According to a new report Global High Performance Fibers Market, published by KBV Research, The Global High Performance Fibers Market size is expected to reach $23.9 billion by 2025, rising at a market growth of 10.5% CAGR during the forecast period. High-performance fibers ensure high strength, high modulus, high temperature thermal stability, chemical and solvent resilience and a variety of other end-use properties. The High Performance Fibers Market has undergone significant developments in recent years and is expected to grow significantly over the forecast period.
Carbon fiber was dominant in the market in 2018 with the help of a wide range of applications in the aerospace industry, such as rockets, aircraft, satellites, and missiles. In addition, increased penetration of carbon fiber reinforced composites across several aircraft parts due to lightweight and rigidity properties is anticipated to drive demand. The polybenzimidazole (PBI) fibers segment is projected to grow at the highest CAGR over the forecast period. This high growth rate of this segment has been associated with the superior properties provided by the product. The Aramid Fiber market is anticipated to witness a CAGR of 9.4% during (2019 - 2025).
The aerospace and defense applications category is projected to record a dominant market share over the forecast period. The segment is expected to obtain a higher market share as the industry moves towards lightweight materials to enhance the cost-efficiency and environmental performance of aircraft. Increased demand for carbon fiber in the automotive sector is likely to drive the market for high performance fibers over the forecast period. The Textile market is experiencing a growth rate of 12.3% during (2019 - 2025). The Sporting Goods market is poised to grow at a CAGR of 13.5% during (2019 - 2025).
The North American market is making a huge contribution to product demand due to the presence of leading aircraft manufacturers. Asia Pacific is also expected to record a substantial growth rate over the forecast period due to an increase in demand for fiber reinforced composite materials in the electronics, automotive, and construction industries. The Europe market is expected to witness a CAGR of 10.2% during (2019 - 2025).
Structural Insights: https://www.kbvresearch.com/high-performance-fibers-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Toray Industries, Inc., Teijin Limited, Honeywell International, Inc., Mitsubishi Chemical Holdings Corporation, Koninklijke DSM N.V., Toyobo Co., Ltd., Bally Ribbon Mills, Binani Industries Limited, Sarla Performance Fibers Limited, and Sinopec Limited.
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