Global Aramid Fiber Market is anticipated to reach US$ 5.90 billion by 2025. Aramid Fiber implies man-made high-performance fiber; with particles that are characterized by relatively rigid polymer chains. Factors such as surge in demand for self-protective clothing from numerous applications such as defense and industrial sector, strict regulations regarding carbon emissions, rising disposable income, technological advancement, development of these end-user industries and rising need of aramid fibers in different industries are likely to drive the aramid fiber industry in the forthcoming period.
On the other hand, the high cost of production is anticipated to hinder aramid fibers market growth in the future. However, the facts that these fibers are heat resistant, lightweight, highly durable, and non-flammable are likely to create lucrative opportunities for the market. Aramid fiber industry is predicted to expand at a significant CAGR of 8.2% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Aramid fiber market could be explored by product type, application, and geography. Aramid fiber industry could be explored by product type as Meta-Aramid, Para-Aramid, and Others. The “Para-aramid” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come.
The key factors that could be attributed to the growth of the market include beneficial properties such as rigid molecular structure and high strength that propel its application in protection and security application. Moreover, increasing demand for protective headgear, protective footwear, safety goggles, earplugs, safety harnesses, gloves, and others.
The key applications that could be explored in the aramid fiber market include Rubber Reinforcement, Frictional Materials, Security & Protection, Tire Reinforcement, Optical Fibers, Aerospace, Electrical Insulation, and Others. The “Security & Protection” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come. The key factors that could be attributed to the growth of the market include rising concerns over the protection of workers in the industrial and military sectors. The “Security and Protection” segment is followed by “Optical Fibers” segment.
Europe is a leading region in the market. It is likely to maintain its dominance in the forecast period owing to factors such as an increase in demand for protective clothing and personal armor, technological advancement, the presence of the key end user in the region, and increase in fiber exports to emerging countries.
Europe is followed by Asia-Pacific region owing to surge in demand for aramid fibers in electrical, automotive, and construction end-user industries in developing economies such as India and China. In addition, North America is anticipated to show high growth in the years to come owing to progressively improving the economy in the region.
Key players operating in the aramid fiber industry include Teijin Aramid, E. I. du Pont de Nemours, and Company, Kolon Industries Inc., Yantai Tayho Advanced Materials Co. Ltd. Kermel, HYOSUNG Corporation, Guangdong Charming Co., Ltd., Alchemie Group, China National Bluestar Co. Ltd., and SRO Group Ltd. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
Aramid Fiber Products Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
Aramid Fiber Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
• Security & Protection
• Frictional Materials
• Rubber Reinforcement
• Optical Fibers
• Tire Reinforcement
• Electrical Insulation
Aramid Fiber Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• South Korea
• Central & South America
• Middle East & Africa
Research Support Specialist, USA