iCrowd Newswire – Jul 16, 2020
High-Performance Fibers Market size is forecast to reach $25 billion by 2025, after growing at a CAGR of 9% during 2020-2025. High performance fibers have high strength and excellent corrosion resistance owing its use in various end use industries like automotive, aerospace & defense and electronics. Increasing demand for high quality product with good durability and strength is driving the growth of high-performance fibers market globally. Moreover, government regulations for safety and minimal road accidents has increased the demand of high-performance fibers in automotive sector which augmented their market growth.
Type- Segment Analysis
Carbon fibers segment holds the largest share of more than 25% in high performance fibers market in 2019. Carbon fibers have twice the stiffness and fatigue resistance as compared to steel and act as a driving factor for the growth of high-performance fiber market. Carbon fibers provide strength and stiffness to the composites owing its use in wind blades, aero planes and antennas.
Coronavirus has badly impacted the high-performance fibers market. Due to the lockdown industries are being shuttered all around the world. People stuck in their houses resulting in major problems for aerospace industries. All flights are suspended, and manufacturers are facing huge losses. According to Bloomberg news, shares of Boeing Co. fell nearly 6.63% to $ 128.98 on 24 March 2020. The decrease in production and sales of aircrafts has lowered the demand for high performance fibers market. Furthermore, decrease in purchasing power also reduced the sales of automotive which in turn lower the production and usage of high-performance fibers in automotive sector.
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Application – Segment Analysis
On the basis of application aerospace & defense segment he;d the largest share of more than 25% in high performance fibers market in 2019. They are extensively used in aerospace industries due to light weight and thermally insulating behavior. Due to abrasion and aging resistant high-performance fibers are used for making pressure vessels, fishing rods, turbine blades, skis and snowboards. Additionally, use of carbon fibers in automotive frames lowers the weight of vehicles, which in turn reduces the fuel consumption and lowers the emission of greenhouse gases.
Geography- Segment Analysis
APAC dominated the high-performance fibers market with a share of more than 33%, followed by North America and Europe. Rapid industrialization coupled with increase in aeronautical research and activities has driven the growth of high-performance fibers in these regions. High performance fibers have shown significant growth in developing nations like China, Japan and India due to the expansion and strengthening of defense sector. Moreover, rise in disposal income and high standard of living has accelerated the use of high-performance fibers in automotive and sports industry. In September 2019, Boeing forecasted that China would need 8,090 new airplanes over 20 years that worth approximately $1.3 trillion. Increasing demand of airplanes and fighter jets may boosts the growth of high-performance fibers market.
Drivers –High Performance Fibers Market
Growing demand from end use industries
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. Increase in terrorist attacks and accidents has raised the people’s concern for safety, further accelerating the use of high-performance fibers in defense sector for making bulletproof glasses, tanks and jackets subsequently augmenting the growth of high performance fibers market. Aramid fibers are also used for coating optical fiber cables in order to resist the cable from moisture and abrasion. The need for better connectivity with ease in the transmission is driving the use of optical cables which further boosts the growth of high-performance fibers market.
Rising popularity of power generation by renewable resources
With the increase in environmental concern and lack of non-renewables resources, power generation by wind and water is increasing. The blades of wind or water turbines are made of carbon fibers as they can withstand high pressure and are dust, chemical or flame resistant. Thus, increase in use of renewable resources has also augmented the growth of high-performance fibers market.
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Challenges – High Performance Fibers Market
High Manufacturing Cost and non-biodegradability of high-performance fibers
High performance fibers require tons of energy for their production, which further increases their cost as compared to steel or aluminum. Due to their high cost, they are only used in high quality products such as aircrafts, turbine blades, antennas and defense equipment’s for better efficiency. Their limitations in high quality products has restrained the growth of high-performance fibers market. In addition, unlike other metals and non-metals carbon fibers are non-biodegradable and will not decompose in the landfill. Recycling the carbon fiber is very difficult and requires lot of energy. Thus, long lasting carbon fiber scraps has bad impact on environment and acts as a restraining factor for the growth of high-performance fibers market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the high-performance fibers market. Major players in the high performance fibers market are Teijin Ltd., E. I. du Pont Nemours and Company, Yantai Tayho Advanced Materials Co., Ltd., Cytec Industries Inc., Mitsubishi Rayon Co., Ltd., Owens Corning, PBI Performance Products, Inc., Koninklijke Ten Cate NV, Kureha Corporation, and Toray Industries Inc., among others.
In October 2019, Honeywell has launched Spectra Shield 6472, an expansion of its high performance hard armor suite of products for improved protection in military helmets.
In August 2019, Toray Advanced Composites and BASF has signed an agreement for the production of continuous fiber reinforced thermoplastic (CFRT) tapes for the automotive and industrial markets.
In February 2019, Teijin has acquired Renegade Materials Corporation and expanded carbon fiber intermediate material business for aerospace applications.
In April 2018, Teijin expanded their carbon fiber operations in China and Taiwan with the establishment of Teijin Carbon Shanghai Co., Ltd. in Shanghai, China and Teijin Carbon Taiwan Inc. in Taipei, Taiwan.
In February 2018, Toho Tenax Co., Ltd., has launched a new high-tensile and shock-resistant prepreg that incorporates carbon fiber.
In November 2016 Adidas in collaboration with AMSilk has launched the first biodegradable high performance running shoe made with biosteel fiber.
U.S has shown significant growth in the high-performance fibers market owing to increasing demand from applications such as automotive, defense and aviation industries.
Properties such as durability, high tensile strength, flame and solvent resistant are the major factors driving the growth of high-performance fiber market.
Increasing awareness for safety and security among people has also accelerated the growth of high-performance fiber market.
Related Reports :
A. High Performance Alloys Market
B. High-Performance Films Market
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