Global long fiber thermoplastic market forecast to register CAGR of 5.4% from 2015 to 2020

The future of the long fiber thermoplastic (LFT) market looks good with opportunities in automotive, consumer goods, and industrial goods markets. The global long fiber thermoplastic market is forecast to grow at a CAGR of 5.4% from 2015 to 2020, according to a new market report published by Lucintel. The major driver for market growth is the rise in demand for lightweight, environment-friendly thermoplastic composite materials in applications, such as automotive, consumer good, and industrial goods. In this market, glass & carbon fibers as major reinforcements and polyamide (PA) & polypropylene (PP) resins as major matrices are used for making long fiber thermoplastics. Lucintel predicts that the demand for LFT is likely to experience a good growth during the forecast period supported by growing demand in end-user industries. On the basis of comprehensive research, Lucintel forecasts that the automotive segment is expected to show above average growth during the forecast period. Within the LFT market, the automotive industry is expected to remain as the largest market both by value and volume. Growth in automotive production and increasing demand for lightweight materials to achieve higher fuel efficiency and reduce green- house gas emission is expected to spur growth for this segment over the forecast period. Europe is expected to remain as the largest market during the forecast period due to higher acceptance level of composites materials, increasing use of thermoplastic-based composites, and growth in end use industries. Asia Pacific & Rest of the World is expected to witness significant growth over the forecast period due to increasing penetration of composites in automotive, consumer goods, and industrial goods. For market expansion, report suggests innovation and new product development to achieve higher stiffness, good impact strength, and better aesthetics properties, where the unique characteristics of LFT can be capitalized. The report further suggests the development of partnerships with customers to create win-win situations and development of high performance products for the end user. Emerging trends in the global LFT market, which have a direct impact on the dynamics of the industry, include development of hybrid and higher performance LFTs, new application development by working closely with customers, and consolidation activities in the industry by way of merger and acquisition. SABIC, Celanese, RTP Company, TechnoCompound, and Chisso/JNC are among the major suppliers of LFT