ID: MRFR/CnM/4412-HCR | 100 Pages | Published By Priya Nagrale on March 2023
Aramid Fiber Market is projected to be worth USD 8.6 Billion by 2028, registering a CAGR of 10.75% during the forecast period (2021 - 2028).
Some of the manufacturers operating in the global aramid fiber market are TEIJIN LIMITED (Japan), Yantai Tayho Advanced Materials Co., Ltd (China), HYOSUNG (South Korea), Toray Chemicals Korea Inc. (South Korea), KERMEL (France), Kolon Industries, Inc. (South Korea), Huvis (South Korea), China National Bluestar (Group) Co. Ltd. (China), SRO Aramid (Jiangzu) Co., Ltd. (China), and IBIDEN CO., LTD. (Japan).Market Synopsis:
Aramid fiber market is a man-made organic polymer and belongs to a class of heat-resistant and strong synthetic fibers. They exhibit superior characteristics such as good resistance to abrasion and organic solvents, non-conductivity, high melting point, low flammability, and others.
The global aramid fiber market is primarily driven by the increasing demand for protective clothing from military & defense, and industrial sectors. The growing defense sector for homeland security and counterterrorism strategies is augmenting the demand for aramid fiber due to their flame resistant and heat protective nature. The use of aramid fiber in ballistic applications such as bulletproof vests and protective gloves is likely to fuel the market growth over the assessment period 2017-2023. Furthermore, aramid fiber is used in the automotive sector for making hoses, belts, gaskets, tyres, brake pads, clutches, and others. They also help in increasing the performance, safety, and durability of the automotive. Moreover, the increasing demand for various applications such as electrical insulation, optical fiber, and others is driving the global market. The product is an excellent substitute for steel and asbestos, therefore, it is widely used in the construction sector. These fibers are extensively consumed in the manufacturing of consumer goods such as refrigerator, AC, washing machines, and others to make them strong and lightweight. Nevertheless, stringent regulations for occupational safety by Occupational Safety and Health Administration (OSHA) is expected to augment the market growth. However, the high production cost and the non-biodegradable nature of these fibers are likely to hamper the market growth.
Some of the key trends observed in the market are a merger, acquisitions, and others. For instance, in March 2017, DuPont Protection Solutions entered a two-year global agreement for DuPont TM Kevlar with Nitro Circus, an action sports company, thus, influencing the product use in sporting goods.
Global Aramid Fiber Market, by Application (%)
Source: MRFR analysis
The Global Aramid Fiber market is segmented into five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The Asia Pacific is the fastest-growing region in the global aramid fiber market owing to the growing industrial, aerospace, and military sectors in this region. The increasing demand for durable, lightweight, and efficient automotive is another driver of the aramid fiber market in Asia Pacific region. Moreover, the production and sales of consumer goods in Asia Pacific are high, which fuels the market growth.
North America is the second largest region in the aramid fiber market due to the high demand from the defense and automotive sector. The U.S. is one of the major military powers in the world and is expected to continue dominating over the forecast period, which is likely to augment the product demand. The increasing demand for automotive coupled with high disposable income is driving the growth of the aramid fiber market in this region.
The increasing production and sales of various automotive parts in western European countries such as the U.K, Germany, France, and others are expected to boost the market growth over the forecast period.
Latin American market is growing moderately on account of the growing automotive sector in Mexico.
The Middle East & Africa market is likely to grow during the review period due to the growing product demand from the construction sector as a replacement for steel and asbestos.Recent Development
|Market Size||2028 :USD 8.6 Billion|
|Forecast Period||2021 to 2028|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||TEIJIN LIMITED (Japan), Yantai Tayho Advanced Materials Co., Ltd (China), HYOSUNG (South Korea), Toray Chemicals Korea Inc. (South Korea), KERMEL (France), Kolon Industries, Inc. (South Korea), Huvis (South Korea), China National Bluestar (Group) Co. Ltd. (China), SRO Aramid (Jiangzu) Co., Ltd. (China), and IBIDEN CO., LTD. (Japan)|
|Key Market Opportunities||high production cost and the non-biodegradable nature|
|Key Market Drivers||increasing demand for protective clothing from military & defense, and industrial sectors|
Notable players profiled in the aramid fiber market include IBIDEN CO., LTD. (Japan), SRO Aramid (Jiangzu) Co., Ltd. (China), China National Bluestar (Group) Co. Ltd. (China), Huvis (South Korea), Kolon Industries, Inc. (South Korea), KERMEL (France), Toray Chemicals Korea Inc. (South Korea), HYOSUNG (South Korea), Yantai Tayho Advanced Materials Co., Ltd (China), and TEIJIN LIMITED (Japan).
The APAC region is predicted to have the largest share in aramid fiber market.
Booming defense sector for homeland security & counterterrorism strategies and growing demand for protective clothing from industrial sectors and military and defense are adding to the market growth.
Nonbiodegradable nature of the fiber and high production cost may hamper the market growth.
It is widely used in military, aerospace and industrial sectors.