The global high performance fibers market is projected to touch USD 25.4 billion, by the end of 2025, and is expected to grow at a CAGR of 11.0% over the forecast period, 2019 to 2025, according to the new report by Million Insights. Several benefits of fibers such as superior rigidity and high strength to weight ratio are anticipated to boost the product demand from automotive and aerospace sectors.
Furthermore, high performance fiber (HPF) offers aerodynamics and increased fuel efficiency for aircraft. This is encouraging manufacturers to use these fibers instead of regular metal alloys. In addition, usage of these products in aerospace applications improves the damage resistance & flexibility which, in turn, is projected to bolster market growth.
Application Insights
The Aerospace & defense segment is expected to register a CAGR of 12.1% over the forecast period. The growing focus on cost-effective and eco-friendly materials in aircraft manufacturing is boosting the market growth. Further, the increasing passenger traffic is projected to bolster the market growth.
Lightweight structures are beneficial in the aerospace industry, as they provide rigidness and high tensile strength with reduced fuel consumption. Moreover, these materials help in carrying more payload and fuel in the aircraft.
Rising demand for carbon fibers from the automotive sector is driving the growth of the HPF market. Furthermore, rising fuel prices are increasing the need for fuel-efficient vehicles.
The automotive segment is estimated to expand at a CAGR of more than 11.5% during the forecast period. The increasing trend of curb weight reduction is boosting the applications of fiber-reinforced materials. Curb weight reduction improves fuel efficiency and also reduces air pollution.
Market Share Insights
The market is highly competitive in nature with the presence of global & local players. High production costs of aramid fibers, M5/PIPD, PBI is posing challenges to market growth, and profitability.
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Regional Insights
In 2018, the North American market contributed to the revenue of USD 3.6 billion in the overall market. The presence of global players and increasing spending on defense are supporting the market growth.
Strict regulations imposed by authorities including state bodies, ANSI, HSE are boosting the demand for protective clothing as a security measure in industries. This is projected to foster the demand for HPF in the next few years.
Asia Pacific is projected to expand at a CAGR of 11.3% from 2019 to 2025. The availability of raw materials at affordable prices and product development is escalating the demand for products across the electronics, and automotive industries.
In addition, the rising need for protection and security measures in the mining, military, construction, oil & gas sector is surging the product demand in developing countries such as India and China. These fibers are also used as an alternative to steel, and asbestos, which is expected to foster market growth.
Impact of COVID-19
COVID-19 pandemic has negatively impacted the global high-performance fibers market. Coronavirus has disrupted the supply chain of the automotive, aerospace, and electronics industries. Lockdown restrictions have set the limit on trade or transfer of raw materials nationally, and internationally.
Several automotive and aircraft manufacturing companies were shut down in the first and second quarters of 2020. This is projected to negatively impact the growth of advanced fiber products like carbon fibers, aramid fibers, PBI, and glass fibers. However, the resumption of various manufacturing facilities is expected to boost the market growth in the forecast period.
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