High Performance Fibers Market Size, Industry Trend Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global High Performance Fibers Market


The global High Performance Fibers market size is projected to reach US$ 32.47 billion by 2026, from US$ 19.58 billion in 2020, at a CAGR of 8.8% during 2021-2026. Increasing adoption of the product for manufacturing aircraft parts owing to its resistance to high temperature and corrosion is expected to boost market growth. Increasing adoption of glass fibers in electronics and communication in the transmission of signals through fiber optic cables is expected to further fuel the growth. Furthermore, rapid growth of automobile industry coupled with rising demand for lightweight vehicles is projected to propel product demand over the forecast period.

High performance fiber finds applications in electronics and communication, automobile, aerospace, marine, and medical industries owing to its properties, such as higher strength, lightweight, and durability. This factor is anticipated to positively influence the market growth over the forecast period. Moreover, utilization of the product in reinforced concrete is projected to augment the expansion over the forecast period.

The stringent regulations in automotive industry including the Corporate Average Fuel Economy (CAFE) standard is anticipated to increase the pressure on the Original Equipment Manufacturers (OEMs) to curb the total weight of vehicles for reducing carbon emissions and achieving improved fuel efficiency. This, in turn, has resulted in augmenting the demand for high performance fibers in structural applications including wind blades, aircraft wings, ballistic armor, and automotive monocoque.

Aramid and carbon fibers find application in the defense sector for manufacturing composites used in vehicles and vessels. In addition, rising product penetration in the automotive industry for increasing efficiency of automobile engines is projected to create growth opportunities for the market over the forecast period.

Carbon composites are widely used across industries such as aerospace, automobile, energy, oil, and gas. Advanced carbon composites are comparatively expensive than metals. The high cost associated with the production of carbon fibers is expected to hamper growth of the high performance fiber market. However, the key players are focused on technological developments to reduce manufacturing cost.

Market Segmentation, Outlook & Viewpoint: Global High Performance Fibers Market

Product Market Segmentation & Outlook (Volume, Thousand Tons; Revenue, USD Million, 2014 - 2025)

  
Carbon
  
Aramid
  
Ceramics
  
Glass
  
Others

Application Market Segmentation & Outlook (Volume, Thousand Tons; Revenue, USD Million; 2014 - 2025)

  
Electronics and Communication
  
Automobile
  
Aerospace
  
Marine
  
Medical
  
Sporting goods
  
Others

Key Players, Recent Developments & Regional Insights: Global High Performance Fibers Market

Carbon fibers segment is expected to witness significant CAGR of 9.8% in terms of revenue from 2018 to 2025 on account of the decreasing iron ore deposits and innovations in carbon fiber production technology resulting in increased consumer preference for the product. In addition, the product finds application in wind turbines owing to its high strength, thereby complementing market growth.

Aramid fibers are used in various industrial applications on account of its properties, such as resistance to organic solvent and chemicals, low conductivity, low melting point, and low flammability. In addition, the product penetration in various application industries including rubber and tire strengthening security and protection, optical fiber electrical insulation, filtration, composites, recreational goods, ropes, and cables is expected to drive its demand.

Ceramic fibers have significant application in the production of Ceramic Matrix Composite (CMC), which are materials consisting of a ceramic matrix, combined with a ceramic (carbides, oxides) dispersed phase. These CMCs are designed to improve the toughness of conventional ceramic and are secured by either continuous (long) or discontinuous (short) fibers.

The other products include quartz fibers which are comparatively expensive than glass fibers, and boron fibers which are five times as strong and twice as stiff as steel and less expensive basalt fibers mainly found in Russia and Ukraine. These products account for 3.2% of the global market share owing to their fewer applications and lack of technological innovation to integrate their use in other industries.

Application Insights

Increasing demand for vehicles with lighter weight and higher tensile strength has resulted in the rising replacement of steel by carbon fibers, thereby complementing market growth over the forecast period. Furthermore, continuous innovations to reduce the production cost associated with these products is expected to augment the demand.
Aerospace industry accounted for 30.0% of the global market share in terms of revenue in 2017 on account of the use of high performance fiber in the production of aircraft components. In addition, the product attributes such as lightweight, greater-strength, high-stiffness, and good fatigue resistance is projected to have a positive impact on growth.

The application of high performance fiber in maritime crafts is primarily driven by the need for strong, lightweight, corrosion resistant, and durable naval boats. The market is driven by the rising demand to address the corrosion problems associated with the use of steel and aluminum alloys along with environmental degradation by wood.
Composite materials manufactured from high performance fibers have application in the orthopedic industry, predominantly in bone fixation, joint replacement, cement used in bones, and bone grafts. In addition, carbon fiber reinforced composite epoxy tubing is used to replace stainless steel with artificial arms, thereby impacting the segment growth positively over the forecast period.

Regional Insights

Asia Pacific is estimated to account for 31.6% of the overall market share in terms of volume by 2025, on account of the presence of major product manufacturers including Teijin; Toray Industries Inc.; and Mitsubishi Rayon Co. Ltd; majorly in Japan. In addition, the abundant availability of raw material and labor at low cost is projected to complement regional growth over the forecast period.

North America is expected to witness the fastest CAGR of 10.2% in terms of revenue from 2018 to 2025, owing to increasing penetration of carbon and aramid fibers in aerospace and defense industry in U.S. In addition, increased government spending in the developed economies, such as U.S. on defense equipment, aircrafts manufacturing, and light combat uniforms is projected to drive the regional product demand.

Central & South America is expected to witness significant growth owing to increasing consumption of all types of fibers with the introduction of new products, an increment of sales, and entry of global market players. However, the region is highly dominated by traditional natural fibers, such as jute, especially in Brazil and the Amazon, which may hamper market growth.

Eastern and Northern European countries are witnessing sluggish growth in production due to recession, prevalent in Europe for a long time. This declining trend is projected to be a barrier to the regional product demand in the forthcoming years. Government funding and aggressive mergers and acquisitions to increase the production as per the demand are anticipated to drive investments in Europe.

High Performance Fibers Market Share Insights

The key players include Teijin Ltd.; E. I. duPont de Nemours and Company; Royal DSM; Toray Industries, Inc.; Honeywell International, Inc.; Mitsubishi Rayon Co., Ltd.; Morgan Advanced Materials; and Braj Binani Group. These companies focus on boosting production capacity by eliminating bottlenecks.

Furthermore, various companies, such as Toray Industries and Mitsubishi Rayon Co., Ltd., engage in business expansions through agreements and partnerships. For example in 2017 Avio S.p.A. and Toray Industries, Inc. signed a long-term supply agreement. Such strategies are projected to provide more stability to the companies by offering them an alternative way to market their products.

Key Insights Covered: Global High Performance Fibers Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of High Performance Fibers industry.
2. Global major manufacturers" operating situation (sales, revenue, growth rate and gross margin) of High Performance Fibers industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of High Performance Fibers industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of High Performance Fibers industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of High Performance Fibers industry.

Research Methodology: Global High Performance Fibers Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other