Celanese Corporation (US), SABIC (Saudi Arabia), Lanxess AG (Germany), BASF SE (Germany), Mitsubishi Chemical Group Corporation (Japan), Avient Corporation (US), Daicel Polymer Ltd. (Japan), Asahi Kasei Corporation (Japan), RTP Company, Inc. (US), Solvay SA (Belgium) are some of the key players in the long fiber thermoplastics market.

Northbrook, IL 60062 -- (SBWire) -- 05/15/2023 --The report "Long Fiber Thermoplastics Market by Fiber Type (Glass, Carbon), Resin Type (PA, PP, PEEK, PPA), Manufacturing Process (Injection Molding, Pultrusion, Direct-LFT (D-LFT)), End-use Industry and Region - Global Forecast to 2027", size is expected to grow from USD 3.5 billion in 2022 to USD 6.1 billion by 2027, at a CAGR of 9.3% during the forecast period. The long fiber thermoplastics industry is growing due to the increase in the demand for high performance materials with properties such as high strength to weight ratio, good tensile strength, electrical conductivity among others.

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Glass fiber long fiber thermoplastics comprise a major share of the long fiber thermoplastics market in terms of value and volume.
For long fiber thermoplastics, glass fiber is the most popular and economically advantageous reinforcement. In order to generate a high performance bond, long glass fiber thermoplastics are made using continuous filaments of glass that are melt-impregnated with thermoplastic polymer. They are next divided into 12-millimeter composite pellets, which may subsequently be easily processed into net forms through the use of injection molding or extrusion. In commercial and industrial applications, glass fiber is frequently employed as a reinforcing component.. Owing to its superior properties, such as strength, flexibility, durability, stability, lightweight, as well as resistance to heat, temperature, and moisture, glass fiber is used in different applications.

The PP resin accounted for the largest market share in the global long fiber thermoplastics market during the forecast period in terms of value and volume.
PP resin accounted for the largest share of 85.1%, in terms of volume, in 2021, owing to its increased use in automotive applications at low cost. Improved fuel economy and reduced emissions are achieved by these resins because of lower specific gravity in comparison to engineering plastics. This allows the production of lower weight components that reduce weight in vehicles, thus driving the long fiber thermoplastics market. PA and PBT resins are also used in long fiber thermoplastics owing to their exceptional properties, such as fatigue resistance, chemical resistance, elasticity, toughness, and insulation.

Injection molding manufacturing process dominates the global long fiber thermoplastics market in terms of value and volume
The injection molding dominated the overall long fiber thermoplastics market in 2021, in terms of value and volume, due to the increased demand from automotive, electrical & electronics, and marine end use industries. It is mostly used for making complex and intricate parts used in marine, building & infrastructure, and transportation industries. The pultrusion process accounted for the second-largest share in the long fiber thermoplastics market in 2021 in terms of both value and volume. D-LFT and other manufacturing processes are also important manufacturing processes of long fiber thermoplastics and are used in construction, automotive, electrical & electronics, aerospace, and many other end-use industries.

The automotive end-use industry accounted for the largest market share in the global long fiber thermoplastics market during the forecast period in terms of value.
Automotive is expected to be the fastest-growing industry of long fiber thermoplastics, registering a CAGR of 9.4%, in terms of volume, between 2022 and 2027. Long fiber thermoplastics are an affordable way to replace low-quality engineering plastics and metals in the development of effective, productive, and lightweight components. This reduces fuel consumption and increases the adoption of these materials in diverse automotive applications. Body panels, sound shields, structural body components, front-end assemblies, truck panels, doors, tailgates, and fender sections are the principal applications for long fiber thermoplastics.. The use of these composites in other application areas, such as electrical & electronics, sporting goods, and construction, is also increasing.

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Europe is expected to account for the largest market share in the long fiber thermoplastics market during the forecast period.
The Europe region had the largest market share in terms of value and volume in the global long fiber thermoplastics market in 2021. This dominance of Asia Pacific is attributed to the presence of major carbon fiber and glass fiber manufacturers in Germany, and France. The automotive end-use industry, which is also among the major users of long fiber thermoplastics, is witnessing significant growth in Europe. The region is highly focused on the manufacturing of electric vehicles. These factors have helped the demand for long fiber thermoplastics to grow in the European region. Although the market sizes of Middle East & Africa and South America are comparatively smaller, both markets are expected to grow significantly because of the high demand from the electronics and automotive industries.

The major players active in the market are Celanese Corporation (US), SABIC (Saudi Arabia), Lanxess AG (Germany), BASF SE (Germany), Mitsubishi Chemical Group Corporation (Japan), Avient Corporation (US), Daicel Polymer Ltd. (Japan), Asahi Kasei Corporation (Japan), RTP Company, Inc. (US), Solvay SA (Belgium) are some of the key players in the long fiber thermoplastics market., among many others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the long fiber thermoplastics market. These players have taken different organic and inorganic developmental strategies over the past five years.