New York, U.S., Nov. 28, 2022 (GLOBE NEWSWIRE) — High performance fiber market Insight
According to a comprehensive research report by Market Research Future (MRFR), “High performance fiber market Information by Type, application and region – Forecasts until 2030“, the market is expected to grow at a CAGR of 8% to reach $25 billion by 2030.
Fibers that fall into this category have a high tensile modulus and strength. Many of them also offer protection against fire and other forms of heat, for which they are famous. Fabrics made from these fibers can act as a fire barrier in situations where it is needed.
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|Market size in 2030||$25 billion|
|Forecast units||Value (USD billion)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||By type, application and region|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Market Drivers||Rapid growth of the aerospace and energy sector|
|The aerospace and automotive industries in Europe are the main consumers|
Since there are so many different international and domestic companies competing in this industry, the level of competitiveness between different producers is quite strong. Raw material suppliers are an integral part of the value chain as they supply the materials required for fiber production. The high production cost of PBO, PBI, M5/PIPD and aramid fibers is a global threat to the expansion and profitability of the market. Expanding the capacity of these fibers is expected to be difficult over the projection period for a number of reasons, including but not limited to high production costs, upfront capital expenditures and the supply of monomers. Some prominent players in the global high performance fiber market include:
- TEIJIN LIMITED (Japan)
- Mitsubishi Chemical Corporation (Japan)
- Corning Incorporated (USA)
- Solvay (Belgium)
- Kureha Corporation (Japan)
- PBI Performance Products, Inc. (USA)
- Honeywell International Inc. (USA)
- BRAIN (USA)
- ZOLTEK Corporation (USA)
- Yantai Tayho Advanced Materials Co., Ltd. (China)
- PHP Fibers GmbH (Germany)
- Bally Ribbon Mills (USA)
- The InterTech Group, Inc. (USA)
- Binani Industries Ltd. (India)
- Sarla Performance Fibers Limited (India)
Materials with superior tensile strength and thermal resistance are being manufactured for industries such as automotive and aerospace in response to the growing need for the development of high performance organic fibers. As a result, this is what drives the high performance fiber industry forward. Carbon fibers are increasingly used in turbine blades because they allow the blades to tolerate more pressure.
High performance fibers (HPF) are expected to fuel industry growth throughout the forecast period as their use in composite reinforcement expands to a variety of end-use industries including vehicles military, aerospace, electronics and sporting goods. Some of the high performance fibers have excellent properties including high temperature and chemical resistance (including a wide range of organic solvents), abrasion and conductivity resistance, and strong high temperature stability for the fabric as a whole.
The product’s excellent stiffness and strength-to-weight ratio make it ideal for use in aircraft vehicles. The aerospace industry is poised to benefit from the growing application of additive manufacturing to product development. Due to the growing demand for lightweight materials, industry players are investing heavily in R&D to improve the strength of HPF reinforced composites.
The high production cost of carbon fibers and the lack of investment in research and development of high performance fibers are two factors that are expected to slow down the high performance fiber market during the projected period.
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During the COVID-19 pandemic, the demand from applications and end-users that depend on high-performance fibers has dropped, which has hurt the market for these fibers. And for a time, technological innovation has been stalled due to a lack of funding for research and development. After the implementation of vaccination and the resumption of production, the market began to improve. Additionally, the construction and manufacturing sectors, as well as the hospitality and tourism sectors, have been hit hard by the COVID-19 pandemic. Production had to be stopped or limited. As a result, the production and demand for high-performance fiber-related machinery has slowed, which has hampered the expansion of the market for these materials.
Market segmentation :
Polybenzimidazole fiber (PBI) is expected to have the highest CAGR over the study period due to the exceptional characteristics of the product. These include a high glass transition temperature, no melting point, and an extraordinarily high heat deflection temperature. PBI fibers are used in a variety of items, including high-temperature, high-security garments and accessories like firefighter uniforms and safety gloves.
The growing use of fiber reinforced composite materials in the automotive application segment is expected to drive a significant CAGR over the forecast period as the industry strives to combat weight reduction trends. Reducing curb weight has significant effects on fuel economy and vehicle pollution.
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In 2017, Asia Pacific was the largest contributor to the global high performance fiber market and is expected to continue leading the way for growth over the forecast period. During the assessment period, the high performance fiber market in this region has grown at a steady pace owing to growing demand from major end-use industries including automotive, construction, electronics and telecommunications and textiles. Additionally, the aerospace and energy industries in this region are growing rapidly, which could help drive the demand for high-performance fibers in the region.
In 2017, North America held the second largest market share, just behind Asia-Pacific. Due to the prevalence of mature end-use industries like aerospace and defense and the sports industry, the United States is the most lucrative market in the region. Due to the concentration of large aircraft factories, the region is crucial for the success of the product.
Europe is another important geographic market with a significant CAGR growth in demand from the automotive sector. The market leaders in the region are France, Germany, the United Kingdom and Italy. European high performance fiber markets are dominated by the aerospace and automotive sectors.
Markets in the Middle East and Africa, as well as those in Latin America, are expected to grow at a solid CAGR due to large investment potential and abundant availability of raw materials.
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