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Long Glass Fiber Reinforced Polypropylene Market Report Overview
The long glass fiber reinforced polypropylene market is expected to be worth USD 2250.6 million in 2022 & the market is projected to touch USD 4461.57 million by 2031 with a CAGR of 7.9 % during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The high-performance composite material known as long glass fiber reinforced polypropylene (LGFPP) combines the benefits of polypropylene with the rigidity and strength of long glass fibers. Excellent mechanical qualities offered by LGFPP include improved impact resistance, dimensional stability, and fatigue resistance. The material is reinforced by the long glass fibers, which improves the strength-to-weight ratio and durability.
Automotive sector is one of the fastest developing industries throughout the world. Long glass fibers are one of the most important components in the automotive market. This has increased the scope for the market. All of these factors have contributed in the growth and development of the long glass fiber reinforced polypropylene market growth.
COVID-19 Impact: Disruption in Supply Chain and Scarcity of Raw Materials to Decrease Market Growth
The pandemic of COVID-19 was one was the prime reason for the downfall of most of the markets. The COVID-19 pandemic has had a significant impact on the long glass fiber reinforced polypropylene (LGFPP) industry. In the beginning of the pandemic, the supply chains faced major disruptions with lockdowns and restrictions causing delays in raw material availability and production.
This caused a lot of problems like shortages and increased costs. The reduced consumer demand in sectors like automotive and construction hit the LGFPP market. Reduction in demand caused many obstacles for the smooth functioning of the market during the pandemic period.
LATEST TRENDS
Adoption of Long Glass Fiber for Eco-friendly Applications to Increase Market Growth
Many new innovations have been done in the long glass fiber reinforced polypropylene (LGFPP) sector. As people are caring more about the planet, there is high demand for eco-friendly materials. As a result, bio-based LGFPP formulations are gaining popularity. Using LGFPP will provide both sustainability and top-notch performance.
Manufacturers are finding smarter ways to process LGFPP, making it more efficient. Along with this they are also customizing LGFPP for specific applications like automotive parts, making them super strong and durable. All of these are considered to be the latest trends in the market.
Long Glass Fiber Reinforced Polypropylene Market Segmentation
- By Type:
The market can be divided on the basis of type into the following segments:
Glass fiber, and, carbon fiber. The glass fiber segment is anticipated to dominate the market during the forecast period.
- By Application:
Classification based on application into the following segment:
Automotive, aerospace, electrical & electronics, construction, and, others. The automotive segment is predicted to dominate the market during the research period.
DRIVING FACTORS
Rising Need for Lightweight Materials in Automotive Industry to Accelerate Market Growth
The market is expanding as a result of many causes. Several driving factors are shaping the growth of long glass fiber reinforced polypropylene (LGFPP). Firstly, there is high demand for lightweight materials in various industries. This is because there is necessity for fuel efficiency and reduced emissions. LGFPP's exhibits exceptional strength-to-weight ratio positions. Therefore, it is considered as an ideal choice.
Secondly, there are many stringent rules and regulations regarding vehicle safety and environmental standards. This factor will rapidly propel the adoption of LGFPP in automotive applications. Apart from this the growing focus on recyclability as well as the sustainability will increase the demand for LGFPP as an eco-friendly alternative to traditional materials. All of the above-mentioned factors will have a positive impact on the market growth and development.
Excellent Strength and Versatility Exhibited by These Materials to Propel Market Growth
There are many applications for long glass fiber reinforced polypropylene (LGFPP). These materials offer better performance. Manufacturers also prefer materials that are strong, rigid, and impact-resistant. Since LGFPP satisfies each of those requirements, it is an ideal choice for many applications.
Another benefit that is exhibited by this material is that it shows extraordinary versatility. LGFPP can be found in structures, automobiles, and even everyday items. Another significant factor is the continual improvement of manufacturing techniques. As a result, LGFPP components that are affordable, dependable, and of good quality can be obtained. All of the above-mentioned factors will contribute towards the development of long glass fiber reinforced polypropylene market share.
RESTRAINING FACTOR
Limited Availability of Long Glass Fibers to Decrease Market Growth
Despite the numerous benefits that are provided by these materials there are certain factors that can restrain the growth and development of the market. Firstly, the higher upfront costs that is associated with LGFPP compared to other traditional materials can stop many manufacturers from adopting it. Along with this, there is limited availability of long glass fibers in the market.
Difficult manufacturing processes pose several challenges in scaling up production. There is need for specialized equipment and expertise for processing LGFPP. This can become a barrier for smaller manufacturers. Lastly, the resistance to change and the preference for established materials can slow down the adoption of LGFPP in certain industries. All of these factors can significantly affect the growth and development of the market.
Long Glass Fiber Reinforced Polypropylene Market Regional Insights
North America to Dominate Market in Upcoming Years
Currently, North America holds the largest share of the market. It is the leading region in terms of volume, production, and sales. The development of this region can be attributed to several factors such as the presence of a flourishing automotive industry. LGFPP is a prime requirement in the automobile sector.
There are several automotive manufacturers in this region. Along with this North America is hub for many technological advancements. Research and development activities in North America are gaining prominence. There are many stringent rules and regulation in this region. All of these factors have made North America the leading region in the market.
Key Industry Players
Leading Players adopt Acquisition Strategies to Stay Competitive
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
LIST OF TOP LONG GLASS FIBER REINFORCED POLYPROPYLENE COMPANIES
- Enaltec Labs (India)
- Hovione (Portugal)
- Shenzhen HaoRui Industrial Dev. Co., Ltd (China)
- Olon S.p.A. (Italy)
- Parchem (US)
- LGM Pharma (US)
- Xian Health Biochem Technology Co., Ltd. (China)
- Shaanxi Greenbo Biochem Co., Limited (China)
Report Coverage
The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 2250.6 Million in 2031 |
Market Size Value By |
US$ 4461.57 Million by 2031 |
Growth Rate |
CAGR of 7% from 2031 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
|
By Type
|
|
|
By Application
|
Frequently Asked Questions
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What value is the long glass fiber reinforced polypropylene market expected to touch by 2031?
The market size is expected to reach USD 4461.57 million by 2031.
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What CAGR is the market expected to exhibit by 2031?
The market is expected to exhibit a CAGR of 7.9% by 2031.
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Which are the driving factors of the market?
Automotive sector is one of the fastest developing industries throughout the world. Long glass fibers are one of the most important components in the automotive market. This has increased the scope for the market
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Which is the leading region in the market?
North America is the leading region in the market.
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Which are the key players or most dominating companies functioning in the market?
SABIC, Celanese Corporation, Daicel Polymer, and, PolyOne are the top companies operating in the market.
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