The global high performance fibers market is projected to touch USD 25.4 billion, by the end of 2025, and is expected to grow at a CAGR of 11.0% over the forecast period, 2019 to 2025, according to the new report by Million Insights. Several benefits of fibers such as superior rigidity and high strength to weight ratio are anticipated to boost the product demand from automotive and aerospace sectors.
Furthermore, high performance fiber (HPF) offers aerodynamics and increased fuel efficiency for aircraft. This is encouraging manufacturers to use these fibers instead of regular metal alloys. In addition, usage of these products in aerospace applications improves the damage resistance & flexibility which, in turn, is projected to bolster market growth.
Strict government regulations regarding CO2 emission is projected to positively impact market growth as regulations force manufacturers to focus on using lightweight material in aerospace applications. Moreover, these regulations are compelling OEMs towards alternative options for reducing gas emissions.
BASF and Dow are key raw material suppliers in the industry and they provide high-quality feedstock required for fibers production. However, price volatility in products used for feedstock may hamper the production of fibers. This factor may restrain the growth of the market.
Key participants in the market include DowDupont Inc., Teijin Limited, Kermel S.A., Huvis Corp, DSM, Toyobo Co. ltd, and Toray Industries Inc.
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Further key findings from the report suggest:
• Aramid fibers segment dominated the high performance fiber market in 2018. It is projected to account for USD 5.7 billion by the end of 2025.
• In 2018, the demand from aerospace & defense sector was USD 5.2 billion, due to the rising demand from aerospace manufacturing components.
• Asia Pacific is estimated to expand at the CAGR of over 11.3% during the forecast period.
• The demand from China market is estimated to account for USD 4.4 billion by the end of 2025.
• Key manufacturers engage in R&D activities to develop advanced fiber products that offer increased performance.
Million Insights has segmented the global high performance fibers market based on product, application, and region:
High Performance Fibers Product Outlook (Volume, Tons; Revenue, USD Billion, 2014 - 2025)
• Carbon Fiber
• Polybenzimidazole (PBI)
• Aramid Fiber
• Polybenzoxazole (PBO)
• Glass Fiber
• High Strength Polyethylene
High Performance Fibers Application Outlook (Volume, Tons; Revenue, USD Billion, 2014 - 2025)
• Electronics & Telecommunication
• Aerospace & Defense
• Construction & Building
• Sporting Goods
High Performance Fibers Regional Outlook (Volume, Tons; Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• South Korea
• Central & South America
• Middle East & Africa