North America leads the high-performance fibers market with an 8.8% CAGR, powered by defense spending and key aircraft manufacturers.

NEWARK, DELAWARE, UNITED STATES OF AMERICA, October 9, 2023 /EINPresswire.com/ -- The global high performance fibers market is expected to attain a valuation of US$ 14.01 billion in 2023 and is projected to reach US$ 32.46 billion by 2033, trailing a CAGR of 8.7% during the forecast period. The growing utilization of high-performance fibers (HPF) for reinforcing composites in military vehicles, aircraft, electronics, and sporting goods is expected to fuel industry growth in the forecast period.

The market is anticipated to witness new opportunities as technological advancements in additive manufacturing for aerospace production continue to rise. Market players are dedicating their efforts to research and development of high-performance fiber (HPF)-reinforced composites, aiming to enhance strength and cater to the increasing demand for lightweight materials.

The aerospace and defense sectors are expected to generate significant demand for carbon fiber, primarily due to its impressive strength-to-weight ratio. Carbon fiber finds extensive use in military aircraft and helicopters, as its lightweight properties contribute to reducing overall weight. In recent years, the aerospace and defense industries in Europe and North America have witnessed notable growth, and this trend is expected to persist in the coming years.

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The carbon fiber demand in Europe and North America has been driven by the prominent presence of global aerospace leaders such as Airbus and Boeing. The expansion of the commercial aviation sector, driven by increased globalization and a rising number of aviation users, is also contributing to market growth. This trend is expected to fuel the demand for carbon fiber in the development of new aircraft, thereby creating lucrative opportunities for the high-performance fibers market.

In recent years, high-performance organic fibers have gained significant importance. An example is Polybenzimidazole (PBI), developed by Celanese for the NASA Apollo space mission, renowned for its chemical stability and flame resistance. Aramid fibers, known for their flexibility in aromatic rings and durable amide bonds, exhibit higher tensile strength and heat resistance than aliphatic polyamides. Para-aramids, relying on terephthalic acid and p-phenylenediamine or p-amino benzoic acid, offer exceptional strength and temperature endurance. They are highly valued for applications such as bulletproof body armor due to their excellent impact resistance. The demand for high-performance fibers is expected to be driven by increasing demand and advancements in organic high-performance fibers in the coming years.

Key Takeaways

The market in Asia Pacific is projected to grow with a promising CAGR of 9% during the forecast period.

The sales of high performance fibers in North America are expected to rise with a CAGR of 8% during the forecast period.

By product, Polybenzimidazole (PBI)segment is expected to generate demand with a CAGR of 4% during the forecast period.

By application, aerospace and defense segment is expected to generate demand for high performance fibers with a CAGR of 2% during the forecast period.

“Growing demand for high performance fibers from aviation and defense industry is expected to fuel market expansion during the forecast period,” comments Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Competitive Landscape

The market for high performance fibers is characterized by extreme competition, as key industry players are making significant investments to improve their manufacturing capabilities.

Top 10 Key Players in the High Performance Fibers Industry

Toray Industries Inc.
Dupont
Teijin Limited
Toyobo Co. Ltd
DSM
Kermel S.A.
Kolon Industries, Inc.
Huvis Corp.
Indorama Ventures
Kureha Corporation

Some recent developments in the high performance fibers market are:

Honeywell International Inc. and DENSO announced a collaborative effort in 2022 to jointly develop an electric motor for the Lilium Jet.

Toray Industries, Inc. announced in July 2023 that their wholly owned Korean subsidiary, Toray Advanced Materials Korea Inc., has achieved ISCC PLUS certification for the production of polyphenylene sulfide (PPS) resin at their Gunsan plant.

In March 2021, Zayo Group Holdings, Inc., a privately held corporation headquartered in Boulder, Colorado, announced the signing of a definitive agreement to acquire Intelligent Fibre Network (IFN).

In April 2021, Braskem, America's leading thermoplastic resin manufacturer, introduced the New Carbon Fibre Reinforced Polypropylene Filament.

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Key Segments Profiled in the High Performance Fibers Market Industry

By Product:

Carbon Fiber
Polybenzimidazole (PBI)
Aramid Fiber
M5/PIPD
Polybenzoxazole (PBO)
Glass Fiber
High Strength Polyethylene

By Application:

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

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East and Africa

Authors By:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Future Market Insights, Inc.
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