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 2028
The aramid fiber market is poised for significant growth, with a projected value of USD 7.6 billion by 2028, exhibiting a robust CAGR of 9.9% from its 2023 value of USD 4.7 billion. This growth is primarily attributed to the escalating demand for lightweight and flexible materials, particularly in the automotive and military & defense sectors. These industries are increasingly seeking versatile materials for diverse applications. Furthermore, stringent regulations aimed at carbon emissions reduction are compelling industry stakeholders to explore alternatives that are not only lightweight and durable but also fuel-efficient. This trend is expected to propel the aramid fiber market even further in the forecast period. However, it's important to note that the high costs associated with research and development, as well as the non-biodegradable nature of aramid fibers, pose challenges to market growth.
“The para-aramid fiber was the largest type in aramid fiber market in 2022, in terms of value”
The para-aramid fiber segment finds its primary application in security and protection, driven by the growing demand for protective attire in both military and industrial settings. Meanwhile, the meta-aramid fiber sector is expected to experience notable expansion in the forecasted period, largely attributed to its increasing use in industrial filtration applications. This diversification in applications within the aramid fiber market presents promising opportunities for business growth and innovation.
“Security & protection is projected to be the largest application of aramid fiber market during the forecasted period”
The security and protection segment asserted its dominance in the market throughout 2022 and is expected to sustain its leadership position until 2028. This enduring prominence is underpinned by the surging demand emanating from emerging economies like China, Brazil, and India. These economies are pivotal consumers, employing aramid fibers for various military, industrial, and civil applications. The escalating need for thermal and ballistic protection in civil law enforcement and armed forces, driven by the rising challenges of insurgency and terrorism, further reinforces the segment's market leadership, heralding significant growth potential in this domain.
“Europe is estimated to be the largest aramid fiber market between 2023 and 2028, in terms of value.”
Europe stands as the foremost market for aramid fiber, driven by stringent safety regulations prevalent in key industries such as oil & gas, construction, aluminum, and steel. This regulatory environment has ignited a substantial demand for protective clothing, thereby propelling the aramid fiber market across the continent. Moreover, the requirement for high-performance friction materials in the automotive and various industrial sectors further contributes to the burgeoning aramid fiber market in the European region.
In the meticulous process of determining and verifying market sizes for multiple segments and subsegments, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:
By Company Type: Tier 1 - 69%, Tier 2 - 23%, and Tier 3 - 8%
By Designation: - Director Level - 27%, C-Level - 25%, and Others - 48%
By Region: North America - 32%, Europe - 28%, Asia Pacific - 21%, South America - 12%, and Middle East & Africa - 7%,
The key market players illustrated in the report include Teijin Limited (Japan), DuPont de Numerous, Inc. (US), Yantai Tayho Advanced Materials Co., Ltd. (China), Hyosung Corporation (South Korea), Toray Industries, Inc. (Japan), Kolon Industries Inc. (South Korea), Huvis Corp. (South Korea), Kermel (France), China National Bluestar (Group) Co., Ltd. (China), and X-FIPER New Material Co., Ltd. (China).
This report segments the market for aramid fiber on the basis of type, application, and region, and provides estimations for the overall volume (Ton) and value (USD Million) of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for aramid fiber.
Reasons to buy this report
This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the aramid fiber market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
Analysis of key drivers (Rising demand for lightweight materials in security & protection applications, Increasing need for lightweight materials offering substantial emission reduction in vehicles, Potential alternative for steel and asbestos), restraints (High R&D cost, Non-biodegradable nature of aramid fiber), opportunities (Growing demand for homeland security, Rising aerospace and defense sector, Developments in aramid materials manufacturing process), and challenges (expensive production, Available substitutes with analogous properties)
Market Penetration: Comprehensive information on aramid fiber offered by top players in the global aramid fiber market
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the aramid fiber market
Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for aramid fiber across regions
Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global aramid fiber market
Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the aramid fiber market
Impact of recession on aramid fiber market