Aramid Fiber Market Share

Aramid Fiber Market Overview

Aramid Fiber Market Size is projected to be worth USD 8.6 Billion by 2028, registering a CAGR of 10.75% during the forecast period (2021 - 2028). Aramid fiber is a heat-resistant and strong synthetic fiber derived from a man-made organic polymer. They have outstanding properties such as resistance to abrasion and organic solvents, non-conductivity, high melting point, low flammability, and so on. The growing need for protective gear from the military & defense, as well as the industrial sectors, is driving the global aramid fiber market. Because of their flame resistance and heat resistance, aramid fiber is becoming more popular in the defense sector for homeland security and terrorist measures. Over the forecast period, the use of aramid fiber in ballistic applications such as bulletproof jackets and protective gloves is expected to drive market expansion. Aramid fiber is also utilized in the automobile industry to make hoses, belts, gaskets, tires, brake pads, and clutches, among other things. They also aid in improving the vehicle's performance, safety, and longevity. Furthermore, the global market is being driven by rising demand for various applications such as electrical insulation, optical fiber, and others. Because the product is a good substitute for steel and asbestos, it is frequently employed in the building industry. These fibers are widely used to create sturdy and lightweight consumer items like refrigerators, air conditioners, washing machines, and other appliances.

Key Players

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

Regional 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

HYOSUNG and Ulsan City, South Korea, inked an MOU in May 2020 to invest in the expansion of the latter's Aramid facility. HYOSUNG is to invest USD 54 million in its Aramid factory in Ulsan, completing the expansion by the first half of 2021 and increasing the factory's manufacturing capacity from 1,200 to 3,700 tonnes per year. Teijin Limited began the second phase of its projected 25 percent capacity expansion for Twaron aramid fibers in November 2019. By 2022, capacity will be increased in two of the company's plants in the Netherlands, at Delfzijl and Emmen, enhancing the company's business.

Intended Audience

• Aramid fiber Manufacturers


• Traders and distributors of aramid fiber


• Research and development institutes


• Potential investors


• Raw material suppliers


• Nationalized laboratory

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