The high performance fiber market is projected to grow from USD 10.73 billion in 2016 to USD 16.46 billion by 2021, at a CAGR of 8.9% between 2016 and 2021. Factors such as emerging demand for lightweight vehicles across the globe and rising concerns over the emission of greenhouse gases are expected to contribute towards increased demand for high performance fibers. Moreover, growing demand for carbon fibers for manufacturing aircraft structural components, Fiberglass Reinforced Plastics (FRP) boards, automotive structural parts, golf shafts, and wind blade components is expected to drive the growth of the high performance fiber market during the forecast period.
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Based on type, the high performance fiber market has been segmented into aramid, glass fiber, carbon fiber, ceramics, high-strength PE fiber, polybenzimidazole, and polyphenylene sulfide, among others. The glass fiber segment is leading the high performance fiber market as it is one of the oldest fibers and has been witnessing increased demand from varied industries. Factors such as strong heat resistance, good insulation, and high corrosion resistance of high performance fibers have led to their growing demand in different industries.
On the basis of application, the high performance fiber market has been classified into aerospace & defense, automotive, sporting goods, textile, electronics & communication, construction & building, and others. Among applications, the aerospace & defense segment is leading the high performance fiber market as high performance fibers are used in the aerospace & defense industry in large quantities, owing to less susceptibility of these fibers to fatigue and corrosion, which helps in lowering maintenance costs of aircraft.
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The Asia-Pacific region led the high performance fiber market in 2016 due to increasing interest of automotive and Original Equipment Manufacturers (OEMs) in high performance fibers. Growing demand for lightweight, high strength materials in varied industries, such as aerospace and automobiles is expected to drive the demand for high performance fibers between 2016 and 2021. The Hong Kong high performance fiber market is projected to grow at a significant CAGR during the forecast period due to increasing awareness about the safety of workers within different application industries.
Major market players covered in the report are Teijin Ltd. (Japan), E. I. du Pont Nemours and Company (U.S.), Yantai Tayho Advanced Materials Co., Ltd. (China), Cytec Industries Inc. (U.S.), Mitsubishi Rayon Co., Ltd. (Japan), Owens Corning (U.S.), PBI Performance Products, Inc. (U.S.), Koninklijke Ten Cate NV (Netherlands), Kureha Corporation (Japan), and Toray Industries, Inc. (Japan), among others.
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