 43% weight reduction per seat was predicted over presently implemented seat designs containing a circumferential steel frame. Cost and weight reduction in mass-transit buses, light rail and light/heavy trucks results in reduced fuel consumption, lower maintenance, less road wear and increased durability. Additionally, the reduction in noise and vibration levels is another benefit of using long fiber thermoplastics.
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Long Fiber Thermoplastic Market- Regional Insight
Europe region held the major market share in long fiber thermoplastic market. The growth in the region is attributed to increasing application of thermoplastic-based composites in industries such as automotive, industrial goods, consumer goods and sporting goods. Additionally, the presence of major automotive manufacturing industries, especially in Germany is further anticipated to accelerate the growth of European long fiber thermoplastic market. Asia-Pacific long fiber thermoplastic market is forecasted to witness a significant growth, during the forecast period. The growth of LFT market in this region is attributed to increasing production capacities, high consumption potential, and growing economic rates in the emerging economies such as China, Japan, and India. In North America, the U.S. is expected to be the major contributor in the regional growth of long fiber thermoplastic market and is anticipated to witness a significant demand for long fiber thermoplastic over the forecast period, owing to long fiber thermoplastic’s low generation of VOCs and its recycling capabilities.
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