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Increase in use of high performance fibers for numerous aerospace, electronics & communication, and defense applications due to their exceptional strength, stiffness and heat resistance properties drive the growth of the global high performance fibers market.
PORTLAND, Ore. , Aug. 30, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, 'High Performance Fibers Market by Product (Carbon fiber, Aramid, Polybenzimidazole, Others), by Application (Aerospace and defense, Automotive, Sporting goods, Others), by End user (Personal, Public, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031.' According to the report, the global high performance fibers industry generated $11.3 billion in 2021, and is estimated to reach $23.2 billion by 2031, witnessing a CAGR of 7.4% from 2022 to 2031. The report offers a detailed analysis of the changing market trends, top segments, key investment pockets, value chain, regional landscape and competitive scenario.
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Increase in use of high performance fibers for numerous aerospace, electronics & communication, and defense applications due to their exceptional strength, stiffness and heat resistance properties drive the growth of the global high performance fibers market. However, high production costs and non-biodegradable nature of high performance fibers hamper the market growth. On the other hand, rise in technical developments in additive manufacturing for aerospace production are expected to present lucrative opportunities for the growth of the high performance fibers market in the future.
The carbon fiber segment to rule the roost during the forecast period
Based on product, the carbon fiber segment grabbed nearly one-third of the global high performance fibers market in 2021, and is expected to rule the roost during the forecast period. This is due to the high strength and low manufacturing cost of carbon fibers. However, the others segment is projected to witness the largest CAGR of 8.5% from 2022 to 2031, owing to the increase in R&D activities and advancement in high performance fibers. The report also analyzes segments such as aramid, polybenzimidazole and others.
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The personal segment to exhibit the fastest growth during the forecast period
Based on end user, the personal segment is likely to witness the highest CAGR of 9.6% during the forecast period, owing to the increased use of these fibers in personal products such as clothes, automobiles and sports goods. However, the others segment contributed to more than two-fifths of the global high performance fibers market in 2021, and is expected to maintain its leadership status during the forecast period. This is due to the growing use of high performance fibers in governmental and institutional applications. The report also analyzes the public segment.
Europe to dominate the market during the forecast period
Based on region, Europe was the largest market in 2021, accounting for more than two-fifths of the global high performance fibers market, and is expected to maintain its dominance during the forecast period, owing to high quality of products used in the region. However, the LAMEA segment is projected to manifest the fastest CAGR of 10.2% during the forecast period, owing to the increase in industrialization and urbanization in the region. The other regions discussed in the report are Asia-Pacific and North America .
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The report analyzes these key players of the global high performance fibers market. The players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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