New York, Jan. 28, 2021 (GLOBE NEWSWIRE) -- The global long fiber thermoplastics market is projected to reach a market size of USD 5,749.3 Million at a double-digit CAGR of over 10% over the forecast period till 2027, according to latest analysis of the research team at Reports and Data. Growing demand for long fiber thermoplastics can be attributed to its increasing demand from the automotive industry for a range of growing applications in products that enable compliance with a range of standards. Excellent insulation of long fiber thermoelectric is a major property that enables fiber to be extensively used in a growing range of applications such as in production of electronic components comprising capacitors, power electronic devices, and audio devices in electric vehicles. Use of long fiber thermoplastic materials helps in reducing vehicle weight, leading to increased fuel-efficiency and low emissions. Furthermore, long fiber thermoplastics such as PEEK provide exceptional workability and processability, due to its ability to be injection molded or machined to specific accuracy is resulting in rising application in production of automotive engine components.
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The COVID-19 impact
The COVID-19 pandemic had a severe impact on long fiber thermoplastic market. Global shutdown of the automotive industry production processes, and social distancing norms and related restriction have severely affected the production of electric vehicles.
Further key findings in the report
- The growing demand for PEEK resin is resultant to its high chemical resistance, high abrasion resistance, low moisture absorption, exceptional heat distortion features, high-temperature and radiation resistance, and low coefficient of friction.
- Glass fiber finds extensive use in improving the damage resistance property and mechanical strength of the end-product and to maintain a fixed shape. Glass reinforced thermoplastics are available in varying shapes, such as mats, chopped strands, roving, and glass veil. Long glass fiber reinforced thermoplastics has been emerging as an optimal material for use in consumer electronic items, such as wireless transmission components, and automotive parts, such as door panels.
- Long fiber thermoplastics market revenue in the Asia Pacific region is projected to register the fastest CAGR during the forecast period. Rapid industrialization and urbanization in Asia Pacific is expected to boost demand for consumer goods, which in turn, is driving market growth. Also, growth of the automotive sector, especially in China, and growth of the electronics industry is fueling demand for long fiber thermoplastics.
- Key market participants include Lanxess AG, PlastiComp Inc., Solvay, BASF SE, Celanese Corporation, Mitsubishi Chemical Holdings, Daicel Polymer Ltd., Avient Corporation, Toray Industries Inc., and Asahi Kasei Corporation.
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For the purpose of this report, Reports and Data has segmented the global long fiber thermoplastics market on the basis of resin type, fiber type, industry vertical, and region:
- Resin Type Outlook (Revenue, USD Million; 2017-2027)
- Polypropylene
- Polyamide
- Polyether Ether Ketone
- Polyphthalamide
- Others
- Fiber Type Outlook (Revenue, USD Million; 2017-2027)
- Glass
- Carbon
- Others
- Industry Vertical Outlook (Revenue, USD Million; 2017-2027)
- Automotive
- Consumer Goods
- Electronics
- Sports
- Others
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- Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
- North America
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