- The high-temperature fibers market is projected to experience healthy growth over the forecast period, owing to extensive product use from the automotive and aerospace industries
- Market Size – USD 9.27 Billion in 2019, Market Growth - CAGR of 8.3%, Market Trends – High demand from developing nations
NEW YORK, Oct. 27, 2020 /PRNewswire/ -- The Global High-Temperature Fibers Market is forecast to reach USD 17.60 Billion by 2027, according to a new report by Reports and Data. High-temperature fibers are in high demand due to their excellent weight-bearing capacity and thermal and flame resistance. High-temperature fibers find widespread applications in defense & safety, aerospace, automobile, manufacturing, and electrical & electronics, among other sectors.
Growing demand for improved weight-bearing capacity, combined with superior rigidity for the components in the aerospace and automotive industries, is projected to propel the market demand. The integration of high-temperature fibers into aerospace components provides excellent durability and damage resistance, thereby fueling the growth of the market. Strong regulations levied by the different government bodies to minimize CO2 pollution are also projected to emerge as one of the driving forces for the growth of lightweight materials in aerospace and automotive applications. Such regulations force OEMs to try solutions such as high-temperature fibers to curb pollution and improve fuel efficiency.
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Increasing industrial development in developing countries such as India, China, and Brazil is expected to boost demand for high-temperature fibers. Most demand for high-temperature fibers in these developing countries is likely to come from industrial and safety & protection application. Numerous major players in the global market for high-temperature fibers are investing to reach the unexplored market, which would help market players maintain a leading position worldwide. The industry is distinguished by several suppliers of raw materials, such as BASF and Dow, which provide quality feedstock to manufacture these high-performance fibers. However, it is anticipated that high volatility in the price of feedstock used in the manufacture of these goods would hinder production and is expected to limit the industry's growth.
The COVID-19 Impact:
As the COVID-19 crisis is rising, producers are rapidly changing their business and purchasing strategies to meet the demands for high-temperature fibers. There will be a sequence of both positive and negative shocks over the next few months as producers and their suppliers adapt to changing customer demands. Many regions with an unfortunate global situation look vulnerable to export-dependent economies. The impact of this pandemic will reshape the global market for high-temperature fibers when some manufacturers either close down or decrease their production due to a lack of downstream demand, although others have halted their development as a precautionary step directed by their respective governments to prevent the spread of the virus. While looking at the severity of the outbreak and the national authorities' consequent behavior in other nations, customers are focused on becoming more local.
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Further key findings from the report suggest
- Based on product, ceramic fibers generated a revenue of USD 2.30 billion in 2019. It is projected to have a CAGR of 8.5% in the forecast period due to the stable aspect ratio and an incredibly low cross-sectional region, allowing the usage of the component at high temperatures.
- The deformed fibers are expected to have a CAGR of 9.5% in the forecast period, owing to its fundamental characteristics, including significant abrasion and impact resistance with better post crack strength, thereby making it appropriate for use in a variety of applications.
- The automotive sector is the major contributor to the High-Temperature Fibers Market. The automotive area of the Asia Pacific region is the major shareholder of the market and held around 27.2% of the market in the year 2019, owing to a growing population and subsequently increasing housing needs.
- The Asia Pacific dominated the market for High-Temperature Fibers in 2019. The region's consistent focus on cost-effective and innovative procedures that are adopted in the area is driving the market. The Asia Pacific region held approximately 33.0% of the market, followed by Europe, which contains around 28.0% market in the year 2019.
- Key participants include Toyobo Co. Ltd., DuPont, Teijin Limited, Morgan Thermal Ceramics, Toray Industries, Yantai Tayho Advanced Materials Co. Ltd., Kamenny Vek, Kolon Industries Inc., Owens Corning, and Unifrax Corporation, among others.
For the purpose of this report, Reports and Data has segmented the Global High-Temperature Fibers Market on the basis of type, form, application, and region:
Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Aramid Fiber
- Ceramic Fiber
Form Outlook (Volume, Kilotons; Revenue, USD Billion; 2017-2027)
- Straight Form
- Deformed Form
- Hooked Form
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Electronics & Electrical
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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