Aramid
Fiber Market Size and Growth Rate:
According to the Research Report By Research Cosmos, the Global
aramid fiber market is predicted to grow from USD 3.20 billion in 2018 to
USD 5.780 billion by 2024, at a CAGR of 9.90%.
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research report developed on Aramid
Fiber Market @
Aramid
Fiber Market Growth Drivers and Restraints:
The growing demand for lightweight materials for
automotive components, owing to severe environmental and emission regulations
is anticipated to drive the market in the automotive industry. In extension,
the demand for lightweight and flexible elements for body armor, firefighting
tools, bulletproof vests, helmets, and vehicle armor is encouraging the market
for high-performing materials such as aramid fibers and its composites.
On the other hand, the high cost of production is
expected to limit market growth. Nevertheless, these fibers are lightweight,
heat resistant, non-flammable, and extremely durable. These properties are
increasing their demand, thereby augmenting, the market expansion. A large part
of every country's annual budget is occupied by the security sector due to
various factors such as political diversity and rising tension across borders.
Thus, increased government investment in the aerospace, defense and security
industries is expected to drive the market.
The growing need for security and protective
standards in various end-use industries is likely to drive the aramid
fibermarket till 2025. The growing demand for lightweight materials for
automotive components, owing to severe environmental and emission regulations
is anticipated to drive the market further. In addition, growing usage of
aramid fibers as a substitute for asbestos and steel will serve market demand
over the coming years. North America region is expected to witness the fastest
growth over the projected timeframe.
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The global aramid fiber market is mainly divided
into various segments depending on few divisions such as product type, end
users, and region. Under product kind, para-aramid fiber and meta-aramid fiber
are two notable sections present in the global market. Whereas in end-user
analysis, the market consists of fragments such as aerospace & defense,
automotive, electrical, microelectronics & telecommunication, and others.
Under product kind, para-aramid fibers observed maximum growth owing to
extensive use in the automotive and aerospace, as well as support and security
industries. In 2014, this section accounted for about 70% of the total market
shares. And even though the next few years, para-aramid fibers are expected to
continue with a similar growth pace.
Aramid
Fiber Market Geographical Insights:
North America aramid fiber market produced
revenue of over USD 700 million in 2016. The region is expected to witness the
fastest growth over the projected timeframe. The enormous defense budget in the
U.S. will increase this region’s high market share during the forecastperiod.
China and India are likely to support the aramid fiber market growth in the
defense industry in the coming years in Asia Pacific. New procurements for
armed forces, microelectronics and vehicles are on the rise and the possibility
of new opponents in the private sector could play a key role for business
growth in the region.
KeyPlayers
of the Aramid Fiber Market:
- Teijin Aramid
- DowDuPont
- Hyosung Corporation
- Toray Chemical Korea Inc.
- Kolon Industries Inc.
- HUVIS Corporation
- KERMEL
- China National Bluestar (Group) Co. Ltd
- Yantai Tayho Advanced Materials Co., Ltd
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