The global Long Fiber Thermoplastics (LFT) market is estimated to grow from USD 2.77 Billion in 2016 to USD 4.26 Billion by 2021, at a CAGR of 8.96% from 2016 to 2021.
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Browse 71 market data tables and 43 figures spread through 135 pages and in-depth TOC on “Long Fiber Thermoplastics Market by Resin Type (Polypropylene, Polyamide, Polybutylene Terephthalate), Fiber Type (Glass Fiber, Carbon Fiber), Application (Automotive, Electrical & Electronics, Consumer Goods, Sporting Goods), and Region - Global Forecast to 2021”
The long fiber thermoplastic market is driven by the increasing use of long fiber thermoplastic components in the automotive industry. Stringent regulations in the automotive industry, pertaining to carbon dioxide (CO2) emissions that have adverse effect on the global climate, have led to automobile manufacturers focusing on efficient, productive, and lightweight components leading to low fuel consumption.
This has consequently resulted in the increasing usage of long fiber thermoplastics to replace metal components with lightweight components.
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Polypropylene (PP) is expected to be the fastest-growing segment of the long fiber thermoplastic market, in terms of value and volume
Polypropylene is expected to be the fastest-growing segment of the long fiber thermoplastics market, segmented based on resin type, owing to the increasing use of PP resins in the automotive and electrical & electronics industries. PP resins have high chemical resistance, fatigue resistance, insulation, elasticity, transmissivity, and toughness.
PP resins also have high resistance to electricity and are used along with glass or carbon fibers to manufacture electronic components.
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Automotive is estimated to be the largest application segment of the long fiber thermoplastic market, in terms of value
Long fiber thermoplastics are used in the automotive industry to reduce the overall weight of an automobile and gain fuel efficiency to meet various regulations. The reduction of weight in vehicles saves energy, minimizes brake and tire wear, and reduces emissions.
Furthermore, long fiber thermoplastics provide high strength, have dimensional stability, and provide freedom of design.
Europe is estimated to be the largest market for long fiber thermoplastics
The growth of the long fiber thermoplastic market in Europe is mainly driven by the growing demand from fast-growing automotive industry in the region. Growth in the automotive sector in Europe is high as compared to other regions, owing to the presence of established automotive manufacturers in the region.
The increasing focus by automobile manufacturers in Germany on the production of long fiber thermoplastics for economical and lightweight solutions is expected to drive the long fiber thermoplastic market in the region.
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Key players operational in the long fiber thermoplastics market include Celanese Corporation (U.S.), PolyOne (U.S.), Solvay S.A. (Belgium), PlastiComp Inc. (U.S.), RTP Company (U.S.), and Lanxess AG (Germany).
These players have adopted various organic and inorganic developmental strategies during the past five years to achieve growth in the long fiber thermoplastics market.
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