PUNE, India, November 21, 2017 /PRNewswire/ --
The report "Long Fiber Thermoplastics (LFT) Market by Resin Type (Polypropylene, Polyamide, Polybutylene Terephthalate), Fiber Type (Glass Fiber, Carbon Fiber), Application (Automotive, Consumer Goods, Industrial Goods, Sporting Goods), and Region - Global Forecast to 2022" published by MarketsandMarkets™, the global market is projected to grow from USD 3.28 Billion in 2016 to USD 5.55 Billion by 2022, at a CAGR of 9.29% during the forecast period.
Browse 71 Market Data Tables and 45 Figures spread through 133 Pages and in-depth TOC on "Long Fiber Thermoplastics (LFT) Market"
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The long fiber thermoplastics 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 effects on the global climate have led to automobile manufacturers focusing on efficient, productive, and lightweight components which enable 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 consumer goods 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.
Automotive is estimated to be the largest application segment of the long fiber thermoplastics 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 projected to be the largest market for long fiber thermoplastics during the forecast period
The growth of the long fiber thermoplastic market in Europe is mainly driven by the growing demand from the 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 thermoplastics market in the region.
Key players in the long fiber thermoplastics market include Celanese Corporation (US), SABIC (Saudi Arabia), PolyOne (US), Solvay S.A. (Belgium), PlastiComp Inc. (US), RTP Company (US), 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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