PUNE, India, February 28, 2017 /PRNewswire/ --
The report "High Performance Fiber Market by Type (Carbon Fiber, Aramid, PBI, PPS, Glass Fiber, Ceramics), Application (Electronics & Communication, Textile, Aerospace & Defense, Automotive), Region - Global Forecast to 2021", published by MarketsandMarkets, the market is projected to grow from 10.73 Billion in 2016 to USD 16.46 Billion by 2021, at a CAGR of 8.9% between 2016 and 2021.
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Browse 73 market data Tables and 38 Figures spread through 148 Pages and in-depth TOC on "High Performance Fiber Market"
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Major reasons fueling the growth of the high performance fiber market are increasing need for high performance fibers in the aerospace & defense sector and growing demand for fuel-efficient and lightweight materials with superior strength for use in various applications, such as textile and automotive, among others.
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Among types, the carbon fiber segment of the high performance fiber market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021.
Based on type, the carbon fiber segment of the high performance fiber market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021 due to increasing demand for carbon fibers to manufacture aircraft structural components, Fiberglass Reinforced Plastics (FRP) boards, automotive structural parts, golf shafts, and wind blade components, among others.
The aerospace & defense application segment is projected to lead the high performance fiber market during the forecast period, 2016 to 2021.
Among applications, the aerospace & defense segment accounted for the largest share of the high performance fiber market in 2016. The growth of the aerospace & defense application segment of the high performance fiber market can be attributed to increasing demand for carbon fiber-based composites that are used for manufacturing various structural parts of aircraft as high performance fibers offer high strength to weight ratio, increased corrosion resistance, and high temperature resistance.
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The Asia-Pacific region is projected to be the largest market for high performance fibers during the forecast period, 2016 to 2021.
The Asia-Pacific region accounted for the largest share of the High Performance Fiber Market in 2016. It was followed by the North American and European regions. The Asia-Pacific region is a major consumer of high performance fibers, which are used in varied applications, such as electronics & telecommunication, textiles, aerospace & defense, construction & building, automotive, and sporting goods, among others. Demand for high performance fibers is increasing in various countries, such as Japan, Hong Kong, China, India, and Indonesia, among others of the Asia-Pacific region. Existing players are planning capacity expansions in the next few years to meet increasing demand for high performance fibers from various end-use applications.
The leading market players covered in this report include 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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