High-Performance Fiber Market Growth Analysis | 2023-2028

Market Insights

The high-performance fiber market was estimated at USD 13.29 billion in 2022 and is likely to grow at a promising CAGR of 8.55% during 2023-2028 to reach USD 21.81 billion in 2028.

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Market Dynamics

Introduction

High-performance fibers are those that have been specially designed for applications that call for a high level of stiffness, strength, heat resistance, or chemical resistance. There are numerous fibers with a wide range of characteristics. These fibers are generally stronger and more flexible than other fibers. High thermal and chemical resistance to the majority of organic solvents, high abrasion resistance, non-conductivity, and good fabric integrity at high temperatures are just a few of the superior qualities that some high-performance fibers offer. The product also has a high rigidity and superior strength-to-weight ratio, making it extremely useful for aerospace applications.

Market Drivers

The high-performance fibers market was negatively impacted by the pandemic as it plunged the demand for high-performance fibers from their various key end-use industries, such as automotive, and aerospace, among others, as these industries experienced low production output during the pandemic. The impact of lower production was registered across the supply chain including the level of components.

The growing usage of high-performance fibers in composite reinforcement for use in military vehicles, aircraft, electronics, and sporting goods is expected to drive the market's growth over the forecast period. Technological advancement in the use of additive manufacturing in aerospace production would create new opportunities for the market. Substitution of asbestos by high-performance fibers for manufacturing bulletproof clothing, tires, belts, concrete reinforcement, and heat-resistant cushions would also support the growth of the market. The use of high-performance fibers to increase fuel efficiency and reduce emissions in cars and aircraft will help the market to grow further.

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Segments' Analysis

By Product Type

Based on the product type, the market is segmented as carbon fibers, polybenzimidazole (PBI), aramid fibers, M5/PIPD, polybenzoxazole (PBO), glass fibers, high-strength polyethylene, and other fibers. Carbon fiber is expected to remain the most popular type of high-performance fiber in the market during the forecast period owing to its applications in a variety of aerospace-related products, such as aircraft, rockets, satellites, and missiles. Additionally, the demand is likely fueled by the increasing use of CFRCs in aircraft components due to their lightweight and rigidity characteristics. Structures made of carbon fiber weigh roughly one-third of that of aluminum and half that of steel.

By Application Type

Based on the application type, the market is segmented as electronics & telecommunication, textile, aerospace & defense, construction & building, automotive, sporting goods, and others. The aerospace & defense industry is expected to remain the biggest demand generator for high-performance fibers in the market during the forecast period. High-strength, lightweight, and fiber-reinforced composite materials are essential to the aircraft manufacturing industry as the industry is moving towards lighter materials to increase the aircraft's cost-efficiency and environmental performance. Aerospace applications benefit from using lightweight materials and structures because they offer high stiffness and strength at a reduced weight, significantly lowering fuel consumption. In the case of military aircraft, these materials make it possible to carry more payload and fuel, extending missions and reducing aircraft idle time.

Regional Insights

In terms of regions, Asia-Pacific is expected to remain the largest and fastest-growing market for high-performance fibers during the forecast period owing to the expansion of the markets for fiber-reinforced composite materials in the construction, electronics, and automotive industries. Additionally, the market growth is expected to be fueled by new product developments, affordable raw material prices, and the construction of manufacturing facilities by industry leaders. Major economies such as China and India are driving product usage due to the rising demand for security and protection measures in a variety of end-use industries such as oil & gas, mining, manufacturing, healthcare/medical, and building & construction.

Furthermore, North America held a sizeable portion of the market due to the region's significant impact on product demand brought by the presence of important aircraft manufacturers. The regional market is anticipated to experience positive growth trends as a result of rising defense spending in the region, particularly in the United States. The demand for protective clothing has been driven in recent years by stringent regulations set forth by various regulatory bodies, including HSE, ANSI, and state bodies, pertaining to the security and protection measures of workers in various industries. This is most likely to be a significant factor driving the regional market during the forecast period.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories.

By Product Type

• Carbon Fibers
• Polybenzimidazole (PBI)
• Aramid Fibers
• M5/PIPD
• Polybenzoxazole (PBO)
• Glass Fibers
• High-Strength Polyethylene
• Other Fibers

By Application Type

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

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

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Key Players

The following are the key players in the market.

• Toray Industries, Inc.
• DuPont
• Teijin Limited
• Toyobo Co. Ltd
• DSM
• Kermel S.A.
• Kolon Industries, Inc.
• Huvis Corp
• China National Bluestar (Group) Co., Ltd.
• SRO Aramid (Jiangsu) Co., Ltd.

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s high-performance fiber market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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