High performance fibers Market Size, Share - Industry Trends, And Outlook 2023 - 2030.

Global High performance fibers Market is segmented by product type (Carbon fiber, Polybenzimidazole (PBI), Aramid fiber, M5/PIPD, High Strength Polyethylene, Glass fiber, Polybenzoxazole (PBO) and Others), By Application(Flexible technical textiles, High-strength ropes, Rigid composites, others), by end user (Aerospace & Defense, Construction & Building, Electronics & Telecommunication, Automotive industry, Textile and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030.

High performance fibers Market Outlook

A report by DataM Intelligence estimates the Global High performance fibers market to grow at a high CAGR during the forecast period 2023- 2030. The market is expected to grow due to increasing demand from Aerospace & Defense and Automotive industry etc. The competitive rivalry intensifies with JEC Group, The InterTech Group, Inc., Honeywell International Inc, and others operating in the market.

High performance fibers Market Scope

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High-performance fibers are engineered for specific uses that require exceptional stiffness, strength, heat resistance, or chemical resistance. These fibers have higher tenacity and modulus than conventional fibers. High-performance fibers are typically niche items in the broader fiber industry, but some are mass-produced in large quantities. Fire resistance, high elongation, high stress, and insulation are only a few of the properties offered by high-performance fibers. Aramid fibers, carbon fibers, melamine fibers, polybenzimidazole fibers (PBI), fluoropolymer fibers, polyphenylene sulphide fiber (PPS), ceramic fibers, and HDPE fibers are some of the types of high-performance fibers available in market. Due to its unique properties, high-performance fiber is utilized in various end-use industries, including medical & healthcare, aerospace, automotive, electronics and telecommunication, defense and military, and buildings and construction.

High performance fibers Market Dynamics

Significantly rising demand for higher performance fibers among a wide range of end-users due to its exceptional properties creates a huge market for the product in recent times. Increasing stringent government policies for reducing the emission of CO2 has increased the demand for high-performance fibers across the globe.

Significantly rising demand for higher performance fibers among a wide range of end-users owing to its exceptional properties is creating a huge market for the product in the recent times

High thermal and chemical resistance to most organic solvents, high abrasion resistance, non-conductivity, and strong fabric integrity at elevated temperatures are some of the key advantages of high-performance fibers. Furthermore, the commodity has a superior strength-to-weight ratio and high rigidity, making it ideal for aerospace applications. The HPF's advantages mentioned above have made it an ideal product among a wide range of end-users. For instance, high-performance fibers are used in the production process of composites used in vessels and vehicles in the defense industry. Furthermore, the high-performance fiber is used in a variety of industries, including textiles, electronics, and telecommunications, to create technical textiles that require chemical resistance. Thus rising advancements in the HPF research is further expected to improve product’s quality and hence are more likely to build  the market of the product in the near future

Increasing stringent government policies for reducing the emission of CO2 has increased the demand for high-performance fibers across the globe

High-performance fibers are in great demand among various industries such as aerospace, automotive, construction and buildings, and electronics owing to its excellent properties. In addition, high-performance fiber components are lighter in weight, thus providing more fuel efficiency, and it also increases the durability of components. Thus, increasing demand for lightweight components in vehicles has resulted in the replacement of steel components by high-performance fibers, which triggered the growth of the global high-performance fibers market in recent times.

Furthermore, the government has come up with various stringent policies to reduce carbon emissions. These policies have encouraged many industries to shift to high-performance fibers, which positively impacted the growth of the HPF market in recent times. The regulations regarding usage of materials, processing, and transportation, and waste disposal are implied by authorities such as Federal Aviation Association (FAA), Federal Aviation Regulations (FAR), REACH, EPA, and OSHA

The growing aircraft and aerospace market has created immense opportunities for  the high-performance fibers to build a bigger business for the product in the forecast period

The global aerospace and defense (A&D) industry declined in 2019, following a good year in 2018. While the defense industry has continued to expand, the commercial aerospace industry has slowed. The 2020 market for aerospace and defense has seen a severe decline due to the global outbreak of coronavirus, although business recovery is expected in the forecast period. The use of high-performance fibers in aircraft and aerospace equipment has aided market growth significantly. Therefore, players in the market focus on research and development of HPF reinforced composites to increase their strength due to the growing demand for lightweight materials. High-performance fibers are now used to produce fibre optic cables, which is a crucial growth trend. Another market factor is the high demand for high-performance fibers in the automotive industry. Marine, medical, and aerospace are three other major industries that have emerged as key end-users of high-performance fibers, creating immense opportunities for the market to proliferate in the forecast period.

