The report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
LFT market is likely to rebound at a promising CAGR of 4.4% in the long run to reach US$ 1,353 Million in 2026.
Based on the end-use industry, the LFT market is segmented as automotive, consumer goods, sporting goods, industrial goods, and others. Automotive is expected to remain the largest and the fastest-growing segment in the market during the forecast period, owing to the increasing focus of automobile manufacturers towards fuel efficiency which can be attained through higher penetration of lightweight materials such as composites. The automotive industry is the biggest user of compounds including SFT, LFT, SMC, and other-reinforced compounds.
Based on the resin type, the market is segmented as polypropylene, polyamide, polybutylene terephthalate, PEEK/PEKK, and others. PP-LFTs held the dominance in 2020 and is expected to maintain their position over the next five years as well. PP resin is comparatively cheap than other resin systems; thus, molders and OEMs in coordination with material suppliers are trying to enhance the performance of PP-LFTs to replace other resin system-based LFTs.
In terms of regions, Europe is expected to remain the largest market for LFTs during the forecast period. Europe is the home for 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 growth during the forecast period driven by China, Japan, and India. China was one of the markets that experienced an excellent recovery amid the pandemic.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The LFT Market analysis report discusses the following heads in great detail:
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