Long-fiber Thermoset Composites Market Size Forecast to Reach $3.8 Billion by 2025

Long-fiber Thermoset Composites Market size is forecast to reach $3.8 billion by 2025 after growing at a CAGR of 6.5% during 2020-2025. The growth of the market is expected to be driven by the high demand for long fiber thermoplastics from the automotive industry. The other growth factor is construction industry which is using long-fiber thermoset composites for ensuring overall strength and improve high safety features of buildings.

By Chemistry Types - Segment Analysis

The Epoxy segment held the largest share in the long-fiber thermoset composites market in 2019. Demand for electronic devices as well as commercialization of electric vehicles is driving the Epoxy segment in long-fiber thermoset composites market. Epoxy is commonly a softer and less-dense material. Early Epoxy-packaged devices encountered failures due to weaker mechanical and environmental protection, for example, against moisture. Adhesion is also weak causing air gaps between LED chips, which led light extraction to be reduced. Recent progress in material properties has promoted usage of epoxy, die bonding also prefers to use epoxy resin. Epoxy is used in the general home appliances including mobile phones, refrigerators and TVs, industrial devices and vehicles. With the development of IT technology and the development of electronic products based on modern technologies, the global semi-conductor market is expanding and the Epoxy Encapsulates demand is increasing.

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By Fiber Types - Segment Analysis

The Carbon fiber segment held the largest share in the long-fiber thermoset composites market in 2019. Carbon fiber is the most popular material for production of the long fiber thermoset composites especially, where the high composite strength is required. Carbon fibers are usually grouped according to the modulus band in which their properties fall and are supplied in different forms, from continuous filament tows to chopped fibers and mats. However, the composition varies with the manufacturers. The main benefits of carbon fibers is their low density, high strength-to-weight ratio and stiffness. Carbon fiber segment is expected to dominate the market of long-fiber thermoset composites during forecast period.

By Application - Segment Analysis

Chassis segment has been the primary market for long-fiber thermoset composites in 2019. The chassis segment is the load bearing part or frame of the automotive. In order to maintain the rigidity of the structure of the chassis, long-fiber thermoset composites are used in its manufacturing. Fluid equipment is the second major market for long-fiber thermoset composites on the basis of application. Fluid equipment is used in pumping and process equipment to the municipal water and wastewater treatment industries. Due to the rapid growth of population, there is a growing need of fresh water for the livelihood purpose. The wastewater treatment plant is using fluid equipment in large number. The municipal corporation is using the fluid equipment for pumping ground water to the colonies and the government building. The government spending on fluid equipment has increased these days. Again, it is the major driver in the growth of long-fiber thermoset composites market near future.

By End User - Segment Analysis

Automotive sector has been the primary market for long-fiber thermoset composites in 2019 growing at a CAGR of 7.3%. The growth of the long-fiber thermoset composites market can be attributed to the rise in production of automobiles. It is expected that the amount of Long-fiber thermoset composites used in the production of automobiles will double in the next 15 years. According to International Organization of Motor Vehicle Manufacturers the total production of automobile (commercial as well as Personal) globally in the year 2019 was 91,786,861 units compare to 96,869,020 units in 2018. Construction industry is the second major market for long-fiber thermoset composites. The Long-fiber thermoset composites are used in the construction of bridge structures, domes, towers and water control structures. According to world economic forum the Middle East and North Africa region is undergoing transformation. The rapid urbanization trend will boost the long-fiber thermoset composites market which is primary thing in construction sector.

Geography - Segment Analysis

APAC dominates the long-fiber thermoset composites market with a share of more than 38%, followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth in the aerospace, automotive and construction industries. According to the International Organization of Motor Vehicle Manufacturers, on an average 95 million vehicles are being produced world-wide every year. Long-fiber thermoset composites are now used for nearly every new vehicle design. The coronavirus pandemic has had far-reaching consequences beyond the spread of the disease and efforts to quarantine it. South Korea, Italy and Japan are the most affected among the major industrialized economies. Consequently, 80 percent of automotive and related companies report that Coronavirus will have a direct impact on their 2020 revenues. 78 percent of companies do not have enough staff to run a full production line. More than 80 percent of the world’s auto supply chain is connected to China. In January 2020 China’s car sales plunged by 18 percent. The China Passenger Car Association (CPCA) considers that the first two-month sales could decline by 40 percent or more compared to the same period in 2019. Production shortfalls resulting from supply chain disruptions in China will impact global automakers. This will hamper for the growth of the market for the year 2020. After the condition become normal it will grow with a steady rate in the forecast period.

Drivers – Long-fiber Thermoset Composites Market

Increasing demand in the electronics market

The demand for televisions, smartphones, and wearable devices are increasing. In addition, rising disposable income, coupled with increasing adoption of smart devices by individuals are other factors fueling growth of the long-fiber thermoset composites Market. Technology proliferation, development of semiconductor industry, cheap Long-fiber thermoset composites materials are major advantages. Rapid development and technological advancements in gaming industry is also expected to propel growth of the global Long-fiber Thermoset Composites market over the forecast period.

Rise in the Consumption of Long-fiber Thermoset Composites in Consumer goods

Growing purchasing power, high standard of living, and rapid urbanization are expected to drive demand for Long-fiber thermoset composites in consumer goods over the forecast period.

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Challenges – Long-fiber Thermoset Composites Market

High cost of disposal treatment of the Long-fiber Thermoset Composites waste

Disposal Requirements Treatment and removal of large amounts of waste and hinge can generate significant quantities of organic solvent waste. Disposal regulations vary in different regions, but one factor that appears to be a constant is high cost. Certification by local authorities and preparation of a contract for disposal is expensive and needs to be factored into the overall treatment cost.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the long-fiber thermoset composites market. Major players in the long-fiber thermoset composites market are Lingol Corporation, Sabic, Lanxess, Advanced Composites, Inc., Celanese Corporation and Other.

Acquisition/Technology Launches

In June 2018, the PolyOne Corporation, a premier global provider of specialized polymer materials, services and solutions, acquired the PlastiComp, an advanced engineered materials innovator and producer of specialty composites.

Key Takeaways

Asia-Pacific dominates the long-fiber thermoset composites market owing to increasing demand from automotive and construction sector.

The major factors driving the growth of market is the stringent regulations for carbon emission and uptake of electric vehicles.

The issues with recycling of long-fiber thermoset composites is hindering the growth of the market.

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