Long Fiber Thermoplastics Market Overview:
The Long Fiber Thermoplastics Market was estimated at USD $1,057.7 Million in 2022 and is likely to grow at a CAGR of 6% from 2022-2027 to reach USD $1,555.7 Million in 2027.
What are Long Fiber Thermoplastics?
Long fiber thermoplastics are molding items that have continuous fiber filaments. These materials are high in stiffness and strength and have high resistance to high temperatures. Long fiber thermoplastics can be of different resins such as polypropylene, polyamide, polybutylene terephthalate, and others. Automotive, consumer goods, sporting goods, industrial goods, and others are the application areas where these materials are used.
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Driver
- The market growth is attributed to the rising demand for lightweight and high-performance solutions for various end-use industries.
- Automotive is the major end-use industry in the market.
Regional Analysis
Europe held >35% of the share in 2021. Europe is the home of leading automotive OEMs, tier players, and LFT manufacturers. Germany and Belgium are the manufacturing capitals of LFTs in the region. Asia Pacific is expected to witness the highest CAGR of 7.6% during 2022-2027 driven by China, Japan, and India. China was one of the markets that experienced an excellent recovery amid the pandemic.
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