COVID-19 Impact on High performance fibers Market

The global high-performance fibers market has shown a severe decline due to the COVID-19 pandemic, as several high-performance fibers providing companies were shut for months. Further, the sudden drop in the demand for HPE in the automotive, construction, and consumer goods industries has severely hampered the global business of the product. In addition, the pandemic has negatively impacted supply chains worldwide, which is majorly responsible for the slump in the market growth rate.

High performance fibers Segmentation Analysis

The global high-performance fibers market is segmented based on type, application, end-user, and region.

The carbon fibers are growing at a tremendous rate as compared to other segments owing to a wide range of applications of high-performance fibers in the aerospace industry, including aircraft, rockets, satellites, and missiles

In terms of type, the global high-performance fibers market is segmented into Carbon Fiber, Polybenzimidazole (PBI), Aramid Fiber, M5/PIPD, High Strength Polyethylene, Glass Fiber, polybenzoxazole (PBO), and others. Out of the mentioned types, carbon fibers hold the biggest market share for high-performance fibers in the ongoing period. The carbon fibers are growing at a tremendous rate compared to other segments due to a wide range of high-performance fibers applications in the aerospace industry, including aircraft, rockets, satellites, and missiles. Furthermore, demand is expected to be driven by the increasing use of carbon fiber-reinforced composites in a variety of aircraft components due to their lightweight and rigidity properties. Carbon fibre frameworks are half the weight of steel and one-third the weight of aluminum. CFRC, on the other hand, is much more expensive to use than metals. Due to the high cost of this commodity variant, it is only used in high-performance vehicles like jet fighters, satellites, race cars, luxury cars, racing yachts, and, most notably, Airbus and Boeing airliners.

High performance fibers  Geographical Growth

North America dominated the global high-performance fibers market as the region contributes immensely to the increasing demand for the product owing to the presence of key aircraft manufacturers in the region

North America dominated the global high-performance fibers market as the region contributes immensely to the increasing demand for the product due to key aircraft manufacturers' presence. Furthermore, owing to increasing defense expenditure in the region, especially in the United States, the industry in the region is expected to see positive growth trends. Since a few years, the demand for protectivForthing has been driven by stringent regulations imposed by various regulatory bodies such as ANSI, HSE,  and state bodies pertaining to employees' security and safety measures in various industries. This is likely to be a key factor for the growth of the HPF market over the forecast period.

High performance fibers Company and Competitive Landscape

The high-performance fibers market is highly fragmented with the presence of local as well as global companies. Some of the key players contributing to the market's growth include Bally Ribbon Mills, 3B - the fiberglass company, Honeywell International Inc., The InterTech Group, Inc., JEC Group, Koninklijke DSM N.V., Sarla Performance Fibers Limited, KUREHA CORPORATION, SRO Group, Hyosung Advanced Materials and among others.

The major players adopt several growth strategies such as product launches, acquisitions and collaborations, contributing to the high performance fibers market's growth globally. The key manufacturers are following product launches as the key strategy to build revenue for the company.

• For instance, In June 2019, Eastman Chemical Company launched a recycled performance fibers - Avra. The product will offer comfort, wicking speeds, and quick drying times. In addition, it will help in reducing waste by upcycling the post-consumer recycled PET bottles from fibers.

Hyosung Advanced Materials

Overview: Hyosung Advanced Materials Corporation is a Korean corporation that specializes in the manufacturing and distribution of industrial materials. Industrial yarn, tire reinforcements, airbags, and carpets are among the products that the company produces and sells. Polyester yarn, synthetic yarn, carpet yarn, aramid yarn, and carbon fibers are examples of industrial yarn.

Product Portfolio: The company has a product portfolio of high-performance fibers that includes:

TANSOME: The product is the first high-performance carbon fiber invented in South Korea, and its name defines "to add value by combining "tanning" — the carbon fibre production process's burning stage — and "something special. The product is in great demand in various applications such as industrial purpose, aviation, and sports/leisure

Key Development:

• In August 2018, Hyosung, a manufacturer of the Creora brand, has launched a new line of Fit2 fabrics. The product was launched at the Munich Fabric Start Fair, held in Germany in the month of September. They are known to have enhanced performance features and give 360-degree comfort. Such new launches will help the company to penetrate more into this market in the near future.