DALLAS, TX / ACCESSWIRE / January 14, 2021 / According to a new market report published by Lucintel, the future of the long fiber thermoplastics (LFT) market looks attractive with opportunities in the automotive, industrial, and consumer goods industries. The LFT market is declined in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $0.8 billion by 2026 with a CAGR of 4% to 6% from 2021 to 2026. The major drivers for this market are increasing demand for lightweight materials in various end use industries as well as its performance and process benefits, such higher strength to weight ratio, recyclability, and remoldablity.
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In this market, fiber (glass and carbon fiber) and resin (polypropylene and polyamide) are used for producing of long fiber reinforced thermoplastics (LFRT) compound as well as direct-LFT (D-LFT) based part. Lucintel forecasts that LFRT will remain the largest segment by value and volume due to increasing demand in the automotive and industrial application. The D-LFT segment is expected to witness highest growth over the forecast period due to the growing in-line part fabrication in automotive industry.
Within LFT market, automotive will remain the largest segment and it is also expected to witness highest growth during the forecast period supported by growing automotive production and increasing focus on thermoplastic resin based composite materials. Door module, front end module, instrumental panel, running board, and underbody shield are some of the major applications of LFT in the automotive industry.
By fiber type, glass fiber based LFT will remain the largest segment by value and volume. Carbon fiber based LFT is expected to witness the highest growth in the forecast period supported by its high performance characteristics. By resin type, polypropylene resin based LFT will remain the largest segment by value and volume over the forecast period.
Europe will remain the largest region for LFT market due to growing demand for lightweight and environmentally sustainable composite materials. Asia Pacific is expected to witness the highest growth during the forecast period due to the growing automotive production and increasing focus on lightweight composite materials.
Emerging trends, which have a direct impact on the dynamics of the LFT market, include, development of polyamide based LFT/D-LFT for structural application and increasing use of bio based materials in LFT. SABIC, Celanese, RTP Company TechnoCompound, and Chisso/JNC Corporation are among the major suppliers of LFT.
Lucintel, a leading global strategic consulting and market research firm, has analyzed the LFT market by end use industry, material form, fiber type, resin type, and region, and has compiled a comprehensive research report entitled "Growth Opportunities in the Long Fiber Thermoplastics (LFT) Market 2021-2026: Trends, Forecast and Opportunity Analysis" The Lucintel report serves as a catalyst for growth strategy as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast of the LFT market by end use industry, material form, fiber type, resin type, and region as follows:
By End Use Industry [Volume (Kilotons) and Value ($ Million) from 2015 to 2026]:
- Door Module
- Front End Module
- Instrumental Panel
- Running Board
- Underbody Shield
- Consumer Goods
By Material Form [Volume (Kilotons) and Value ($ Million) from 2015 to 2026]:
By Reinforcement Type [Volume (Kilotons) and Value ($ Million) from 2015 to 2026]:
- Glass Fiber
- Carbon Fiber & Others
By Resin Type [Volume (Kilotons) and Value ($ Million) from 2015 to 2026]:
By Region [Volume (Kilotons) and Value ($ Million) from 2015 to 2026]:
- North America
- United States
- United Kingdom
- Asia Pacific
- The Rest of the World
This 226-page research report will enable you to make confident business decisions in this globally competitive marketplace.For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link [email protected].
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
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