The global aramid fiber market size was valued at USD 4,522.6 million in 2019. The market could touch USD 7,243.3 million by 2027 and expand at a 6.5% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report, titled, “Aramid Fiber Market, 2020-2027.”
According to the study, aramid fibers have become sought-after to boost abrasion resistance, and low flammability with no melting points. For instance, meta aramid has become sought-after on the back of attributes such as electrical insulation, flame resistance, radiation resistance and chemical stability.
Report Coverage
The report provides a holistic view of the market size, share, revenue and volume. It has deep-dived into SWOT analysis and focused on qualitative and quantitative assessments to provide a bird’s eye view of the market. The primary interviews validate assumptions, findings and the prevailing business scenarios. The report also includes secondary resources, such as annual reports, press releases, white papers and journals. The research report also delves into pre-and post-COVID analysis to provide a comprehensive market perspective.
Segmentations
Para-Aramid to Remain Dominant with Rising Demand from Aerospace & Defense Sector
With respect to the product type, the market is segregated into para, meta and others. The para segment could account for the largest share due to strong demand from the aerospace & defense sector. The need for bulletproof body armors will be pronounced over the next few years, auguring well for the segment growth.
Security & Protection Segment to Grow with Growing Need for Protective Barrier
In terms of application, the industry is classified into aerospace, frictional materials, security & protection, rubber & tire reinforcement, electrical insulation, optical fiber and others. The security & protection segment will witness notable growth due to an increasing need for protective barriers and additional protection.
Major Players Profiled in the Market Report:
- Yantai Tayho Advanced Materials Co., Ltd. (China)
- DuPont (U.S.)
- HUVIS CORPORATION (South Korea)
- Aramid Hpm, LLC. (U.S.)
- Teijin Limited (Japan)
- Hyosung Corporation (South Korea)
- X-FIPER New Material Co., Ltd. (China)
- Kolon Industries Inc. (South Korea)
Drivers and Restraints
Surging Demand from Military and Private Security to Bolster Industry Growth
Industry participants expect aramid fiber market growth to gain traction during the forecast period. The growth is mainly attributed to strong demand from municipal law enforcement, private security and military sectors. The fibers have become trendier to make fire-proof, stab-proof and cut-proof clothing, including helmets, footwear, gloves and coveralls. Moreover, stakeholders have also triggered investments in technological advancements to boost PPE clothing and minimize the additional weight for armies. However, the soaring cost of production could challenge major players striving to bolster their portfolios.
Regional Insights
Europe to Provide Lucrative Opportunities with Strong demand from Automotive Sector
Europe could account for a significant share of the global market against the backdrop of technological advancements in the automotive and electronics sectors. Expanding applications in aerospace, rubber & tire reinforcement across the U.K., France, Germany and Italy will augment the regional growth.
North America aramid fiber market share will be pronounced due to robust demand for mounting and warfare security. Besides, the U.S. and Canada have exhibited an increased footfall of ballistic protection armor, including armored cars, headgear, ballistic missiles and bulletproof vests. Prevailing trends indicate North America will continue to gain prominence in the ensuing period.
Stakeholders expect Asia Pacific market forecast to be strong on the back of implementation of robust policies. For instance, China, India, Japan and Australia could witness major traction for aramid fiber products for security & protection and electrical insulation, among others.
Get More Information: https://www.fortunebusinessinsights.com/aramid-fiber-market-102183
Competitive Landscape
Stakeholders Emphasize Organic and Inorganic Strategies to Boost Footfall
Leading players could inject funds into product launches, technological advancements, mergers & acquisitions to tap into global markets. Additionally, major companies could seek product portfolio expansion through product offerings and collaborations.
Notable Industry Developments
- May 2021: DuPont rolled out DuPont™ Kevlar® MicroCore™ to keep up with the demand for higher-performing and safer lithium-ion batteries for electric vehicles (EVs). The company claims the material to be resistant to high-temperature for battery separators application.
- November 2019: Teijin Aramid B.V. announced it would bolster its production capacity targeting over a 25% capacity surge in five years.
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