High Performance Fibers Market- Forecast (2021-2026)

Overview

High Performance FibersMarketsizeis forecast to reach $27641.2million by 2026, after growing at a CAGR of 9.5%during 2021-2026.High-performance fibers provide outstanding corrosion resistance andhigh strengthdue 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 driventhe growth of thehigh performance fibers industry over theforecast period.

Report Coverage

Thereport “High Performance FibersMarket- Forecast (2021-2026)” covers an in-depth analysis of the following segments of the high performance fibersmarket.

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

• In the Asia Pacific region, emerging regions such as China and Japan are set to drive the market demand for high performance fibers in the forecast period.
• Increase in demand from various end use industries for their high impact resistant, non-abrasive, vibrations and shock absorbent properties has boosted the growth of high performance fibers market.
• It is expected that rising technical developments in the use of additive manufacturing in aerospace production would open up new opportunities for the demand for high-performance fibers in the forecast period.
• Due to lockdown and various other issues regarding production, the demand of high performance fibers in automotive and aviation industry is reducing drastically, which tends to reduce the consumption of high performance fibers, and thus constraining the growth of the market.

Type- Segment Analysis

Glass fiber held the largest share in the high performance fibersmarket 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 fibersin the forecast period.

Application- Segment Analysis

Aerospace and Defense held the largest share in the high performance fibersmarketin 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.

Geography- Segment Analysis

Asia Pacific dominated the high performance fibersmarket in terms of revenuewith 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 fibersin 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.

Drivers -High Performance FibersMarket

• Increasing Demand and Development of Organic High Performance Fibers

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 forhigh-performance fibersin the coming years.

• Rising Popularity of Power Generation by Renewable Resources.

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.

Challenges - High Performance FibersMarket

• High Manufacturing Cost and Non-Biodegradability Of High-Performance Fibers

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.

MarketLandscape

Technology launches, acquisitions,and R&D activitiesare key strategies adopted by players in the high performance fibersmarket. In 2020, the market of high performance fibershas been consolidated by the top tenplayers accounting for 64% of the share. Major players in the high performance fibersmarket areTeijin Ltd., Taishan Fiberglass Inc. (CTG), DuPontde Nemours, Inc., Chongqing Polycomp International Corp. (CPIC), Owens Corning, Toray Industries Inc., Mitsubishi Chemical Holdings Corp, Hexcel Corporation, Solvay,Nippon Electric Glass Co. Ltd.,andothers.

Acquisition/Product Launches

• In August 2019, Teijin acquired Renegade Materials Corp. to expand its carbon fiber business in aerospace.
• In January 2016, as part of its global business expansion, Toyobo Co., Ltd. announced its decision to invest in expanding the production of high-performing polyethylene fibers currently available on the Dyneema® and Tsunooga™ trade mark.