Global Aramid Fiber Market 2018-2022
About Aramid Fiber
Aramid fibers are synthetic fibers of polymers containing amide linkages. They are a long chain of synthetic polyamide prepared by the reaction between the amine group and carboxylic acid group. Various optical, mechanical, thermal, and chemical properties exhibited by aramid fibers enable their use in different end-user industries.
Technavio’s analysts forecast the global aramid fiber market to grow at a revenue of close to USD 6 billion during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global aramid fiber market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of aramid fiber.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Aramid Fiber Market 2018-2022
Technavio recognizes the following companies as the key players in the global aramid fiber market: DowDuPont, HYOSUNG, Kolon Industries, TEIJIN, TORAY INDUSTRIES, and Yantai Tayho Advanced Materials.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is increasing investment in the defense industry. The increasing investment in the defense industry from countries such as China, the US, Russia, Saudi Arabia, India, Japan, and France is expected to increase the aerospace and defense budget owing to the resurgence of global security threats. Several governments around the world have already started increasing their defense budgets to address the security threats. In 2015, for instance, China had increased its military expenditure by 7.4% as compared to that of the preceding year in order to curb the threat to national security. The increasing demand for fighter, attack, and bomber aircraft is expected to foster the demand for aramid fibers that are used in the composite materials of aircraft.”
According to the report, one of the major drivers for this market is Increasing demand from emerging economies. The increasing demand for aramid fiber from the aerospace industry in the emerging economies is expected to fuel the market growth owing to the improvements in the standard of living, open market, rapid liberalization, and industrialization. The increase in the manufacturing activities in the aerospace industry, owing to the high GDP in emerging economies such as China, India, Columbia, Brazil, Philippines, Indonesia, and Mexico, is also expected to drive the demand for aramid fibers. In addition, the emergence of India and China as major manufacturing hubs in APAC is expected to drive the demand for aerospace aramid fiber. China is expected to become the world's largest domestic aviation market by 2035.
Further, the report states that one of the major factors hindering the growth of this market is Slower adoption in emerging applications. Despite the increase in awareness of energy savings, globally, many people remain ignorant about the benefits of aramid fiber in terms of energy efficiency and other superior properties. Currently, aramid fibers are used extensively in high-performance automotive, and in the aerospace and defense industry. The commercial application of aramid fiber in various industrial applications is still limited to a small number of industries.
DowDuPont, HYOSUNG, Kolon Industries, TEIJIN, TORAY INDUSTRIES, and Yantai Tayho Advanced Materials.
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