Long Fiber Thermoplastics Market

Long Fiber Thermoplastics Market Outlook (2023 to 2033)

Newly-released Long Fiber Thermoplastics Market analysis report by Fact.MR reveals that global sales of Long Fiber Thermoplastics in 2022 was held at US$ 4.6 Billion. With 10.8% projected growth from 2023 to 2033, the market is expected to reach a valuation of US$ 13.7 Billion by the end of the forecast period. Carbon Fibers is expected to be the highest revenue-generating type of Long Fiber Thermoplastics, projected to grow at a CAGR of over 10.3% from 2023 to 2033.

Attributes	Details
Long Fiber Thermoplastics Market Size Value In 2022	US$ 4.6 Billion
Long Fiber Thermoplastics Market Size Value in End of Forecast (2033)	US$ 13.7 Billion
Long Fiber Thermoplastics Market CAGR (2023-2033)	10.8%
U.S. Long Fiber Thermoplastics Market CAGR (2023 – 2033)	8.1%
Key Companies Covered	GS Caltex SABIC Solvay Mitsubishi Chemical Group Teijin Limited Celanese Corporation BASF Group (BASF Corporation) Avient Corporation Asahi Kasei Corporation LOTTE Chemicals LANXESS Daicel Corporation RTP Company AM BU (Samyang Corporation) Sumitomo Bakelite Co., Ltd.

Revenue of Long Fiber Thermoplastics from 2018 to 2022 Compared to Demand Outlook for 2023 to 2033

As per the research of Long Fiber Thermoplastics Market by Fact.MR - a market research and competitive intelligence provider, historically, from 2018 to 2022, the value of the Long Fiber Thermoplastics increased at around 4% CAGR. With an absolute dollar opportunity of US$ 9.1 Billion, the market is projected to reach a valuation of US$ 13.7 Billion by 2033.

What are the Key Drivers Influencing the Market Expansion?

Long fiber thermoplastics are the combination of long fibers and thermoplastic matrix that results in a material with enhanced mechanical properties compared to traditional short-fiber composites. The long fibers provide high stiffness and strength, while the thermoplastic matrix imparts toughness, impact resistance, and processability.

The key drivers are its applications in growing end use industries such as automotive, aerospace and defense, and consumer goods, among others. Long fiber thermoplastics offer high strength-to-weight ratios, making them attractive for industries seeking lightweight materials to improve fuel efficiency and reduce carbon emissions.

The increasing global demand for lightweight vehicles, particularly in emerging economies opens up new market opportunities for LFTs. For instance, the global sales of lightweight vehicles in 2022 were around 82.5 million units which increased by 6 million units in the previous year. As lightweight materials are becoming a global trend, the adoption of LFTs in vehicle production is expected to expand across various regions.

Polypropylene is a widely used thermoplastic resin to manufacture long fiber thermoplastics. The growing production volume of these resins is resulting in reduced raw material costs influencing the adoption of long fiber thermoplastics. For instance, in 2021, the global market volume of PP resins was around 75.5 Million MT which grew from 73.8 Million MT in the previous year. The production volume is estimated to be 78 Million MT in 2022 creating significant opportunities for PP-based long fiber thermoplastics adoption as a cost-effective high-performance material.

LFT materials can often replace traditional metal components while offering comparable or better performance. This opens up opportunities for applications in industries such as medicine to replace metals in medical OEMs. For instance, according to a study by Solvay, a long fiber thermoplastic manufacturer, the annual production cost for a single-prong metal hip retractor with 200 stock-keeping units (SKUs) is about US$ 3.9 million.

If one-time tooling and mold investment is considered US$ 2 million, the company can recover this cost in eight months by converting metal into plastics. The company after amortization would save US$ 3 million per year per 200 SKUs. This creates a significant opportunity for the adoption of LFTs in medical equipment.

The choice of fiber and matrix materials and their proportions in LFTs manufacturing can differ in their mechanical properties. Companies in the LFT market are launching new versions of long fiber thermoplastics that use different types and compositions of resins and fibers.

