HIGH PERFORMANCE FIBERS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

High performance fibers possess exceptional physical properties such as high strength, chemical and heat resistance, and more. Being a niche product, high performance fibers are produced in great quantities so as to cater to the demand from end-use industries. High performance fibers have high elongation, fire resistance, and high tension. Carbon fiber, fluoropolymer fiber, polyphenylene sulfide fibers, melamine fibers, and ceramic fibers are some of high performance fiber used in different industries. Due to their various physical properties, high performance fibers find application in building & construction industry, energy, aerospace, defense, marine, automotive, medical & healthcare, and electronics & telecommunications. However, carbon fiber and glass fibers are the most preferred fibers among them.

Market Outlook

Global high performance fibers market size was valued at US$ 10.72 billion in 2016, and is projected to register a CAGR of 8.89% over the forecast period (2019-2027). Growing use of high performance fibers in the aerospace and defense industry is expected to be the major driving factor during the forecast period. Carbon fibers, ceramic fibers, and aramid fibers find major application in aerospace, in order to augment the engine performance. These high performance fibers lightweight, due to which it augments engine’s fuel efficiency. Furthermore, in the defense sector, high performance fibers are widely used to manufacture armors and jackets. Moreover, they also improve durability of component. Furthermore, increasing the use of high performance in electronics & telecommunication industry is expected to drive growth of the market in the near future. As high performance fibers exhibit chemical & fire resistance, they are majorly used in textile industry for production of technical textiles.

However, rising concerns over recycling issues and high cost are expected to restrain growth of global high performance fibers market during the forecast period.

Market Regional Analysis

Asia Pacific is projected to gain the major market share in the global high performance fibers market share over the forecast period. High demand from electronics & telecommunications, aerospace, and textile industries is expected to drive the market growth in the region. Japan, India, South Korea, Taiwan and are expected to lead the market in the region. North America is also expected to witness significant market share, owing to high demand from aerospace and defense sectors in developed economies such as the U.S. Middle East and South America are expected to witness significant growth in the near future.

Market Players

Major players operating in the global high performance fibers market include Kamenny Vek, Koninklijke Ten Cate NV, Teijin Ltd., Toray Industries Inc., E. I. du Pont de Nemours and Company, and Zoltek Companies Inc.