High Performance Fibers Market - Forecast (2024 - 2030)
High Performance Fibers Market size is forecast to reach $27641.2 million by 2026, after growing at a CAGR of 9.5% during 2021-2026. High-performance fibers provide outstanding corrosion resistance and high strength due to which it is used in various end-use applications such as aerospace & defense, automotive, and electronics. The growth in the global market for high-performance fibers is led by increased demand for high-quality goods with strong longevity and durability. Government safety laws and minimal traffic injuries have also raised demand in the automobile industry for high-performance fibers and driven the growth of the high performance fibers industry over the forecast period.
Report Coverage
The report “High Performance Fibers Market– Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the high performance fibers market.
By Type: Carbon Fiber (PAN Carbon Fiber and Pitch Carbon Fiber), Aramid Fiber (Meta Aramid and Para Aramid), Glass Fiber, Polyphenylene Sulfide (PPS) Fiber, Polybenzimidazole (PBI) Fiber, and Others
By Application: Aerospace and Defense (Engine Compartment, Propellers, Ballistic Missiles, Tanks, Bulletproof Jackets, and Others), Automotive (Automotive Body, Tires, and Others), Sporting Goods, Electronics (Optical Fibers, Antennas, and Others), Construction and Infrastructure, Power and Energy (Turbine Blades, Nacelle, and Others), and Others
By Geography: North America, South America, Europe, Asia Pacific, and Rest of World.
Key Takeaways
High Performance Fibers Market Segment Analysis - By Type
Glass fiber held the largest share in the high performance fibers market in 2020. The glass fibers of today provide a much broader variety of properties and can be used in many end applications, such as batting insulation, fire-resistant garments, and composite reinforcement materials. Things such as bathtub enclosures and boats, also referred to as 'fiber glass,' are simply plastics with glass fiber reinforcement (often cross-linked polyesters). In most end-market applications, glass fibers are the oldest and by far the most widespread reinforcement. Thus, the increasing demand of glass fibers from various end-use industries for various applications would drive the market for high performance fibers in the forecast period.
High Performance Fibers Market Segment Analysis - By Application
Aerospace and Defense held the largest share in the high performance fibers market in 2020 and is expected to rise at a CAGR of 8.4% in terms of revenue during the forecast period from 2021-2026. Almost 10 percent of the domestic market is identified by the military use of advanced polymer matrix composites (PMC), a resin matrix strengthened by high-performance carbon or organic fibers. Nonetheless, advanced composites are expected to play a much greater role in future weapons systems and DOD (Department of Defense) will continue to require access to accessible suppliers of affordable high-performance fibers such as raw materials and production processes. Also, the role of carbon fiber in the aerospace and defense industry looks promising with its potential in commercial aircraft, regional aircraft, aircraft, general aviation, UAVs and others.??
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High Performance Fibers Market Segment Analysis - By Geography
Asia Pacific dominated the high performance fibers market in terms of revenue with a share of 54% in 2020 and is projected to dominate the market during the forecast period (2021-2026). China, Japan, India, and South Korea are the major countries that are driving the market growth of high performance fibers in this region. In countries such as China high performance fibers are widely used in the automotive and aerospace and defence sector as they provide strength, endurance, and stability as required. According to Boeing forecasts, China will need around 7,600 new commercial aircraft, estimated at US$1.2 trillion over the next two decades. Also, according to China’s 13th Five Year Plan, by 2020, China is estimated to have more than 4,500 civil aircraft. Increasing use of carbon fibres, because of its considerable increased rigidity and strength and fatigue tolerance, have been beneficially improved for lowering wind turbine blade weights and growth towards the wind industry in India. According to the International Renewable Energy Agency, wind power, after hydropower, has dominated the renewable sector for many decades among all renewable energy technologies. By the end of 2018, onshore wind power had exceeded 542 GW of global cumulative installed capacity. Thus, the increasing demand for high performance fibers from various end use industries will drive the market in the forecast period.?
High Performance Fibers Market Drivers
In recent years, high-performance organic fibers have become very relevant as well. Aramids are one of the high-performance, synthetic organic fibers that are best known. Aramids exhibit greater tensile strength and thermal resistance than aliphatic polyamides due to the flexibility of the aromatic rings and the additional strength of the amide bonds (nylons). Higher strength and thermal tolerance are found in para-aramids, dependent on terephthalic acid and p-phenylenediamine, or p-amino benzoic acid. The high impact resistance of the para-aramids makes them favoured for bullet-proof body armour. In turn, increasing demand and development of organic high performance fibers would fuel the market demand for high-performance fibers in the coming years.?
With the rise in environmental concerns and the lack of resources for non-renewables, wind and water power generation is increasing. Wind or water turbine blades are made from carbon fibers as they can withstand high pressure and are resistant to dust, chemicals or flames. Therefore an increase in the usage of renewable resources has also increased the growth of the demand for high-performance fibers. Modern wind turbines are increasingly cost-effective and more efficient, with multi-megawatt power ratings scaled up in size. New wind developments in the U.S. economy account for annual investments of over $10 billion. In order to drive the global wind industry, emerging markets and offshore markets will play a larger role. It is projected that offshore wind will rise from 6 GW in 2019 to almost 80 GW in 2024, taking its market share in new global installations from 10 percent in 2019 to 20 percent by 2024.
High Performance Fibers Market?Challenges
High performance fibers need tons of energy for its production, which further increases their cost relative to steel or aluminum. The cost of carbon fibers is directly related to the cost and yield of the precursor and the cost of conversion from which it is derived. Polyacrylonitrile (PAN) is actually based on carbon fiber, with a conversion efficiency of just 50 percent. Moreover, carbon fibers are non-biodegradable and will not decompose in the landfill, unlike other metals and non-metals. Carbon fiber recycling is very difficult and requires a lot of resources. Thus, long-lasting carbon fiber scraps have a poor environmental impact and serve as a limiting factor in the development of the demand for high-performance fibers.
High Performance Fibers Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the high performance fibers market. In 2020, the market of high performance fibers has been consolidated by the top ten players accounting for 64% of the share. Major players in the high performance fibers market are Teijin Ltd., Taishan Fiberglass Inc. (CTG), DuPont de Nemours, Inc., Chongqing Polycomp International Corp. (CPIC), Owens Corning, Toray Industries Inc., Mitsubishi Chemical Holdings Corp, Hexcel Corporation, Solvay, Nippon Electric Glass Co. Ltd., and others.?
Acquisition/Product Launches