- The short fiber thermoplastics market is projected to expand at a CAGR of 5.3% during 2021-2031. Surge in use of lightweight materials across the consumer goods industry is likely to play prime role in market expansion
- Leading companies are using varied technologies such as 3D design software that assists in the launch of advanced workflows for short fiber composite components
ALBANY, N.Y., Dec. 1, 2021 /PRNewswire/ -- Enterprises from different industry verticals such as aviation, transportation, marine, and electrical & electronics are inclining toward the use of lightweight materials. Such materials are gaining traction, owing to their several advantages such as superlative corrosion resistance, higher design flexibility, and high strength-to-weight ratio.
With the increasing number of automakers using materials that help in reducing the weight of their vehicles, the demand for short fiber thermoplastics is estimated to rise in the years to come. This, in turn, is creating prominent revenue streams for market players.
Leading players in the short fiber thermoplastics market are growing emphasis on increasing the efficiency of their products. Moreover, they are engaging in R&D projects in order to comprehend the behavior of materials using multi-scale analysis from 3D design software.
Short Fiber Thermoplastics Market: Key Findings
- Rise in Application in Consumer Goods Industry to Drive Demand for Short Fiber Thermoplastics
In the consumer goods industry, a wide range of products are manufactured, including small appliances, food, beverages, and toiletries. Enterprises producing consumer goods are focused on the development of products that are highly efficient, durable, and available at reasonable costs. This factor is generating value-grab opportunities for players in the global short fiber thermoplastics market.
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The global short fiber thermoplastics market is estimated to experience prominent opportunities in several developing as well as developed countries, owing to the notable growth in the demand for products from the consumer goods industry in these regions.
- Surge in Product Use across Automobiles Creates Consistent Revenue Streams for Market Companies
Government bodies of many nations across the globe are imposing stringent regulation pertaining to environmental standards for companies operating in the automotive sector. Due to this factor, several auto manufacturers are inclining toward the use of short fiber composite components, instead of aluminum cast components, in steering systems of their products in order to achieve reduced weight of their vehicles. The strategy is helping to reduce the fuel use, thereby decreasing environmental footprint.
With the improving spending power of middle-class population around the world, the demand for automobiles is continuously increasing. This factor is supporting the expansion of the global short fiber thermoplastics market.
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Short Fiber Thermoplastics Market: Growth Boosters
- Besides transportation, other end-use industries such as aerospace & defense, consumer goods, and electrical & electronics are likely to witness an increase in the use of short fiber thermoplastics, thus driving its demand. This, in turn, is projected to provide impetus to the global market growth.
- Due to surge in aircraft modules manufacturing and increase in penetration of lightweight components, the use of advanced composites materials is estimated to be heightened, which, in turn, will fuel prospects for the short fiber thermoplastics market growth
Short Fiber Thermoplastics Market: Regional Analysis
- Asia Pacific is a lucrative region for companies in the global short fiber thermoplastics market. Demand for short fiber thermoplastics is higher in the electrical & electronics sector of several emerging economies such as India and China. This factor is driving the regional market.
- The U.S. and many nations from the European Union have imposed stringent regulations pertaining to CO2 emissions for vehicles. As a result, the demand for short fiber thermoplastics is increased in these countries.
Short Fiber Thermoplastics Market: Key Players
Some of the key players operating in the global short fiber thermoplastics market are:
- BASF SE
- Celanese Corporation
- Victrex plc.
- SGL Carbon
Short Fiber Thermoplastics Market Segmentation
- Others (PET and Others)
- Glass Fiber
- Carbon Fiber
- Aerospace & Defense
- Consumer Goods
- Electrical & Electronics
- Others (Construction and Machinery Industry)
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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