Dublin, Dec. 18, 2020 (GLOBE NEWSWIRE) -- The "High-Temperature Fibers Market Trends, Share & Growth, By Type, By Form, By Application, By Region, Forecasts To 2017-2027" report has been added to ResearchAndMarkets.com's offering.
The high-temperature fibers market is projected to experience significant growth over the forecast period, owing to extensive product use in the automotive and aerospace industries.
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.
The growing demand for improved weight-bearing capacity, combined with superior rigidity for components in the aerospace and automotive industries, is projected to propel the market growth. The integration of high-temperature fibers into aerospace components provides excellent durability and damage resistance. Stringent regulations levied by 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.
The increasing industrial expansion 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 tap unexplored market potential, which would help market players maintain a leading position worldwide.
The industry is distinguished by several suppliers of raw materials, such as BASF and DuPont, 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 manufacturing 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 intensifying, producers are rapidly changing their business and purchasing strategies to meet the demand for high-temperature fibers. There will be a sequence of both positive and negative shocks over the next few months as producers and suppliers adapt to changing customer demands. Many regions, during this global crisis, depend on vulnerable export-dependent economies.
The impact of this pandemic will reshape the global market for high-temperature fibers when some manufacturers will either close down or reduce their production due to a lack of downstream demand. Others have their development halted as a precautionary step by their respective governments to prevent the spread of the infection. While looking at the severity of the outbreak and the national authorities' consequent behavior in various nations, customers are focused on localizing their supply chain.
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 sub-segment is 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 a variety of applications.
- The automotive sector is the major contributor to the High-Temperature Fibers Market. The automotive industry of the Asia Pacific region is a major shareholder of the market and held around 27.2% of the share in the year 2019, owing to a growing population, along with increasing consumer needs.
- Asia Pacific dominated the market for High-Temperature Fibers in 2019. The region's consistent focus on cost-effective and innovative procedures is driving market growth. The Asia Pacific region held approximately 33.0% of the market, followed by Europe, which held around 28.0% market in 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, among others.
For more information about this report visit https://www.researchandmarkets.com/r/af5mmq
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