The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the High Performance Fiber Market.
It was estimated prior to this unanticipated outbreak that the High Performance Fiber Market was expected to grow at Healthy CAGR by 2025. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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The demand of lightweight products at superior strength is the core requirement in the high performance industries, such as aerospace and defense. Similarly, the strict government regulations in the automotive industry, such as CAFÉ standard are putting pressure on OEMs to curb the overall vehicle weight to achieve high fuel efficiency and reduce carbon emission. These are some of the factors compelling OEMs to develop products leveraging high performance fibers in the structural applications, such as aircraft fuselage & wings, automotive monocoque, wind blades, and ballistic armor. High performance fibers include carbon fiber (PAN and Pitch), aramid fiber (Meta and Para), S-glass fiber, Polybenzimidazole (PBI) Fiber, High-Strength PE Fiber, Boron fiber, and Polyphenylene sulfide (PPS) Fiber.
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Aerospace and defense is expected to remain dominant and one of fast growing segments in the high performance fibers market during the forecast period. North America is expected to remain the largest market for high performance fibers during the forecast period.
Key Players:
The supply chain of this market comprises raw material manufacturers, fiber manufacturers, distributors, part fabricators, and OEMs. Some of part fabricators are GKN Aerospace, Spirit Aerosystem, Tecsis, Mubea Carbo Tech, and Hexagon composites and key OEMs are Airbus, Boeing, Northrup Grumman, Bombardier, Vestas, General Motors, BMW, and Ford.
The key high performance fiber manufactures are Toray Industries, Teijin Industries, DuPont, Royal DSM, AGY Holdings, Owens Corning, and 3B Fiberglass. New product development, new optimized manufacturing process development, collaboration with customers, and long term contacts are the key strategies adopted by the major players to gain competitive edge in the market.
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