High-Performance Fiber Market Size Worth USD 25 Billion by 2030 at 8% CAGR – Report by Market Research Future (MRFR)
High-Performance Fiber Market Insights and Industry Analysis by Type (carbon fiber, aramid fiber, ceramic fiber, glass fiber, PBI, PPS, PE fiber), Application (automotive, aerospace & defense, building & construction, energy, textiles) and Region, Competitive Market Size, Share, Trends, and Forecast to 2030
New York, USA, Nov. 28, 2022 (GLOBE NEWSWIRE) — High-Performance Fiber Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “High-Performance Fiber Market Information by Type, Application, and Region – Forecast till 2030”, the market is estimated to grow at a 8% CAGR to reach USD 25 Billion by 2030.
Fibers that fall into this category have a high tensile modulus and strength. Many of them also offer protection from fire and other forms of heat, for which they are famous. Fabrics made from these fibers can serve as a fire barrier in situations where it is necessary.
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|Market Size in 2030||USD 25 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Rapid growth of the aerospace and energy sector|
|The aerospace and automotive industries in Europe are the major consumers|
Since there are so many different international and domestic companies competing in this industry, the level of competitiveness amongst the various producers is quite strong. Suppliers of raw materials are an integral part of the value chain since they provide the materials needed to produce fibers. PBO, PBI, M5/PIPD, and aramid fibers’ high production cost is a global threat to market expansion and profitability. The increase of capacity for these fibers is expected to be difficult over the projection period for a number of reasons, including but not limited to high production costs, initial capital expenditure, and monomer supply. Some prominent players in the global high performance fibers market include:
- TEIJIN LIMITED (Japan)
- Mitsubishi Chemical Corporation (Japan)
- Corning Incorporated (US)
- Solvay (Belgium)
- Kureha Corporation (Japan)
- PBI Performance Products, Inc. (US)
- Honeywell International Inc. (US)
- AGY (US)
- ZOLTEK Corporation (US)
- Yantai Tayho Advanced Materials Co.,Ltd. (China)
- PHP Fibers GmbH (Germany)
- Bally Ribbon Mills (US)
- The InterTech Group, Inc. (US)
- Binani Industries Ltd. (India)
- Sarla Performance Fibers Limited (India)
Materials with superior tensile strength and thermal resistance are being manufactured for sectors including the automotive and aerospace industries in response to the rising need for the development of organic high performance fibers. As a result, this is what’s pushing the high performance fibers industry forward. Carbon fibers are increasingly being used in turbine blades because they allow the blades to tolerate more pressure.
High performance fibers (HPF) are expected to fuel industry growth throughout the forecast period as their use in the reinforcement of composites expands across a variety of end-use industries including military vehicles, aerospace, electronics, and sports goods. Some of the high-performance fibers have excellent properties including resistance to high temperatures and chemicals (including a wide range of organic solvents), resistance to abrasion and conductivity, and strong stability at high temperatures for the fabric as a whole.
The product’s excellent stiffness and strength-to-weight ratio make it ideal for use in aircraft vehicles. The aerospace industry is poised to benefit from the expanding application of additive manufacturing to product development. Due to the increasing demand for lightweight materials, industry players are investing heavily in R&D to improve the strength of HPF-reinforced composites.
The high cost of producing carbon fibers and a lack of investment for high performance fiber research and development are two factors that are predicted to slow the high performance fiber market over the projected period.
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During the COVID-19 pandemic, the demand from applications and end users who rely on high performance fibers dropped, which in turn hurt the market for those fibers. And for a while, technological innovation was stymied due to a lack of funding for research and development. After the vaccination was implemented and production resumed, the market began to improve. In addition, the building and manufacturing sectors, as well as the hospitality and tourism sectors, were hit hard by the COVID-19 pandemic. It was necessary to cease or limit production. As a result, both the production and demand for high performance fibers-related machinery slowed, stunting the market’s expansion for those materials.
Polybenzimidazole (PBI) fibers are predicted to have the highest CAGR during the study period because of the product’s exceptional features. These include a high glass transition temperature, no melting point, and an extraordinarily high heat deflection temperature. PBI fibers are being used in a variety of items, including high-temperature and high-security clothing and accessories like firefighter uniforms and safety gloves.
The increasing use of fiber-reinforced composite materials in the automotive application segment is expected to lead to a sizable CAGR during the forecast period as the industry strives to combat weight reduction tendencies. Curb weight reduction has significant effects on fuel economy and pollution caused by vehicles.
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In 2017, Asia-Pacific was the greatest contributor to the worldwide high-performance fiber market, and it is expected to continue to lead the way in growth during the forecasted period. During the assessment period, the high-performance fiber market in this region expanded at a healthy rate on account of increasing demand from key end-use industries including the automobile, building, electronics and telecommunications, and textiles sectors. In addition, the aerospace and energy industries in this region are expanding rapidly, which may help boost demand for high-performance fiber in the area.
In 2017, North America had the second-largest market share, just behind Asia-Pacific. Due to the prevalence of mature end-use industries like aerospace and defense and the sports industry, the United States is the region’s most lucrative market. Due to the concentration of major airplane factories there, the region is crucial to the product’s success.
Europe is another sizable geographical market with significant CAGR growth in demand from the automotive sector. Market leaders in the region include France, Germany, the United Kingdom, and Italy. European markets for the high-performance fiber are dominated by the aerospace and automotive sectors.
Markets in the Middle East and Africa, as well as those in Latin America, are predicted to develop at a solid CAGR due to significant investment potential and abundant availability of raw materials.
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