Aramid Fiber Market by Type (Para-Aramid Fiber, Meta-Aramid Fiber), Application (Security & Protection, Frictional Materials, Industrial Filtration, Optical Fibers, Rubber Reinforcement, Tire Reinforcement), Region - Global Forecast to 2024
“The aramid fiber market is projected to register a CAGR of 9.9% during the forecast period.”
The aramid fiber market is projected to grow from USD 3.28 billion in 2018 to USD 5.78 billion by 2024, at a CAGR of 9.9%. The increasing demand for lightweight materials for automotive components owing to stringent environmental and emission regulations is expected to drive the market in the automotive industry. In addition, the demand for lightweight and flexible materials for body armor, firefighting equipment, bulletproof vests, helmets, and vehicle armor is driving the demand for high-performing materials, such as aramid fibers and composites of aramid fibers. However, high R&D costs, in terms of man-hours, materials, and technology, might hamper the growth of the market.
“The security & protection application segment is expected to lead the aramid fiber market during the forecast period, in terms of value.”
By application, the security & protection segment is expected to lead the market during the forecast period. The stringent regulations enforced by the government and other agencies in developed economies, such as the European countries and the US, play a pivotal role in driving the aramid fiber market. Aramid fibers are used to make fire-, cut-, and stab-proof 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 in civil law enforcement and armed forces owing to increasing insurgency and terrorism.
“The APAC aramid fiber market is projected to register the highest CAGR, in terms of value and volume, between 2018 and 2024.”
The aramid fiber market has been studied for North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific market is projected to register the highest CAGR between 2018 and 2024, owing to the increasing demand from emerging economies, such as China, India, and South Korea. Additionally, the presence of major automotive manufacturing companies and OEMs is expected to further contribute to the growth of the aramid fiber market in the region. The market is also growing in tandem with the rise in spending on defense and homeland security in countries such as India, China, Singapore, Thailand, and Australia.
Breakdown of Primaries:
Primary interviews have been conducted with a number of industry experts to obtain information related to the aramid fiber market. The breakdown of primary interviews has been depicted below:
By Company Type: Tier 1-30%, Tier 2-43%, and Tier 3-27%
By Designation: C-Level Executives - 21%, Directors - 23%, and Others - 56%
By Region: Asia Pacific - 41%, North America - 30%, Europe - 18%, and South America and Middle East & Africa - 11%
Key companies supplying aramid fibers are:
Teijin Ltd. (Japan)
Toray Industries Inc. (South Korea)
Hyosung Corp. (South Korea)
Kolon Industries Inc. (South Korea)
Huvis Corp. (South Korea)
Yantai Tayho Advanced Material Co. (China)
China National Bluestar (Group) Co. Ltd. (China)
SRO Aramid (Jiangsu) Co. Ltd. (China)
Taekwang Industrial Co., Ltd. (South Korea)
This report segments the aramid fiber market on the basis of type, application, and region. It provides estimations for the overall value of the aramid fiber market and its subsegments across various regions. A detailed analysis of the key players operating in the aramid fiber market has been conducted to provide insights into their businesses, products & services offered, key growth strategies adopted, and recent developments, such as expansions & investments, acquisitions, partnerships & collaborations, and new product launches, undertaken by them.
Reasons to Buy the Report:
This report is expected to help leaders/new entrants in the aramid fiber market in the following ways:
Provide a better understanding of the aramid fiber market
Provide information on the drivers, restraints, challenges, and opportunities influencing the growth of the aramid fiber market
Gain insights regarding competitors and their positions in the aramid fiber market