Global Long Fiber Thermoplastics Market To Be Driven By From Automotive Industry

Global Long Fiber Thermoplastics market to be driven by demand from automotive industry

12-Jan-17

The global Long Fiber Thermoplastics (LFT) market is projected to grow from US$2.77 bln in 2016 to US$4.26 bln by 2021, at a CAGR of 8.96% during the forecast period, as per Markets and Markets. The growth of the market is expected to be driven by the high demand for long fiber thermoplastics from the automotive industry. 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. 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.

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. 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.