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Polymeric & Inorganic Fibers Market - Forecast(2023 - 2028)
Polymeric & Inorganic Fibers Market Overview
Polymeric & inorganic fibers
market size is forecast to reach US$127.6 billion
by 2026, after growing at a CAGR of 7.1% during
2021-2026. Inorganic fibers are gaining importance in end-use industries. These
fibers are manufactured from the material available in the earth's crust such
as glass, metal, carbon, and ceramics among others. Inorganic fibers are fibers
made from inorganic materials such as amorphous
fiber, wollastonite, and monocrystalline fiber. Inorganic fibers have more
resistance, more rigid, higher melting point, and heat resistant compared to
traditional fibers. The growing demand from various end-use industries
including, automotive, aerospace, marine, textile, medical, and electronics
& electrical among others are driving the market growth during the forecast
period 2021-2026. The growing demand from the automotive industry along with the
rising need for lightweight components in automotive production is propelling
the market growth. The growing commercial aviation in developed regions is
supporting the market growth during the forecast period. The rapid growth in
medical along with the growing production of medical equipment globally is one
of the major factors driving the market growth for polymeric & inorganic
fibers during the forecast period. However, growing environmental concerns and the
high cost of polymeric & inorganic fibers are likely to hamper the market
growth during the forecast period.
COVID-19 Impact
The COVID-19 pandemic is impacting
different industries; one of the few industries that were largely hit to some
extent was the fiber industry. The temporary shutdown of inorganic fiber
manufacturing facilities has negatively impacted the market. The downfall in
the production of fibers, disruption of logistical services, and lack of
workforce impacted the market negatively during the covid-19 crises. Travel
restrictions have reduced the supply of raw materials required for the manufacturing
of polymeric & inorganic fibers, which, in turn, has affected negatively the
market growth during the pandemic.
Report Coverage
The report: “Polymeric & Inorganic Fibers Market – Forecast (2021-2026)”, by
IndustryARC, covers an in-depth analysis of the following segments of the Polymeric
& Inorganic Fibers industry.
By Type: Inorganic Fibers (Glass fiber, Carbon Fiber [PAN
(polyacrylonitrile), and Pitch (petroleum oil & coal)], Metal Fiber, Boron
Fiber, Silica Carbide Fiber, Ceramic Fiber, and Others), and Polymer Fibers
(Polyamide nylon, PET or PBT polyester, Phenol-formaldehyde (PF),
Polyvinylchloride fiber (PVC) vinyon, Polyolefins (PP and PE) olefin fiber,
Acrylic polyesters, and Others)
By Fiber Type: Continuous fiber, Long fiber, and Short fiber.
By Application: Garments, Conveyer belts, insulating cables,
Helmets, Engine compartment, Gasket lining, Brake pads, Wings, Tires,
Microelectrodes, Catalysis, Gas Turbine, and Others
By End-Use Industry: Automotive (Passenger Cars, Light Weight
Commercial Vehicles and Heavy Commercial Vehicles), Construction (Residential
Construction and Commercial Construction), Aerospace & Defense (Commercial
Aircraft, Regional Jets, General Aviation, Rotorcraft, Defense Aircraft, and
Others), Medical, Textile, Wind Energy, Marine (Yachts, Catamarans, Racing
Boats), Consumer Goods, Electrical & Electronics, Oil & Gas, Sporting
Goods, and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK,
Germany, Italy, France, Netherlands, Belgium, Spain, Denmark, and Rest of
Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and New
Zeeland, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil,
Argentina, Colombia, Chile, and Rest of South America), and Rest of the World
(Middle East and Africa)
Key Takeaways
- The Asia Pacific is expected to register the highest CAGR of 8.1% during the forecast period (2021-2026). Changing lifestyles, increasing consumer spending, emerging economies, and rapid population growth are the major factors driving the market growth.
- Inorganic fibers are also known as high-performance fibers or super-fibers. They have superior characteristics and properties that differ from other non-natural fibers.
- The manufacturers are involved in developing
advanced fibers for different end-use industries. Investments in research and
developments to enhance the capabilities of polymeric & inorganic fibers are
supporting the market growth.
Figure: North America Polymeric & Inorganic Fibers Market Revenue, 2020-2026 (US$ Billion)
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Polymeric & Inorganic Fibers Market Segment Analysis - By Type
The inorganic fibers segment is expected to hold the largest market share in the global polymeric & inorganic fibers market during the forecast period. The carbon fibers segment of inorganic fibers type accounted for approximately 30% of the market share in 2020 and are estimated to grow at a significant CAGR during the forecast period. Carbon fibers are widely used in aerospace & defense, automotive, sports & recreation, and wind energy industries due to their high strength modulus property. Carbon fibers are also cost-effective and possess high tensile strength compared to other types. The polymeric fiber segment is expected to grow at a high CAGR of 7.5% during the forecast period. The growing demand and usage of synthetic fibers are driving the market growth for the polymeric fibers segment.
Polymeric & Inorganic Fibers Market Segment Analysis – By Application
Polymeric & inorganic fibers
are used for manufacturing garments, automotive and aerospace components,
medical devices, and others. The garments segment is expected to hold a significant
market share and is estimated to grow significantly during the forecast period.
