High Performance Fibers Market Size, Industry Trend Report 2019-2025 (Includes Business Impact of COVID-19)

  • TBI257326
  • November 28, 2020
  • Global
  • 132 pages
  • Lucintel

Industry Insights, Market Size, CAGR, High-Level Analysis: High Performance Fibers Market

The global high performance fibers market size was estimated at USD 12.2 billion in 2018, and is expected to exhibit a revenue-based CAGR of 11.0% from 2019 to 2025. Increasing usage of high performance fibers (HPF) in reinforcement of composites for applications in military vehicles, aircrafts, electronics, and sports goods is projected to the drive the industry growth over the forecast period. Some of the high performance fibers provide superior features such as high thermal and chemical resistance to most of the organic solvents, high abrasion resistance, non-conductivity and good fabric integrity at elevated temperatures. In addition, the product offers superior strength to weight ratio and offer high rigidity, thereby providing high utility in aerospace applications. The HPF market is subjected to the stringent rules and regulations regarding the use of materials followed by the aircraft manufacturers. The regulations regarding usage of materials, processing and transportation, and waste disposal are implied by authorities such as Federal Aviation Association (FAA), Federal Aviation Regulations (FAR), EPA, REACH, and OSHA Increasing technological advancements in use of additive manufacturing in aerospace production is expected to open new avenues for high performance fiber market. Players in the market are focusing on research and development of HPF reinforced composites in order to increase their strength owing to growing demand for lightweight materials. The HPF is increasingly substituting asbestos in bullet proof jackets, tires, belts, concrete reinforcing, and heat resistant cushions. In addition, they also find applications in wind power generator blades, ropes, and fishing nets. The cut, thermal, chemical, and abrasion resistance offered by these fibers also enhances its utility in the manufacturing of protective gloves and mooring ropes. Toxicity issues concerning the production of carbon reinforced fiber composites (CFRC) may negatively influence the market. However, enhancement of fuel efficiency and emission reduction in vehicles and aircrafts owing to application of high performance fiber is expected to benefit the industry over the next seven years.

Product Insights of High Performance Fibers Market

Carbon fiber dominated the overall market in 2018, accounting for 25.2% of the industry owing to wide range of applications in the aerospace industry including aircrafts, rockets, satellites, and missiles. In addition, rising penetration of carbon fiber reinforced composites across several aircrafts components owing to lightweight and rigidity properties is expected to drive the demand. Carbon fiber structures weigh half of its steel counterparts and around one third of aluminum. However, usage of CFRC costs significantly more than metals. Exorbitant cost linked with this product variant has restricted its consumption primarily to performance vehicles such as jet fighters, spacecraft, racing cars, sports cars, racing yachts, and notably Airbus and Boeing airlines. The polybenzimidazole (PBI) fibers segment is expected to register a revenue-based CAGR of 14.5% over the forecast period, owing to superior properties offered by the product such as increased glass transition temperature, no melting point, and extremely increased heat deflection temperature. PBI fibers are finding applications in several products including heat and safety garments such as firefighter uniforms and safety gloves. PBI fibers are widely used for several applications with other fibers like Kevlar. These variants exhibit high flexibility, low moisture regain, low tenancity, superior strength to weight ratio and doesnot melt and burn. They are also used in plastic reinforcements for chemical and heat resisstant filters and also for several civil engineering applications.

Application Insights of High Performance Fibers Market

The aerospace and defense application segment is expected to witness a revenue-based CAGR of 12.1% from 2019 to 2025 as the industry is moving towards lightweight materials in an attempt to improve the cost-efficiency and environmental performance of the aircraft. In addition, growing production of aircrafts in the wake of rising passenger traffic is expected to drive growth. Lightweight materials and structures provide an advantage in aerospace applications as it offers high strength and stiffness at a reduced weight, substantially reducing the fuel consumption. These materials enable to carry more fuel and payload, thereby increasing mission duration and idle time for aircraft in case of military aircrafts. Increasing carbon fiber demand in the automotive industry is expected to drive market for HPF over the forecast period. Increasing fuel prices have triggered the need for fuel-efficient vehicles. Presently, a substantial number of vehicles/cars run on conventional fuel technology, which has stimulated an escalation in fuel efficient vehicles demand. The automotive application segment is projected to register a revenue-based CAGR of 11.5% over the forecast period on account of rising use of fiber reinforced composite materials in the industry due to curb weight reduction trends. Reduction in curb weight drastically increases fuel efficiency and reduces vehicular pollution.

Regional Insights of High Performance Fibers Market

The North America market was valued at USD 3.6 billion in 2018, as the region contributes immensely to the demand for the product owing to the presence of key aircraft manufacturers. Also, the industry in the region is expected to witness positive growth trends owing to rising defense expenditure in the region, especially in the U.S. Stringent regulations laid down by various regulatory bodies such as HSE, ANSI, and state bodies pertaining to the security and protection measures of workers in various industries are driving the demand for protective clothing since past few years. This is likely to be a key factor for the growth of the market over the forecast period. Asia Pacific is also projected to register a revenue-based CAGR of 11.3% over the forecast period owing to the rise in the demand for the fiber reinforced composites materials in the automotive, electronics, and construction industry. Also, the product developments, availability of the raw materials at affordable prices and setting up of manufacturing facilities by market leaders is expected to drive the market. Growing need for security and protection measures in various end-use industries such as oil and gas, mining, manufacturing, healthcare/medical, military and building and construction, are fueling the product use in major economies such as China and India. Also, increasing usage of high performance fibers as an alternative to asbestos and steel is likely to drive the market.

Market Share Insights of High Performance Fibers Market

Competitive rivalry among manufacturers of HPF is increasing as the market is characterized by the presence of a large number of global and regional players. Raw material suppliers play a crucial role in the value chain as they provide basic raw materials required to initiate the manufacturing process of various fibers. The high production cost of PBO, PBI, M5/PIPD, and aramid fibers is challenging the growth and profitability of the market for HPF across the world. Other than notable production cost, initial capital investment, and monomer supply are further anticipated to pose a challenge to capacity expansion of the aforementioned fibers over the forecast period.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of High Performance Fibers Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global high performance fiber market report on the basis of product, application, and region:

Product Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)

  • Carbon Fiber
  • Polybenzimidazole (PBI)
  • Aramid Fiber
  • M5/PIPD
  • Polybenzoxazole (PBO)
  • Glass Fiber
  • High Strength Polyethylene
  • Others

Application Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)

  • Electronics & Telecommunication
  • Textile
  • Aerospace & Defense
  • Construction & Building
  • Automotive
  • Sporting Goods
  • Others

Table of Contents
Chapter 1 Methodology & Scope                 1.1 Research Methodology                 1.2 Research Scope and Assumptions                 1.3 Information Procurement                     1.3.1 Purchased Database                     1.3.2 GVR’s Internal Database                     1.3.3 Secondary Sources                     1.3.4 Third Party Perspective                     1.3.5 Primary Research                 1.4 Information Analysis                     1.4.1 Data Analysis Models                 1.5 Market Formulation and Data Visualization                 1.6 Data Validatio
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