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Polymeric and Inorganic Fibers Market Size Forecast to Reach $127.6 Billion by 2026

(Entertainment-NewsWire.com, December 24, 2021 ) Polymeric and 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 and inorganic fibers during the forecast period. However, growing environmental concerns and the high cost of polymeric and 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 and inorganic fibers, which, in turn, has affected negatively the market growth during the pandemic.



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Polymeric and Inorganic Fibers Market Segment Analysis - By Type



The inorganic fibers segment is expected to hold the largest market share in the global polymeric and 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 and Inorganic Fibers Market Segment Analysis – By Application



Polymeric and 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 and 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 and Inorganic Fibers Market Segment Analysis - By Geography



North America region held the largest share in the polymeric and 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 and 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 and 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.



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Polymeric and Inorganic Fibers Market Challenges:



High cost of polymeric and 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 and Inorganic Fibers Market Landscape



Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Polymeric and Inorganic Fibers market. Major players in the Polymeric and 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.



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 and inorganic fibers are supporting the market growth.



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