The global Aramid Fiber Market is growing at a rapid pace, witnessing the increasing demand from the military & defense sector. Growing counterterrorism strategies in the defense and homeland security sector are creating a massive demand for aramid fiber in the making of protective clothing that is heat & fire-resistant. Moreover, the use of aramid fibers in ballistic applications such as bulletproof vests and protective gloves is accelerating market growth.
According to a renowned research firm – Market Research Future (MRFR), the global aramid fiber market is set to witness significant growth by 2027. In its recently published research, MRFR also asserts that the market would register a phenomenal CAGR over the forecast period (2020 – 2027). The automotive sector accounts for one of the largest end-use industries, which is creating a substantial demand for aramid fiber for making hoses, belts, gaskets, tires, brake pads, clutches, and others.
Aramid fibers also help in increasing the performance, safety, and durability of automotive components. Moreover, the increasing demand for various applications such as electrical insulation, optical fiber, and others is driving the growth of the market. Aramid fibers are also widely used in the construction sector as well as extensively consumed in the manufacturing of consumer goods. Wide usages of aramid fibers across the industries is a key driving force, pushing the growth of the market.
On the other hand, price volatility and the demand-supply gap in the raw materials required for the production of aramid fiber are some of the major factor inhibiting the growth of the market. Nevertheless, stringent regulations for occupational safety by OSHAs would increase the size of the market.
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Aramid Fiber Market – Segmentations
The report is segmented into four dynamics to widen the scope of understanding,
By Type : Meta-Aramid and Para-Aramid.
By Application : Security & Protection, Frictional Materials, Optical Fiber, Electrical Insulation, and Rubber Reinforcement, among others.
By End-use Industry : Aerospace & Defense, Automotive, Consumer Goods, and Marine, among others.
By Regions : Europe, North America, Asia Pacific, and the Rest-of-the-World (RoW).
Global Aramid Fiber Market – Geographical Analysis
The Asia Pacific region dominates the global aramid fibers market, with the largest market share. Rapid industrialization alongside, the growing aerospace and military sectors in the region foster the growth of the market. Besides, increasing demand for durable, lightweight, and fuel-efficient automotive component is another key growth driver for the regional market growth. Moreover, high production and sales of consumer goods fuel the market growth in the region.
The North American aramid fibers market follows the APAC market closely. High consumption potential of the region is a key driving force behind the growth of the market. Moreover, huge demand from the defense and automotive sector led by the high disposable income is driving the regional market growth. The US is one of the major military powers in the world and hence, leads the aramid fibers market in North America, creating tremendous market demand.
On the third position stands the European aramid fibers market, which is too growing substantially. The rising production and sales of various automotive parts led by the stringent regulations promoting lightweight and fuel-efficient automotive components are substantiating the growth of the regional market. Furthermore, the considerable demand for aramid fibers in the UK, Germany, France, and western European countries would boost market growth over the forecast period.
Global Aramid Fiber Market – Competitive Landscape
The aramid fiber market looks fiercely competitive due to the presence of numerous well-established players. These players incorporate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launch to gain a substantially larger market share. They are committed to delivering reliable and leading-edge products & services.
Major Players:
Players leading the aramid fiber market include Yantai Tayho Advanced Materials Co., Ltd (China), Teijin Limited (Japan), Hyosung (South Korea), KERMEL (France), Toray Chemicals Korea Inc. (South Korea), Kolon Industries, Inc. (South Korea), China National Bluestar (Group) Co. Ltd. (China), Huvis (South Korea), and IBIDEN CO., LTD. (Japan), and SRO Aramid (Jiangzu) Co., Ltd. (China), among others.
Industry/ Innovation/ Related News:
September 15, 2019 —- Nokian Tyres Oyj (Finland), a leading global tire manufacturing company, launched two new summer power proof and wetproof tires for SUVs and crossovers. Both the new tires come with Nokian’s Aramid sidewall technology with the extremely robust aramid fiber, which makes the tires more resistant to sudden impacts and cuts. Such challenges could otherwise have a significant effect on conventional tires.
July 03, 2019 —- Teijin Limited (Japan), a leading provider of advanced solutions announced that it is to acquire Benet Automotive s.r.o. (Czech Republic), a tier-one supplier of automotive composite components. Teijin offers technological solutions for the fields of operations such as high-performance fibers such as aramid, carbon fibers, and composites, among others.
As part of its multi-material strategy, Teijin will leverage Benet’s capabilities in existing development projects and evolve chemistry of innovations with Teijin and CSP’s outstanding material and molding technologies and technical team members to offer innovative automotive composite solutions.
Teijin is growing its automotive composites business with proprietary lightweight, high-performance materials, and superior design capabilities, becoming a multi-material component supply partner of automotive OEM customers in Europe, North America, and Asia. Benet’s well-proven supply record will provide a solid foundation for Teijin to further strengthen its solution development capabilities and sales channels in Europe.
