The long-fiber thermoplastics market is expected to register a CAGR over 6%, during the forecast period. The major factor driving the growth of the market studied is increase in the demand for fuel-efficient transport vehicles.
- However, technically advanced and expensive forming processact as hurdle to the market studied. - Growing usage in the Asia-Pacific region is projected to act as an opportunity for the market, in the future.
Key Market Trends Increasing Demand for Long-fiber Thermoplastics in Automotive Production
- Long-fiber thermoplastics have gained popularity among thermoplastics matrix composites, mainly due to significant technological developments in the automotive industries. - Long-fiber thermoplastics are used in the automotive industry, in order to reduce the overall weight of an automobile and gain fuel efficiency, to meet various regulations by EPA and other government authorities. - Long-fiber thermoplastics are used in both interior and exterior applications. The most common applications include powertrain, under-hood, and body components, such as upper front end, service panel, and battery cooling box, door module, wheel cover, latch bracket, sun roof components, seat handle, seat back, and air inlet components, among others. - Furthermore, long-fiber thermoplastics provide high strength, freedom of design, and have dimensional stability. Thereby, they have gradually become an integral part of the automotive industry. - With long-fiber thermoplastics expected to replace conventional materials in the aforementioned industry, its usage is expected to grow in the coming years. Moreover, the rising demand for automobiles is estimated to positively impact the demand for long-fiber thermoplastics, during the forecast period.
Asia-Pacific Region to Experience Healthy Growth
- Asia-Pacific has been projected to experience healthy growth in the long-fiber thermoplastics market, owing to major developing nations, such as China, India, and the ASEAN countries. - China is one of the largest producers and consumers of long-fiber thermoplastics in the region. In China, the consumption of long-fiber thermoplastics had increased drastically in the recent past, due to growing population, increasing urbanization, and substitution of many metals by suitable long-fiber thermoplastics in variable applications. - The long-fiber thermoplastics are used to manufacture various products employed in the packaging, automotive, and many other sectors. The demand for long-fiber thermoplastics is increasing from various end-user sectors, including electrical and electronics, aerospace, automotive, buildings and construction, sporting equipment, and others. - The abundant availability of raw materials and low cost of production are estimated to drive the demand for long-fiber thermoplastics in the Asia-Pacific region, during the forecast period.
Competitive Landscape The long-fiber thermoplastics market is partially fragmented. Key players in the market include Celanese Corporation, PolyOne Corporation, RTP Company, Solay, and LANXESS, amongst others.
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