Increasing use of high-performance fibers for numerous aerospace, electronics, and communication and defense applications due to their exceptional strength, stiffness, and heat resistance properties drives the growth of the global high-performance fibers market.
PORTLAND, Ore., August 30, 2022 /PRNewswire/ — Allied Market Research released a report, titled, ‘High Performance Fibers Market by Product (Carbon Fiber, Aramid, Polybenzimidazole, Others), by Application (Aerospace & Defense, Automotive, Sporting Goods, Others), by End User (Personal, Public, Others ): Global Opportunity Analysis and Industry Forecast, 2022-2031.’ According to the report, the global high performance fiber industry generated 11.3 billion dollars in 2021 and is estimated to reach 23.2 billion dollars to 2031, witnessing a CAGR of 7.4% from 2022 to 2031. The report provides a detailed analysis of changing market trends, key segments, key investment pockets, value chain, regional landscape and competitive scenario.
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Drivers and opportunities
Increasing use of high-performance fibers for numerous aerospace, electronics, and communication and defense applications due to their exceptional strength, stiffness, and heat resistance properties drives the growth of the global high-performance fibers market. However, high production costs and non-biodegradable nature of high-performance fibers hinder the market growth. On the other hand, increasing technical developments in additive manufacturing for aerospace manufacturing is expected to present lucrative opportunities for the growth of the high performance fiber market in the future.
The Covid-19 scenario
- The spread of the COVID-19 pandemic adversely affected the high-performance fiber market.
- The production of various equipment used for high-performance fibers as well as their demand fell sharply, leading to a slowdown in sales.
- However, the market is gaining traction with governments of various nations relaxing Covid restrictions and industries gradually resuming their regular production and services.
Carbon fiber segment to rule the country during the forecast period
Based on product, the carbon fiber segment captured nearly one-third of the global high-performance fiber market in 2021 and is expected to dominate during the forecast period. This is due to the high strength and low cost of carbon fiber production. However, the other segment is projected to witness the highest CAGR of 8.5% from 2022 to 2031, owing to increased R&D activities and advancement in high-performance fibers. The report also analyzes segments such as aramid, polybenzimidazole, and others.
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Personal segment to exhibit the fastest growth during the forecast period
Based on end-user, the personal segment is likely to witness the highest CAGR of 9.6% during the forecast period, owing to the increasing use of these fibers in personal products such as garments, automobiles, and sporting goods. However, other segments contributed to more than two-fifths of the global high-performance fiber market in 2021 and is expected to maintain its leading status during the forecast period. This is due to the increasing use of high-performance fiber in government and institutional applications. The report also analyzes the public segment.
Europe to dominate the market during the forecast period
Based on the region, Europe was the largest market in 2021, accounting for more than two-fifths of the global high-performance fiber market and is expected to maintain its dominance during the forecast period, owing to the high quality of products used in the region . However, the LAMEA segment is projected to exhibit the fastest CAGR of 10.2% during the forecast period, owing to increasing industrialization and urbanization in the region. Other regions discussed in the report are Asia-Pacific AND North America.
Major market players
- Cytec Industries Inc.
- EIdu Pont Nemours and Company
- Freudenberg performance materials
- Huvis Corporation
- Indorama Ventures
- Carmel SA
- Colon Industries
- Royal Ten Cate NV (Netherlands)
- Kureha Corporation (Japan)
- Mitsubishi Rayon Co., Ltd.Japan)
- Owens Corning
- PB Performance Products, Inc. (USA)
- Sarla Performance Fiber Ltd.
- Teijin Ltd.
- Toray Industries, Inc.Japan)
- Toyobo Co. Ltd.
- Yantai Tayho Advanced Materials Co. Ltd.
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The report analyzes these key players of the global High Performance Fibers market. Players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio and developments by each market player.
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