These trademarked versions of LFTs offered by manufacturing companies are significantly expanding the applications of these materials in various industries. For example, Avient Corporation offers a range of Complet long fiber technologies. Celanese has the Celstran series, and Solvay has the Xencor series. This gives customers a variety of options from which to choose, depending on the desired mechanical properties for the intended application.

Which Region is projected to Offer the Largest Long Fiber Thermoplastics?

East Asia is a prominent market for Long Fiber Thermoplastics with a market size of US$ 1.7 Billion in 2022. The regional market is projected to have a market worth US$ 4.2 Billion in 2033.

China is a prominent market in the global plastics market, with a market share of 32% in 2021 which grew from 29% in the global market in 2017. This increased production results in a lower cost of thermoplastics resins such as polypropylene, polyamides, and others to reduce the manufacturing cost of long fiber thermoplastics in the region.

East Asia also has a significant presence of end use industries such as the automotive industry which owns the largest share in the market. China, Japan, and South Korea together are estimated to account for over 40% of car production in 2023. These instances have made the regional market lucrative for long fiber thermoplastics attracting manufacturers around the globe.

Country-Wise Analysis

United States Long Fiber Thermoplastics Market Analysis :

The market in the United States is expected to grow to be worth US$ 2.7 Billion with an absolute dollar growth of US$ 1.5 Billion till 2033. The market in the country has grown at a CAGR of 2% from 2018 to 2022 and is expected to grow at a CAGR of 8.1% from the year 2023 to 2033.

Global military spending has grown significantly over the last two decades, exceeding 2.1 trillion dollars in 2021. The majority of the domestic and international demand for weapons and military technologies is met by the American aerospace and defense sector. In terms of global comparison, the United States is home to many of the top aerospace and defense industries.

Six of the top 12 aerospace and defense firms are headquartered in the United States. The country also had the highest value of aerospace exports worth over US$ 89 Billion in 2021. This is expected to create significant opportunities for LFTs in the US as they are an ideal material for aerospace interior parts that can significantly reduce the weight of the aircraft while maintaining strength.

India Long Fiber Thermoplastics Market Analysis :

The market in India is expected to grow to be worth US$ 622.2 Million by 2033, with an absolute dollar growth of US$ 402.8 Million between 2023 and 2033. The market in India has grown at a CAGR of 5% from 2018 to 2022 and is expected to grow at a CAGR of 10.3% from the year 2023 to 2033.

In 2022, India was the second largest manufacturer of bicycles and the export value of bicycles exceeded US$ 460 Million. Indian sporting goods industry was valued at US$ 3.9 Billion in 2021 with around 60% exports. The Indian government is also taking initiatives to make India a global sporting goods powerhouse.

This includes the establishment of the Sports Goods Export Promotion Council (SGEPC) dedicated to sporting goods exports of the country. The Indian sports manufacturing industry presents a significant opportunity for long fiber thermoplastics as they are prominently used in sporting goods to manufacture lightweight equipment to enhance athletes’ performance.

China Long Fiber Thermoplastics Market Analysis :

The market in China is expected to grow to be worth US$ 2.9 Billion by 2033 with an absolute dollar growth of US$ 1.6 Billion from 2023 to 2033. The market in the country has grown at a CAGR of 4% from 2018 to 2022 and is expected to grow at a CAGR of 7.6% from the year 2023 to 2033.

Electric vehicles industry in China is responsible for manufacturing around 57.4% of global production of electric vehicles. In 2021, China sold 3.34 million electric vehicles out of which 2.73 million were battery-only electric vehicles. This creates a favorable environment for the market growth as they are used to create parts of EVs to reduce weight and improve performance.

Japan Long Fiber Thermoplastics Market Analysis :

In Japan, the market is expected to grow to be worth US$ 695.4 Million by 2033 with an absolute dollar growth of US$ 448.9 Million. The market in the country has grown at a CAGR of 3.6% from 2018 to 2022 and is expected to grow at a CAGR of 10.1% from the year 2023 to 2033.

