Global High-Performance Fibers Market - 2023-2030

Global High-Performance Fibers Market - 2023-2030

Global High-Performance Fibers Market reached US$ 11 billion in 2022 and is expected to reach US$ 23 billion by 2030, growing with a CAGR of 7.4% during the forecast period 2023-2030.

High-performance fibers are used frequently in the production of aerospace, automobiles and other products as technology advances. The players are concentrating on research and development in the high-performance fibers market to meet the need for lightweight products that are simple to use and manage by the end-users in the coming market.

The Global High-Performance Fibers Market is expanding due to the growing demand for high-quality products with significant endurance and durability. Government security regulations and a decline in crash fatalities have also enhanced demand for high-performance fibers in the automotive industry, supporting the sector's growth during the forecast period.

Market Dynamics

Rising Power Generation from Renewable Resources

The global market for high-performance fibers is anticipated to be driven by the growing demand of power generation from renewable sources to reduce CO2 emissions. The production of wind and water power is growing as a result of increasing concerns about the environment and a shortage of resources for non-renewables. Carbon fibers are used to make wind or water turbine blades because they endure high pressure and are resistant to flames, chemicals and dust.

As a result, the need for high-performance fibers has grown along with the use of renewable resources. With multi-megawatt power ratings growing up in size, modern wind turbines are more economical and efficient. U.S. Energy Department estimates that new wind farms annual investments was around US$10 billion in 2020. 180 onshore and 17 offshore wind projects totaling US$84 billion for the next five years are planned.

Lack of Awareness and Sustainability Concerns

The global market for high-performance fiber will grow slowly as a result of lack of awareness. High-performance fibers are not well known or understood across many industries, despite their extraordinary properties. Their adoption may be hampered by a lack of understanding of their advantages and uses, especially in smaller businesses or sectors historically relying on conventional materials.

Since synthetic materials are frequently used to create high-performance fibers, environmental sustainability issues may arise. An ecological impact can be caused by the extraction and processing of raw materials, energy use, waste production during production and disposal. Sustainable materials are being prioritized by consumers and industries, which may create obstacles for high-performance fibers market growth until sustainable alternatives or production techniques are created.

COVID-19 Impact Analysis

Significant changes in consumer behavior and market demand were caused by the pandemic. Due to travel restrictions and decreased economic activity, several industries, such as aerospace and automotive, saw a severe reduction in demand. It led to a decline in aircraft production and auto sales. On the other hand, high-performance fibers saw a rise in demand from industries including healthcare, personal protective equipment (PPE) and medical textiles, notably for uses like surgical gowns, masks and other protective gear.

The automotive industry is currently in the process of recovering, with a few notable exceptions, such as specialised and high-performance automobiles. Due to the high cost of the material, the use of high performance carbon fibers is still in its infancy. But after the pandemic, the industry has recovered and is expected to expand rapidly over the coming years.

Russia-Ukraine War Impact Analysis

The conflict between Russia and Ukraine has increased geopolitical risk and uncertainty, which affects market stability and investor confidence. Investment in the market for high performance fibers may be discouraged by uncertainty regarding the conflict's duration and result. Investors can take a cautious stance, postponing or revoking capital investments and expansion plans.

The growing cost of essential raw materials like crude oil and food, which boosts labor costs, is a major source of concern for the global high-performance fibers market. It could hinder market growth and innovation, affecting the development of new high-performance fiber technology and applications.

AI Impact Analysis

Artificial intelligence (AI)-based solutions can improve the efficiency and quality of high-performance fiber production processes. In order to maintain a consistent level of product quality, machine learning algorithms may analyse real-time sensor data, track conditions like temperature, pressure and tension during the production of fibers and make modifications in real-time.

Production costs are reduced, errors are decreased and overall productivity is raised with the level of automation and control. By performing complex calculations with the aid of tools like Wolfram Alpha, AI may assist researchers in determining the feasibility of novel ideas and concepts, leading them in the direction of productive research avenues.

Segment Analysis

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

The Rising Demand for Lightweight Materials in Aerospace & Defense

The aerospace and defence sector, which is the largest, is projected to account for about 1/3rd of the global high-performance fibers market. The industry is going towards lightweight materials to increase the aircraft's cost-effectiveness and environmental performance and it is predicted to result in a high CAGR between 2022 and 2030.

As a result, high-strength, lightweight and composite materials with fiber reinforcement are essential for the development of airplanes, which is fueling the market's expansion. For instance, Hexcel and Dassault inked a long-term contract in July 2022 for Hexcel to provide carbon fiber prepreg for the Falcon 10X program. In order to manufacture its aircraft wings, it is the first Dassault business jet program to use high-performance advanced carbon fiber composites.

Geographical Analysis

The Growing Demand for Fiber-Reinforced Composites in Asia-Pacific

The Asia-Pacific market for high-performance fibers is estimated to grow fastest throughout the projected period due to a rise in demand for fiber-reinforced composite materials in the construction, electronics and automotive industries. Additionally, the market is anticipated to be driven by industry leaders' establishment of production facilities and the availability of raw materials.

In countries like China, the automotive, aerospace and defense industries typically use high-performance fibers because they provide the required strength, endurance and stability. According to Boeing's Commercial Outlook 2022–2041, 8,485 new deliveries with a market service value of US$ 545 billion are predicted to be made in China by 2041. According to estimates, the nation's new deliveries will boost carbon fiber demand and propel the region's high-performance fibers market.

Competitive Landscape

The major global players include Hyosung Advanced Materials, 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 and SRO Group.

Why Purchase the Report?
• To visualize the Global High Performance Fibers Market segmentation based on product, application, end-user and region and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of high-performance fibers market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The Global High-Performance Fibers Market Report Would Provide Approximately 61 Tables, 66 Figures And 204 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies