Press Release / Automotive / High Performance Fiber Market worth 16.46 Billion USD by 2021

High Performance Fiber Market worth 16.46 Billion USD by 2021

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 increasing demand for high performance fibers in the defense sector and growing need for fuel-efficient and lightweight materials with superior strength for use in various applications, such as textile and automotive, among others are expected to fuel the growth of the high performance fiber market during the forecast period, 2016 to 2021.

On the basis of application, the high performance fiber market has been segmented into electronics & telecommunication, textile, aerospace & defense, construction & building, automotive, sporting goods, and others. The aerospace & defense application segment is projected to lead the high performance fiber market during the forecast period. Increased use of high performance fibers to manufacture aircraft structural components, Fiberglass Reinforced Plastics (FRP) boards, automotive structural parts, golf shafts, and wind blade components, among others is expected to boost the growth of the high performance fiber market during the forecast period.

Based on type, the high performance fiber market has been segmented into carbon fiber, polybenzimidazole, high-strength PE fiber, aramid, polyphenylene sulfide, glass fiber, ceramics, and others. 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.

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The Asia-Pacific high performance fiber market is projected to grow at the highest CAGR between 2016 and 2021. The Asia-Pacific region is one of the largest markets for high performance fibers. This region is a major consumer of high performance fibers, which are used in varied applications.