Long fiber thermoplastic market forecast at $1.35 billion by 2026

Raipur, India – Stratview Research announces the launch of a new research report on LFT Market by End-Use Industry (Automotive, Consumer Goods, Sporting Goods, Industrial Goods, and Others), by Reinforcement Type (Glass Fiber LFT and Other LFTs), by Resin Type (Polypropylene, Polyamide, Polybutylene Terephthalate, PEEK/PEKK, and Others), by Material Form (LFRT and D-LFT), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s LFT market realities and future market possibilities for the forecast period of 2021 to 2026. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as formulate growth strategies.

Long fiber thermoplastic (LFT) is the category of composite materials based on thermoplastic resin system and reinforced with long discontinuous fibers. They are typically used to make parts through injection or compression molding process.

In 2020, the wrath of pandemic hit hard on all the major industries including automotive, consumer goods, sporting goods, and industrial equipment. The LFT market could not escape from such distressing scenario and logged a massive decline of -12% in 2020 amid the pandemic. However, the industry stakeholders are expecting a quick recovery in some regional markets. The recovery from the disruption brought by the COVID-19 pandemic is expected to start from 2021. It is anticipated that the market will cross its 2019-sales figure in 2022, marking a consistent growth during the forecast period. Overall, the LFT market is likely to rebound at a promising CAGR of 4.4% in the next five years to reach US$ 1,353 Million in 2026.

Based on the end-use industry, automotive is expected to remain the largest and the fastest-growing segment in the market during the forecast period, owing to the increasing focus of automobile manufacturers towards fuel efficiency which can be attained through higher penetration of lightweight materials such as composites. The automotive industry is the biggest user of compounds including SFT, LFT, SMC, and other-reinforced compounds.

Based on the resin type, the market is segmented as polypropylene, polyamide, polybutylene terephthalate, PEEK/PEKK, and others. PP-LFTs held dominance in 2020 and is expected to maintain their position over the next five years as well. PP resin is comparatively cheap than other resin systems; thus, molders and OEMs in coordination with material suppliers are trying to enhance the performance of PP-LFTs to replace other resin system-based LFTs.

In terms of regions, Europe is expected to remain the largest market for LFTs during the forecast period. Europe is the home for leading automotive OEMs, tier players, and LFT manufacturers. Germany and Belgium are the manufacturing capital of LFTs in the region. However, Asia-Pacific is expected to witness the highest growth during the forecast period driven by China, Japan, and India.

The market for long fiber thermoplastics is highly consolidated with the top five companies capturing more than 60% of the market. Following are the major players in the global LFT market: SABIC; Celanese; Chisso; RTP Company; Technocompound; PlasticComp; Solvay; Borealis; Sambark

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