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High Performance Fibers Market to Record an Exponential CAGR by 2021
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The market for high performance fibers was mainly driven by end-user industries such as aerospace, automotive, buildings and construction and electronics among others. In aerospace industry, high performance fibers such as carbon fibers, aramid fibers and ceramic fibers are used to enhance the performance of the engine. High performance fibers offer lighter weight to the components thus increasing the fuel efficiency of the engine. High performance fibers also increase the durability of the components. In defense and industry, high performance fibers such as aramid fibers and carbon fibers are used in manufacturing of composites which are used in vehicles and vessels. High performance fibers are also used in manufacturing of armors and jackets. In textile industry, high performance fibers are used in manufacturing of technical textiles which requires fire and chemical resistance. In electronics & telecommunication, high performance fibers are used in fiber optics and electronic circuits. In spite of so many applications in various industries, higher prices and recycling issues associated with high performance fibers are expected to hider the growth of the market in next few years.
In 2013, Asia Pacific had the highest demand for high performance fibers market. Asia Pacific is also anticipated to be the fastest growing markets for high performance fibers due to increasing demand from aerospace, electronics & communication and textiles among others. China led the demand for high performance fibers in Asia Pacific region. India, Taiwan, Japan and South Korea are likely to exhibit higher demand for high performance fibers over the forecast period. Asia Pacific was followed by North America. Huge demand from defense & military and aerospace industry has been driving the market for high performance fibers in this region. In 2013, U.S. exhibited the highest demand for high performance fibers in North America. Europe had the third-largest demand for high performance fibers market in 2013. Rising demand for high performance fibers from defense & military industry has been driving the market for high performance fibers in Europe. Germany, Italy, the UK are one of the largest consumers of high performance fibers in this region. Rest of the World market is anticipated to show stable demand for the high performance fibers market in near future. Latin America and the Middle East are projected to show encouraging signs for the high performance fibers market in upcoming years.
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Some of the key manufacturers in the high performance fibers market are E. I. du Pont de Nemours and Company, Toray Industries Inc., Zoltek Companies Inc., Teijin Ltd., Kamenny Vek and Koninklijke Ten Cate nv among several others.
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