Long Fiber Thermoplastics Market to experience an impressive growth of 11.2% during 2020-2025
January 27, 2020
Long Fiber Thermoplastics Market is likely to witness an impressive CAGR of 11.2% during the forecast period. The market is driven by the high demand for long fiber thermoplastics from the automotive sector. They are employed in the manufacturing of lightweight automobile machineries to reduce inclusive weight and gain fuel efficiency to meet various standards.
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Long Fiber Thermoplastics Market Segment Insights:
By Application Type:
Based on the application type, the market is segmented as automotive, consumer goods, sporting goods, industrial goods, and others. Long fiber thermoplastics are progressively employed in the automotive sector to substitute traditional materials for enhanced presentation, design liberty, weathering resistance, and weight lessening.
By Fiber Type:
Based on the fiber type, the market is segmented as long glass fiber thermoplastic and long carbon fiber thermoplastic composites. The long glass fiber thermoplastic segment is estimated to depict significant growth in the coming five years, as they are increasingly used in the automotive and consumer goods industries. On the other hand, long carbon fibers are widely used in applications, such as sporting goods and aerospace, as these applications demand elevated toughness.
By Region:
In terms of regions, Europe was the largest market for long fiber thermoplastics in 2018. The region is estimated to maintain its dominance during the forecast period. The market is driven by the growing demand for long fiber thermoplastics from various end-use industries. Asia-Pacific and North America are also expected to offer sizeable growth opportunities in the coming five years.
Key Players:
Some of the major players in the long fiber thermoplastics market are SABIC, Celanese Corporation, PolyOne, Solvay SA, PlastiComp Inc., RTP Company, and Lanxess AG.
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