Laser Technology Market by Type (Solid, Liquid, Gas), Application (Optical Communication, Laser Processing), and Vertical and Geography - Analysis & Forecast to 2022
“Need for security & protective measures drive the aramid fiber market” The market size of aramid fiber is estimated to have been USD 2.99 billion in 2015 and is projected to reach USD 5.07 billion by 2021, registering a CAGR of 8.9% between 2016 and 2021. The market is largely driven by the increased demand from end-use industries. In addition, the rising concern for the safety of the industrial workers increases the demand for aramid fiber, globally.
“Para-aramid fiber to dominate the market” The demand for para-aramid fiber is driven by the increased demand from various sectors such as security & protection, automotive, aerospace, and optical fiber due to its high mechanical strength and abrasion resistance. Moreover, they are used in braking systems, chassis of coaches, and the interiors for reducing weight among other applications. However, meta-aramid fiber is projected to register the highest growth during the forecast period. This is because of increased demand from security & protection and electrical insulation applications.
“Security & protection application segment to capture the largest share of the aramid fiber market” In the security & protection application segment, aramid fibers are used to make fire-, cut-, and stab-resistant protective clothing such as helmets, footwear, coveralls, and gloves. They are used for military, industrial, and civil purposes. The need for thermal and ballistic protection is rising within the civil law enforcement and armed forces due to the increasing war-like situations and terrorist activities. The market is being driven by stringent regulations in developed economies such as European countries and the U.S. In developing economies, on the other hand, growing concern for employee health & safety is driving the demand for aramid fiber, in the form of protective clothing.
The growing concern for safety of the industrial workers is the key factor driving the aramid fiber market in security & protection application.
In the process of determining and verifying the market size for the several segments and subsegments gathered through secondary research, extensive primary interviews were conducted as follows: By Company Type: Tier 1 (37%), Tier 2 (50%), and Tier 3 (13%). By Designation: C-level (50%), Director Level (31%), and others (19%) By Region: North America (28%), Europe (33%), Asia-Pacific (22%), Latin America (11%), and Middle East & Africa (6%).
Various key players profiled in the report include E.I. du Pont de Nemours & Co. (U.S.), Tejin Limited (Japan), Yantai Tayho Advanced Materials Co. (China), Toray Chemical Korea Inc. (South Korea), Hyosung Corporation (South Korea), Kolon Industries Inc. (South Korea), Huvis Corporation (South Korea), Kermel (France), China National Bluestar Co, Ltd. (China), and SRO Aramid Co. Ltd. (China).
The report will help the leading players/new entrants in this market in the following ways: 1. This report segments the aramid fiber market comprehensively and provides the closest approximations of the revenue for the overall market and the subsegments across different verticals and regions. 2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, and opportunities. 3. This report will help stakeholders to better understand the competitor and gain more insights to improve their position in the business. The competitive landscape includes expansions, new product developments, and joint ventures.