Long Fiber Thermoplastics Market to Rise at a 10.8% CAGR to Cross US$ 13.7 Billion by 2033 | Fact.MR

The market in the United States is expected to grow to be worth US$ 2.7 Billion with an absolute dollar growth of US$ 1.5 Billion at a CAGR of 8.1% till 2033.

Rockville, July 07, 2023 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report on Long Fiber Thermoplastics Market, the revenues were estimated at US$ 4.6 Billion in 2022 and are anticipated to grow at a CAGR of 10.8% from 2023 to 2033. By the end of 2033, the market is expected to reach a valuation of US$ 13.7 Billion. Carbon Fiber type of Long Fiber Thermoplastics dominates the Long Fiber Thermoplastics market with a projected CAGR of 6.1% from 2023 to 2033.

In transportation, long fiber thermoplastics are extensively used in manufacturing lightweight vehicles resulting in improved fuel efficiency for both the automotive and aerospace industries. In the automotive industry, electric vehicles are gaining momentum with the estimated sales of over 10.6 million units in 2023 up from 6.6 million sales in 2021.

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This significant growth is creating an opportunity for the adoption of LFTs as their properties can reduce the weight in EVs, enhancing the performance of vehicles and maximizing range.

In aerospace industries, Long Fiber Thermoplastics are used in interior components, leading edges, engine pylons, access doors, aircraft flooring, engine pylons, and a variety of molded parts. As countries globally are increasing the focus on the aerospace and defense industry with global aerospace exports exceeding the value of US$ 202 Billion in 2021, the demand for Long fiber thermoplastics is expected to increase.

In the sporting goods industry, there is a growing preference for high-performance materials in the manufacture of sports equipment and gear. This trend is opening up new opportunities for the use of long fiber thermoplastics (LFTs) in the industry. Known for their exceptional mechanical properties, durability, and lightweight, LFTs are a perfect fit for the needs of the sporting goods sector.

Polypropylene thermoplastic is being widely used in various industries with a production volume of 75.5 Million MT in 2021 and 73.8 Million MT in 2020. With the estimated production of 78 Million MT in 2022, the raw material cost of manufacturing long fiber thermoplastics is likely to reduce with the increasing availability of polypropylene resins. This can significantly influence the adoption of polypropylene-based long fiber thermoplastics across various industries.

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Competitive Analysis:

Some of the recent developments in Long Fiber Thermoplastics market are:

In February 2022, Teijin announced the expansion of its carbon fiber thermoplastics line with the addition of three matrix resins: polyamide (PA), polycarbonate (PC), and polypropylene (PP). These resins are being used in the company’s existing composites such as Tenax ThermoPlastic Consolidated Laminate (TPCL), Tenax ThermoPlastic Woven Fabric (TPWF), and Tenax ThermoPlastic UniDirectional (TPUD).
In March 2022, LANXESS expanded its range of Advanced Thermoplastic Composites Tepex fowcore by optimizing and expanding the product line with new composites designed to replace thermoset molding compounds. The new composites will feature resins such as pp, and polyamide 6 reinforced with 50 mm long fibers.
In January 2020, Mitsubishi Chemical Corporation (MCC) announced acquisition plans of c-m-p GmbH, a German Carbon Fiber Prepreg Manufacturer. The closing of the acquisition was planned in February 2020 through Mitsubishi Chemical Advanced Material.
In January 2020, RTP Company launched new thermoplastic compounds, which provide flame retardance, chemical resistance, and strength to surgical robotic systems.

Key Companies Covered

GS Caltex
SABIC
Solvay
Mitsubishi Chemical Group
Teijin Limited
Celanese Corporation
BASF Group (BASF Corporation)
Avient Corporation
Asahi Kasei Corporation
LOTTE Chemicals
LANXESS
Daicel Corporation
RTP Company
AM BU (Samyang Corporation)
Sumitomo Bakelite Co., Ltd.

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More Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the Long Fiber Thermoplastics Market, presenting historical market data (2018-2022) and forecast statistics for the period from 2023 to 2033.

The study reveals extensive growth in Long Fiber Thermoplastics market by Material Type (Glass Fibers, Carbon Fibers, Steel Fibers, and Aramid Fibers), by End Use Industries (Automotive, Aerospace & Defense, Consumer Goods, Electrical and Electronics, Sports and Leisure, Industrial and Machinery and others), and by Region (North America, Latin America, Europe, East Asia, South Asia and Pacific and Middle East and Africa) - 2023 to 2033.

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Continuous Fiber-Reinforced Thermoplastic (CFRTP) Composites Market: Global demand for continuous fiber-reinforced thermoplastic composites market is predicted to increase at a value CAGR of 7.8% and reach a market size of US$ 2.38 billion by 2033-end, which will be an expansion of more than 2X from 2023.

Nickel Coated Fibers Market: Newly-released data on the global nickel coated fibers market by Fact.MR reveals that the global market experienced year-on-year (YoY) growth of 7.2% to reach a market size of US$ 14.3 million at the end of 2021.

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