The global high performance fibers market is projected to touch USD 25.4 billion, by the end of 2025, and is expected to grow at a CAGR of 11.0% over the forecast period, 2019 to 2025. Several benefits of fibers such as superior rigidity and high strength to weight ratio are anticipated to boost the product demand from automotive and aerospace sectors.
Furthermore, high performance fiber (HPF) offers aerodynamics and increased fuel efficiency for aircraft. This is encouraging manufacturers to use these fibers instead of regular metal alloys. In addition, usage of these products in aerospace applications improves the damage resistance & flexibility which, in turn, is projected to bolster market growth.
Get Free PDF Sample Copy of the Report (Including Full TOC, List of Tables & Figures, Chart and Covid-19 Impact Analysis) : https://www.millioninsights.com/industry-reports/global-high-performance-fibers-market/request-sample
Strict government regulations regarding CO2 emission is projected to positively impact market growth as regulations force manufacturers to focus on using lightweight material in aerospace applications. Moreover, these regulations are compelling OEMs towards alternative options for reducing gas emissions.
BASF and Dow are key raw material suppliers in the industry and they provide high-quality feedstock required for fibers production. However, price volatility in products used for feedstock may hamper the production of fibers. This factor may restrain the growth of the market.
Further key findings from the report suggest:
• Aramid fibers segment dominated the high performance fiber market in 2018. It is projected to account for USD 5.7 billion by the end of 2025.
• In 2018, the demand from aerospace & defense sector was USD 5.2 billion, due to the rising demand from aerospace manufacturing components.
• Asia Pacific is estimated to expand at the CAGR of over 11.3% during the forecast period.
• The demand from China market is estimated to account for USD 4.4 billion by the end of 2025.
• Key manufacturers engage in R&D activities to develop advanced fiber products that offer increased performance.
Impact of COVID-19
COVID-19 pandemic has negatively impacted the global high performance fibers market. Coronavirus has disrupted supply chain of automotive, aerospace and electronics industries. Lockdown restrictions have set the limit on trade or transfer of raw materials nationally, and internationally.
Several automotive, and aircraft manufacturing companies were shut down in the first and second quarter of 2020. This is projected to negatively impact on the growth of advanced fiber products like carbon fibers, aramid fibers, PBI, and glass fibers. However, resumption of various manufacturing facilities is expected to boost the market growth in the forecast period.
Global High Performance Fibers Market : Key Players
DowDupont Inc., Teijin Limited, Kermel S.A., Huvis Corp, DSM, Toyobo Co. ltd, and Toray Industries Inc.
Know More Insights @ https://newsonmarketblog.wordpress.com
No comments:
Post a Comment