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The global long-fiber thermoset composites market is expected to grow at with a CAGR greater than 5% during the forecast period. One of the major factors driving the market is the stringent regulations for carbon emission and uptake of electric vehicles. However, issues with recycling of long-fiber thermoset composites is hindering the growth of the market.
- North America accounts for the highest market share and is expected to dominate the market during the forecast period.
- Among the end-user industries, building & construction accounted for the highest market share and is expected to dominate the market studied during the forecast period.
Key Market Trends
Carbon Fiber Type to Dominate the Market
- Carbon fibre is the most popular material for producing long fibre thermoset composites especially, where the high composite strength.
- Carbon fibres, also known as graphite fibres, can be based on three chemical sources: polyacrylonitrile (PAN method that is led by Japanese manufacturers), rayon (such as from the Indian manufacturer Grasim) or petroleum pitch. More than 85% of the carbon fibres produced are made from polyacrylonitrile.
- However, the composition varies with each producer according to the recipe of the manufacturers. Carbon fibres 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 fibres and mats.
- The main benefits of carbon fibres include their low density and hence high strength-to-weight ratio and stiffness.
- Hence, owing to the above-mentioned factors, carbon fiber type is expected to dominate the market studied during the forecast period.
North America to Dominate the Market
- North America accounts for the highest share of the market studied currently, with the major demand coming from the United States.
- The Corporate Average Fuel Economy (CAFE) regulations in the United States aims to raise the average fuel efficiency of new cars and vehicles to 54.5 miles per gallon by 2025 to reduce national dependence on oil.
- This regulatory pressure means that the American automotive industry has to use solutions such as light weighting to meet fuel efficiency targets. Recent federal initiatives are also encouraging for advanced composites, including for automotive applications.
- Hence, owing to the above-mentioned factors, North America is expected to dominate the market studied during the forecast period.
The long-fiber thermoset composites market is moderately fragmented as the market share is divided between many players. Key players in the market include Advanced Composites, Inc., LANXESS, Celanese Corporation, Lingol Corporation., and SABIC, among others.
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