High-performance Fiber Market Demand to Reach US$ 34,283.7 Million by 2033 Amid Growing Need for Ballistic Protection in the Defense Sector | Future Market Insights, Inc.
NEWARK, Del, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The global high-performance fiber market value is expected to increase from US$ 16,042.3 million in 2023 to US$ 34,283.7 million by 2033. By 2033, the market is projected to surge at a CAGR of 7.9%.
High-performance fibers find extensive use in the aerospace, defense, automotive, sports, leisure, and textile industries. They enhance performance, durability, and safety in applications ranging from aircraft components and body armor to sports equipment and industrial fabrics.
The growing need for ballistic protection in the defense sector offers substantial opportunities for market expansion. Emerging trends encompass sustainable fiber development, advancements in manufacturing processes (additive manufacturing), and novel applications such as medical textiles. These trends reflect the industry's adaptability and response to evolving market needs.
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High-performance fibers are widely used in sectors such as aerospace and automotive, where lowering total weight is essential to improving performance and fuel efficiency. These fibers frequently show chemical resistance, guaranteeing stability and effectiveness in challenging conditions.
Bulletproof jackets, tires, belts, concrete reinforcement, and heat-resistant cushions are all being replaced in the market by high-performance fiber. Their resilience to cut, heat, chemicals, and abrasions increases their usefulness in the production of mooring ropes and protective gloves.
Key Takeaways from the Report
- The global market for high-performance fiber is projected to thrive at a 7.9% CAGR through 2033.
- North America is expected to account for a significant share of about 23.5% in 2033.
- The United States industry value is anticipated to reach US$ 7,264.9 million by 2033.
- China is projected to attain a valuation of US$ 4,808.4 million by 2033.
- Demand in India is predicted to rise at 8.8% CAGR through 2033.
"Amid rising global demand, the high-performance fiber market sees remarkable growth fueled by its pivotal role in enhancing lightweight and durable solutions across industries. Innovations in material science and increasing applications position high-performance fibers as a key driver of market expansion, meeting the growing need for advanced and technologically superior material," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape
The high-performance fiber market is highly consolidated, with key players accounting for the majority of shares in the market. Key players account for 35% to 40% of the market. In contrast, the rest of the market share is cornered by several medium and small-sized players in the global market.
Key Companies Profiled
- Mitsubishi Corporation
- Toray Industries Inc.
- DuPont
- Honeywell International
- BASF SE
- Teijin Ltd.
- Merck KGaA
- Kolon Industries, Inc.
- Kordsa
- HUVIS Corp.
Leading players are focusing on expanding domestic production and technology areas of high-performance fiber to provide cost-efficient solutions to consumers. They are also investing in developing new production facilities and improving existing ones to meet end-user demand.
Recent Developments-
- In October 2022, Toray Composite Materials America, Inc. announced a substantial update to its carbon fiber factory in Decatur, Alabama.
- In Oct 2022, Toray Industries, Inc. unveiled TORAYCA™ T1200 carbon fiber, setting a global record for strength at 1,160 Ksi.
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High-performance Fiber Market Segmentation
By Product Type:
- Carbon Fiber
- Aramid Fiber
- Meta-aramid
- Para-aramid
- Polyamide Fiber
- Nylon 6
- Nylon 6,6
- Others
- Polyester Fiber
- Polyethylene Terephthalate (PET) Fiber
- Polybutylene Terephthalate (PBT) Fiber
- Polytrimethylene Terephthalate (PTT) Fiber
- Biodegradable Polyester Fiber
- Recycled PET
- Others
- Polyethylene Fiber
- Ultra-high Molecular Weight
- Polyethylene (UHMWPE) Fiber
- High-density Polyethylene (HDPE) Fiber
- Low-density Polyethylene (LDPE) Fiber
- Glass Fiber
- E-glass Fiber (Electrical Glass Fiber)
- S-glass Fiber (Structural Glass Fiber)
- C-glass Fiber (Chemical-resistant Glass Fiber)
- AR-glass Fiber (Alkali-resistant Glass Fiber)
- Others (Basalt Fiber, Polyimide Fiber)
By Application:
- Aerospace and Defense
- Aircraft Structures
- Military Equipment
- Spacecraft Components
- Automotive
- Lightweight Composites
- Body Panels and Components
- Interior Trim and Parts
- Seat Upholstery, Carpets, and Headliners
- Sports and Leisure
- Sports Equipment (Tennis Rackets, Golf Clubs)
- Bicycle Frames
- Skis and Snowboards
- Oil and Gas
- Reinforced Cables and Hoses
- Offshore Rigging and Platforms
- Corrosion-resistant Components
- Wind Energy
- Wind Turbine Blades
- Rotor Blades and Nacelles
- Composite Tower Components
- Construction
- Reinforced Concrete
- Composite Building Materials
- Architectural Applications
- Textiles
- Home Textiles
- Medical Textiles
- Geotextiles
- Others
- Packaging
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore FMI's Extensive Coverage in the Chemical and Materials Domain:
Over the forecast period, global demand for ballistic protection materials is anticipated to rise at a 7.4% CAGR, taking the overall market valuation to US$ 31,135.2 million by 2033.
The technical textiles market will register positive growth with the overall valuation forecast to surpass US$ 202.93 billion in 2023. The market’s worth will increase at a compound annual growth rate (CAGR) of 6.7% between 2023 and 2033.
The global high performance fibers for defense market is expected to reach a value of US$ 1,258.1 million in 2022. Between 2022 and 2032, a healthy 6.8% CAGR is estimated expand the market and help it to a valuation of US$ 2,428.7 million in 2032.
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The aramid fiber market size is projected to be worth US$ 4 billion in 2023. The market is likely to reach US$ 6.8 billion by 2033. The market is further expected to surge at a CAGR of 5.5% from 2023 to 2033.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI's latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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