Long Fiber Thermoplastics Market worth $6.1 billion by 2027 | Key players Schindler Group, Otis Elevator, Thyssenkrupp AG, KONE Corp, Hitachi Ltd.

According to recent market research the "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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For long fiber thermoplastics, glass fiber is the most popular and economically advantageous reinforcement. 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 with 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.

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.

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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.

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SABIC is one of the leading manufacturers of long fiber thermoplastics. The company is efficient in fuel-efficient cars, planes, enabling colorful smartphone cases, and helps in conserving the global water supply. It functions under three strategic business units: petrochemicals & specialties, agri-nutrients, and handled. It is a global leader in diversified chemicals. The Saudi Arabian government owns 70% of SABIC shares, with the remaining 30% publicly traded on the Saudi stock exchange. It caters to various industries such as agriculture, automotive, building & construction, consumer, electrical & electronics, healthcare, industrial, mass transportation, and packaging. The company manufactures long fiber thermoplastics in the Americas, Middle East, and Asia Pacific.

Celanese Corporation is a global technology and specialty chemicals company. It caters to various industries, including aerospace, appliance, coatings, consumer goods, energy, food & beverage, oil & gas, medical, fibers, textiles, and others. It has three business units: acetyl chain, engineered materials, and acetate tow. The company offers long fiber thermoplastic products through its engineered materials segment. It manufactures products through manufacturing facilities located in North America, Europe, and Asia. It consists of 23 global production facilities and 8 strategic affiliate production facilities. Celanese Corporation manufactures long fiber thermoplastics in Germany and US.

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