Japan is known for its advanced manufacturing capabilities and has been actively involved in the development and adoption of LFTs. Several Japanese companies such as Mitsubishi Chemical Group, Teijin Limited, Daicel Corporation, and Polyplastics Co., Ltd. have been working on the research, development, and commercialization of LFTs. Furthermore, Japan’s commitment to sustainability and environmental protection has also contributed to the growth of LFTs as materials are recyclable and have the potential for reduced energy consumption during the manufacturing process.

Category-Wise Insights

Which End-Use Industry of Long Fiber Thermoplastics Is Projected to Witness the Fastest Growth?

Demand for Long Fiber Thermoplastics in the automotive industry is projected to witness significant growth at a CAGR of 3.3% from 2018 to 2022 and is expected to grow at a CAGR of 8.1% from 2023 to 2033.

The automotive industry is prominent in using thermoplastics for the interior and exterior of vehicles such as door modules, seat pans, hatchbacks, seat back as well as bumper beams, and front modules. It is crucial to maintain the weight-to-strength ratio while manufacturing these parts as they can significantly influence the fuel efficiency and overall performance of the vehicle.

Long fiber thermoplastics are ideal for these applications as they can provide excellent strength while maintaining lightweight properties. As the automotive industry globally is growing steadily with a market value of US$ 2.9 Trillion in 2022 from US$ 2.8 Trillion in 2021, it has created significant opportunities for the growing use of long fiber thermoplastics.

Which material type of Long Fiber Thermoplastics Is Projected to Witness the Fastest Growth?

Carbon fiber based long fiber thermoplastics is projected to witness significant growth as it has grown at a CAGR of 4% from 2018 to 2022 and is expected to grow at a CAGR of 10.3% from 2023 to 2033.

Carbon fiber-reinforced thermoplastics are significantly higher in price as compared to glass fibers, steel fibers, or aramid fibers. Though glass fiber reinforced long fiber thermoplastics have a higher demand, the higher cost of carbon fiber thermoplastics makes its market value higher. Carbon fiber thermoplastics have excellent strength which makes them suitable for heavy duty applications increasing their adoption in industries to replace metals to avoid corrosion while still achieving strength.

Competitive Analysis

Long fiber thermoplastics manufacturing companies worldwide are increasing their capacities to produce long fiber thermoplastics and expanding product portfolios with new launches. Some of them are collaborating for research and development in the field to create advanced long fiber thermoplastics.

Key players in the market are GS Caltex, SABIC, Solvay, Mitsubishi Chemical Group, Teijin Limited, Celanese Corporation, BASF Corporation, Avient Corporation, Asahi Kasei Corporation, LOTTE Chemicals, LANXESS, Daicel Corporation, and RTP Company.

Some of the recent developments in Long Fiber Thermoplastics market are :

• In May 2022, Solvay announced an investment in the production facility to boost the production of long fiber thermoplastics range Xencor LFT. This investment also included research and development in Solvay’s technical center in Georgia and additional capabilities in Solvay’s Belgium plant.
• In June 2021, Avient launched a new series of nylon-based long fiber thermoplastics with smooth surface aesthetic and moisture resistance. These LFTs featured nylon 6 and nylon 6/6 to help with delayed moisture absorption enhancing the effectiveness of the material in moisture-prone environments.
• In May 2021, SABIC developed thermoplastics solutions for electric vehicle battery packs. This included integrated plastic-metal hybrid structures with STAMAX FR with long glass fiber PP material for the battery tray to reduce the weight while maintaining the strength provided by metal.
• In March 2020, Celanese Corporation announced a three-year expansion plan of engineering compounds at their facilities in Asia including locations in China and India. The company intended to add 52 KT of LFT capacity at the Nanjing facility in China by 2023.

Segmentation of the Long Fiber Thermoplastics Market

• By Material Type :

  • Glass Fibers
    • PP
    • PA
    • PBT
    • TPU
    • Others
  • Carbon Fibers
    • PP
    • PA
    • PBT
    • TPU
    • Others
  • Steel Fibers
  • Aramid Fibers

• By End Use Industries :

  • Automotive
  • Aerospace & Defense
  • Consumer Goods
  • Electrical and Electronics
  • Sports and Leisure
  • Industrial and Machinery
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa