Aramid fiber market worth USD 5.78 Billion by 2024

Aramid fiber market Analysis Size, Growth rate and Overview:

Aramid fiber market was valued at USD 3.28 billion in 2018 and is expected to reach almost USD 5.78 billion by the end of 2024, growing at a CAGR of around 9.9% over the predicted period.

It is expected that the market for aramid fibers will grow at a significant pace during the forecast period due to the use of aerospace and military applications due to the ballistic characteristics. These fibers are used for other purposes, including the reinforcement of composite materials such as sports goods, military vehicles, airplanes, etc.

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Aramid fiber market Key Drivers, Challenges, and Opportunities:

The main growth aspects identified in the aramid fiber market are the increase in demand in industries such as safety, automotive and protection. Government investments, such as China, the United States, Russia and India, are increasing to protect the military. These governments have begun to increase the budget allocation for the production of bulletproof vests, protective gloves, motorcycle protection clothing and other equipment. These fibers are also used in the production of electromechanical cables, which are highly demanded in the oil and gas industry. All these factors are driving the growth of the market.

High production costs and investment in research and development (R&D) are one of the factors that inhibit the growth of the market for aramid fibers. These fibers are relatively new innovations and are constantly developing to prepare new and improved textiles. However, these activities consume a lot of time and require huge investments which hamper market growth. There are also low-cost alternatives, such as fiberglass and carbon fiber that are available on the market that inhibit the growth of the aramid fibers.

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Aramid fiber market – Regional Presence:

Geographically, the Asia Pacific (APAC) is expected to be the fastest growing region in the world aramid fiber market. Industrial and urbanization activities are underway in China and India, and the demand for personal protection equipment made of these fibers is increasing. This drives market growth in the APAC region. Increasing requirement for aramid fibers in automotive, electrical, and construction end-user industries in emerging economies such as China and India, are likely to drive the market in Asia Pacific in the next few years. Finally, the market is expected to grow steadily in North America, mainly due to the continuous improvement in the economy of the region.

Some of the Key Players Profiled in this Aramid fiber market Report are:

DowDuPont Inc., Teijin Aramid BV, Yantai KOLON Industries Inc., Tayho Advanced Materials Co., Huvis, Kermel, China National Bluestar (Group) Co Ltd, JSC Kamenskvolokno and Toray Chemical Co., Ltd.

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