Long Fibre Thermoplastics Market (LFT) Market to Grow with a CAGR of 4.72% through 2028

Surge in research and development activities is expected to drive the Global Long Fibre Thermoplastics Market (LFT) Market growth in the forecast period, 2024-2028

 

According to TechSci Research report, “Long Fibre Thermoplastics Market (LFT) Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Long Fibre Thermoplastics Market (LFT) Market stood at USD3.76 billion in 2022 and is anticipated to grow with a CAGR of 4.72% in the forecast period, 2023-2028. The initiatives taken by government based on Long Fibre Thermoplastics Market (LFT) has led to favorable market conditions for the Global Long Fibre Thermoplastics Market (LFT) Market. Several factors contribute to the growth of various Long Fibre Thermoplastics Market (LFT) products. Government initiatives worldwide are playing a significant role in shaping the Long Fiber Thermoplastics (LFT) market. These proactive actions, undertaken by governments, are aimed at promoting various aspects such as sanitation, lightweighting initiatives, and sustainable development. By creating a conducive environment for the growth of the LFT industry, these initiatives are paving the way for innovative solutions and advancements.

One such noteworthy initiative is the improvement of sanitation in various regions. Governments are increasingly investing in the construction of wastewater management systems, recognizing the critical importance of efficient sanitation infrastructure. This strategic move indirectly drives the demand for Long Fiber Thermoplastics (LFTs) as these materials possess remarkable properties that make them ideal for constructing robust and durable systems. With their exceptional strength-to-weight ratio, excellent impact resistance, and long-term durability, LFTs offer unparalleled advantages in ensuring the longevity and reliability of wastewater management systems.

The ongoing efforts by governments to support lightweighting initiatives further contribute to the growth of the LFT industry. As lightweighting gains prominence in various sectors, including automotive and aerospace, the demand for advanced materials like LFTs continues to rise. The unique combination of strength and lightweight characteristics makes LFTs an optimal choice for lightweight applications, enabling improved fuel efficiency, reduced emissions, and enhanced overall performance. In conclusion, the comprehensive range of government initiatives, spanning from promoting sanitation to supporting lightweighting efforts, fosters a vibrant ecosystem for the Long Fiber Thermoplastics (LFT) market. As these initiatives gain traction, the LFT industry is poised for remarkable growth, driving innovation and sustainability in diverse sectors across the globe.

 

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In recent years, research, and development (R&D) initiatives have played a pivotal role in driving the growth of the long fiber thermoplastics (LFT) market. These focused efforts have been directed towards continuously improving the mechanical and thermal properties of LFT materials, exploring new and innovative applications, as well as optimizing the manufacturing processes involved. One of the primaries focuses of these R&D activities is to enhance the mechanical and thermal properties of LFTs even further. By investing in extensive research and development, manufacturers are able to develop LFTs with superior strength, exceptional heat resistance, and remarkable durability. These advancements have not only broadened the scope of their applications but have also unlocked new opportunities across various industries, including automotive, aerospace, and construction. As a result, the LFT market has experienced significant growth and is projected to continue expanding in the coming years.

The continuous dedication to research and development in the LFT market is driven by the ever-increasing demand for high-performance materials that can meet the evolving needs of modern industries. Through ongoing R&D efforts, manufacturers are continually pushing the boundaries of what is possible with LFTs, enabling them to deliver innovative solutions that address the challenges faced by engineers and designers. This relentless pursuit of improvement ensures that LFT materials remain at the forefront of technological advancements, leading to further growth and success in the market.

The Global Long Fibre Thermoplastics Market (LFT) Market is segmented into resin type, application, regional distribution, and company.

Based on its resin type, the polyamide segment held the largest share in the market. The product, with its exceptional chemical and heat-resistant properties, finds wide utilization in the packaging and manufacturing of toys, furniture components, and bumpers. Its long fiber thermoplastics possess remarkable mechanical properties, making it an ideal choice for industrial applications such as the manufacturing of cars, tractors, dashboards, gaskets, and even ceiling fans. The demand for furniture is observed to be primarily generated from northern and southern India, followed by Asia Pacific countries, North America, and Europe. Notably, according to the Centre for Industrial Studies (CSIL), the value of furniture production in China is projected to reach a staggering US$ 200 billion in 2021.

When it comes to international trade, a significant portion of furniture originates from countries like China, Vietnam, Poland, Germany, and Italy, and is exported to destinations such as the US, Germany, France, and others. In fact, China alone exported furniture worth a total of US$ 77 billion in 2021. Therefore, it is evident that the utilization of polyamide resin in furniture and woodworking serves as a major driving force for the growth of the long fiber thermoplastics market.

Based on region, Asia Pacific segment is expected to grow during the forecast period.

The growth of the long-fiber thermoplastics market is primarily driven by the increasing utilization of various components such as the indoor module, wheel cover, latch bracket, sunroof components, seat handle, seat back, and air inlet components. Notably, Asian countries like India and China contribute significantly to the overall Asia market, accounting for more than half of its total share.

Furthermore, the remarkable growth of the long-fiber thermoplastics market can be attributed to the thriving automotive industry. China, in particular, emerges as one of the largest producers and consumers of long-fiber thermoplastics in the region. The consumption of long-fiber thermoplastics in China has experienced a substantial increase in recent years, driven by factors such as population growth, urbanization, and the substitution of metals with suitable long-fiber thermoplastics across various applications.

Moreover, according to the European Commission, the machinery sector plays a significant role in the European economy in 2020. Notably, China, Germany, the United States, Japan, and Italy are major competitors in the global machinery market. The machinery sector is experiencing robust and healthy growth, primarily fueled by the rising demand for electrical sockets, switches, faceplates, and metering devices. This increasing demand will further drive the need for long-fiber thermoplastics.

By adding these additional details, we have provided a more comprehensive and detailed overview of the factors influencing the growth of the long-fiber thermoplastics market.

 

Major companies operating in Global Long Fibre Thermoplastics Market (LFT) Market are:

• SABIC
• Solvay SA
• RTP Company
• JNC Corporation
• Avient Corporation
• Celanese Corporation
• LANXESS AG
• Daicel Corporation
• Kingfa SCI. & TECH. CO., LTD.
• Asahi Kasei Corporation

 

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“Growing application of Long Fibre Thermoplastics Market (LFT) in various end user industries are key drivers of the Long Fibre Thermoplastics Market (LFT) Market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of Long Fibre Thermoplastics Market (LFT) with every passing year are anticipated to register an impressive growth to Global Long Fibre Thermoplastics Market (LFT) Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Long Fibre Thermoplastics (LFT) Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Resin Type (Polypropylene, Polybutylene Terephthalate, Polyamide, Others), By Application (Automotive, Consumer Goods, Sporting Goods, Industrial Goods, Others), By Region and Competition, 2018-2028F”, has evaluated the future growth potential of Global Long Fibre Thermoplastics Market (LFT) Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Long Fibre Thermoplastics Market (LFT) Market.

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