The growing demand for high-strength fibers in garments is driving the market
growth. These fibers are used for manufacturing sports garments, fire safety
garments, and waterproof garments among others. The helmets segment also holds a
significant share and is expected to grow at a CAGR of 6.9%
during the forecast period. The growing number of bike accidents and government
regulation on helmet usage is supporting the market growth for the helmets
segment.
Polymeric & Inorganic Fibers Market Segment Analysis – By End-use Industry
The aerospace and automotive segment
accounted for more than 32% of the market share
in 2020 and is estimated to grow significantly during the forecast period
2021-2026. Automobile components such as brake pads, engine compartment, and
gasket lining among others contain polymeric & inorganic fibers, including
carbon fiber, and ceramic. The growing production of passenger cars in
developing nation are driving the market growth during the forecast period. The
growing usage of fuel-efficient vehicles and lightweight vehicles are supporting
the market for polymeric & inorganic fibers between 2021-2026. The growing
globalization of companies along with international trade activities are
driving the market growth for aerospace and marine segments. The wind-energy
segment is expected to grow at a significant growth rate between
2021-2026. The growing demand for
renewable energy production in developed and developing nations is boosting the
market growth. Major players operating in the wind energy segment are using
these fibers composites for the production of wind blade structural components.
Polymeric & Inorganic Fibers Market Segment Analysis - By Geography
North America region held the
largest share in the polymeric & inorganic fibers market in 2020 up to 41%, owing to the presence of multiple end-users in
the region. The presence of developed nations such as the USA, and Canada is
driving the market growth in the region. The presence of large aircraft
manufacturers, electric car manufacturers, and offshore wind farm installations
is driving regional growth. According to the data published by OICA, the North
American region produced approximately 13.37 million vehicles in 2020. The
European region is expected to register a significant growth rate during the
forecast period (2021-2026). The presence of leading automobile manufacturers
such as BMW, Benz, DAF, Daimler AG, Fiat, and Bentley among others are driving
the regional growth during the forecast period.
Polymeric & Inorganic Fibers Market Drivers:
Growing automotive and aerospace industry
Growth in the commercial aviation sector along with the expansion of fleet lines are driving the market demand. Polymeric & inorganic fibers are widely used in manufacturing Wings, tires, and gasket lining for aircraft. According to Airbus, North America ordered more than 2,500 commercial aircraft for domestic and international passenger services. They also mention North American carriers will require approximately 5,600 additional aircraft in the coming decades. According to the data published by Federal Aviation Administration (FAA), In 2020 the United States aviation industry contributed 5.2% to the country's GDP. The administration also stated that the country generated approximately US$488 billion in revenue from the aviation industry. According to the data published by ACEA, approximately 18.5 million motor vehicles were produced in the European Union in 2019. They also mentioned about 10.8 million passenger cars are produced in the European Union in 2020. According to the data published by OICA, India produced more than 3.3 million vehicles in 2020.
Growing demand for wind energy
The companies involved in wind energy are using carbon fibers and glass fibers-based composites for manufacturing rotary blades to increase performance efficiency, service life, and rotor dynamics. According to the data published by U.S. Energy Information Administration, in 2020, about 338 billion kilowatt-hours (kWh) of electricity were generated by wind, which occupies about 8.4% of total energy production. According to the US Energy Department, new wind projects account for US$10 billion of annual investments. The organization also mentioned there are 180 onshore and 17 offshore wind projects in the USA. Based on the data published by Wind Europe Organization, Europe installed about 14.7 GW of new wind capacity in 2020. Europe is also planning to install around 105 GW of new wind energy capacity over the next five years.
Polymeric &
Inorganic Fibers Market Challenges:
High cost of polymeric & inorganic fibers
The high cost of polymer
and inorganic fiber is one of the major concerns associated with its growth. These
fibers are still not used in large applications due to their high cost. The
fibers such as carbon, and ceramic fibers are very expensive. Carbon fiber is currently used in only high-end
and racing cars due to its high cost. However, companies are also focusing on manufacturing
low-cost fibers to meet the market demand.
Polymeric & Inorganic Fibers Market Landscape
Technology launches, acquisitions, and R&D
activities are key strategies adopted by players in the Polymeric & Inorganic
Fibers market. Major players in the Polymeric & Inorganic Fibers market are American
Fiberglass Rebar, American Grating, LLC., Engineered Composites Ltd, B&B
FRP Manufacturing INC.; TUF-BAR; FRP Composites Inc.; Ten Cate NV; Zoltek
Companies, Inc.; Hyosung Corporation; Mitsubishi Rayon Co., Ltd.; SGL Group;
DowAksa, Teijin and others
Acquisitions/Technology Launches
- In June 2021, Teijin company announced that its Tenax™ carbon fiber prepreg is adopted by Airbus to manufacturing nacelle parts for its next-generation aircraft engine. The product Tenax™ prepreg can be molded at a lower temperature and in a shorter time than conventional prepregs for aircraft applications.
- In April 2020, The BMW Group selected the SGL group to produce a glass fiber-based cover plate used on battery enclosures for future plug-in hybrid vehicle models. The company also supplied carbon fibers, textiles, and stacks for the BMW iNEXT model.
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