According to ChemAnalyst report, “Specialty Fibers Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”. Specialty Fibers market witnessed a strong demand in the past five years and is projected to achieve a CAGR of 6.62% in the next ten years. Growth in the market can be attributed to increasing demand for fibers exhibiting properties like lightweight, toughness, high strength and tenacity, superior insulation, thermal, corrosion, flame and high chemical resistance. Fibers with above mentioned characteristics are witnessing increased demand across various end-user industries, such as Aerospace, Automotive, Defence, Sports Equipment’s, Construction, Textile, and Others, which is driving the global specialty fibers market through 2030.
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Specialty Fibers are high-performance fibers that are highly desirable in global aerospace industry from manufacturing aircraft cabin floors, overhead bins, walls, ceilings, and bulkheads to landing gear doors, leading and trailing edges on wings and helicopter rotor blades. Similarly, these fibers are used in making military soft body armors that offer protection against combat hazards such as ballistic shells and explosive fragmentation. Since, these fibers are light weight and comfortable enough; therefore, help to improve mobility and reduce fatigue for soldiers in the field. Additionally, increased investments in automotive to improve automotive filters, belts, gaskets and other automotive components and increasing investment in defence & space application are the key factors driving the growth of the Specialty Fibers market in the forecast period.
Based on type, Specialty Fibers are segmented into Spandex, Carbon Fiber, Aramid Fiber, High-strength Polyethylene, Others. An exponential rise in the consumption of Specialty Fibers in textile industry for manufacturing of various fiber products following shifting consumer preferences and fashion trends such as waterproof, stretchability, stain resistant and other parameters are likely to boost the demand for Specialty Fibers market in the forthcoming years. Insufficient supply, and availability of natural fibers such as cotton also drive the demand for Specialty Fibers globally. In textile industry, Spandex fiber holds a significant share among other Specialty Fibers fueled by the surging demand for sportswear, swimwear, ski pants golf jackets, and athleisure clothing for other athletic activities like aerobics etc. Due to its extended application, spandex fiber is projected to continue dominance until 2030.
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In 2020, the sudden outbreak of COVID-19 pandemic across the globe, declined the growth rate of Specialty Fiber total global demand, owing to the numerous restrictions imposed by the government of global economies to prevent spread of the life-threatening virus that resulted into raw material scarcity because of lockdowns and trade restrictions. A huge slump in overall Specialty Fiber market across the globe was witnessed amid covid however, a rise in the demand for Specialty Fibers has been witnessed since relaxation in the lockdown and upliftment of restrictions which can be ascribed to high demand from various end use industries. Since Specialty Fibers are derivatives of crude oil and hence their prices are directly linked to the fluctuations in crude oil prices internationally. Volatility in the prices of crude oil is a major challenge for Specialty Fibers manufacturers. Moreover, surging Specialty fibers demand from the aerospace and automotive sectors is expected to propel the global specialty synthetic fibers market over the forecast period.
Region wise, Europe and North America holds the major share of the market for Specialty Fibers owing to the huge investment on Aviation sector in the region along with the shifting focus towards defense sector for making body armors as well as vehicle armors. Moreover, it is perceived to witness a significant growth in the Asia Pacific region owing to the growing automotive, defense, textile and construction sectors in the upcoming years. South America and MEA are expected to witness lower market growth over the forecast period.
According to ChemAnalyst report, “Specialty Fibers Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”, Some of the major players operating in Global Specialty Fibers market include DowDuPont, Teijin Limited, Jushi Group, Honeywell International Inc, Royal DSM, Toray Industries Inc., Formosa Plastics Corp, Sinopec Yizheng Chemical Fibre, Bluestar Fibres, Teijin Limited, Guangdong Charming and others.
“Being directly linked to Automotive, Aerospace and Textile, global Specialty Fibers market has shown a robust growth alongside urbanization, rise in per capita income and changing customers preferences. A significant growth is witnessed in the demand for carbon fibers that are the Specialty Fibers used in Aerospace and Aircraft as an alternative to steel. Moreover, rapid industrialization and construction activities further augment the consumption of Specialty Fiber where they are used as an adhesive in concrete and paints ensuring proper sticking of the respective materials. With the increasing popularity of Specialty Fibers as one of the most desirable commodities, new competitors emerging across the Asian Specialty Fibers market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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