High Performance Fibers Market Expected to Reach $23.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “High Performance Fibers Market," The high performance fibers market size was valued at $11.3 billion in 2021, and is estimated to reach $23.2 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031. High-performance fibers are those that are engineered for specific uses that require exceptional strength, stiffness, heat resistance, or chemical resistance. Increase in demand from various end use industries for their high impact resistant, non-abrasive, vibrations and shock absorbent properties has boosted the growth of market. It is expected that rise in technical developments in the use of additive manufacturing in aerospace production would open up new opportunities for the demand for high-performance fibers in the forecast period.

Due to lockdown and various other issues regarding production, the demand for high performance fibers in automotive and aviation industry is reducing drastically, which tends to reduce the consumption of high performance fibers, and is thus constraining the high performance fibers market growth.

During the pandemic, various manufacturers in the high performance fibers market had to stop their business in countries such as China, the U.S., and India. In addition, lack of technology also constricted supply of machines of high performance fibers. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of high performance fibers companies.

However the number of players in the high performance fibers industry are expanding their business and acquiring companies to strengthen their foothold in the global market.

The key players profiled in the high performance fibers market report include Cytec Industries Inc., E.I.du Pont Nemours and Company, Freudenberg Performance Materials, Huvis Corporation, Indorama Ventures, Kermel S.A, Kolon Industries, Koninklike Ten Cate NV (Netherlands), Kureha Corporation (Japan), Mitsubishi Rayon Co., Ltd. (Japan), Owens Corning, PB Performance Products, Inc. (U.S.), Sarla Performance Fiber Ltd, Teijin Ltd., Toray Industries, Inc. (Japan), Toyobo Co.LTD, Yantai Tayho Advanced Materials Co.Ltd.

Region wise, the high performance fibers market analysis is conducted across North America (U.S., Canada, and Mexico), Europe (Germany, the UK, Italy, France, Spain, Russia and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, Indonesia and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, United Arab Emirates, Nigeria, South Africa and Rest of LAMEA).

Major companies in the market have adopted product launch, partnership, business expansion and acquisition as their key developmental strategies to offer better products and services to customers in the high performance fibers market. 

 KEY FINDINGS OF THE STUDY

•        The report provides an extensive analysis of the current and emerging global high performance fibers market trends and dynamics. 

•        Depending on product, the carbon fiber segment was the largest revenue generator in 2021.

•        By application, the others segment generated the highest revenue in 2021.

•        Based on end user, the others segment dominated the market in 2021.

•        Region wise, Europe is anticipated to dominate the global high performance fibers market share throughout the study period.

•        The report provides an extensive analysis of the global high performance fibers market trends and emerging opportunities of the market. 

•        The global high performance fibers market forecast analysis from 2022 to 2031 is included in the report.