Asia Pacific Aramid Fibers Market - Segmented By Type, End Use Application and Geography -Growth, Trends and Forecasts (2018 - 2023)
The Asia-Pacific market for aramid fiber is expected to register a CAGR of 8.36% during the forecast period (2018 - 2023). This significant growth is majorly driven by the growing demand for fuel efficiency.
Growing Need for Fuel Efficiency
Aramid fibers are essential for meeting the increasing demands from the transportation industry to have a durable system and body parts that offer better performance with lightweight. In a typical automobile, the use of fibers is 50% by volume while adding just 10% to the weight. A vehicle weight reduction of 100 kg saves up to 12.5 g of CO2 emissions every kilometer. In other words, every kilogram weight reduction in a car can save 20 kg greenhouse gas emissions throughout the lifetime of the car. Furthermore, the volatile and gradually increasing gas prices lead to a higher demand for lightweight cars with higher fuel efficiencies. Aramid fiber is also in demand for its use as a sail and hull for boats and aircraft body parts. These demands for lightweight materials in order to attain fuel efficiency and to reduce VOC emissions will lead to an increase in the demand for aramid fiber from the automotive & transportation industry.
Automotive End-user Segment to Dominate the Market Share
Among the end-user industries, automotive holds the highest market share of around 58% of the Asia-Pacific aramid fiber market. In the automotive industry, meta-aramid is majorly used for thermal insulation & spacers, hot gas filtration, cushioning material, and as safety & protective clothing. The automotive production in the Asia-Pacific region has increased by more than 3.3% in 2017, with countries such as India, China, and Thailand, registering the largest production. With the increasing demand for automotive vehicles, especially the high-end cars, the market for aramid fibers in Asia-Pacific is expected to grow at a steady pace during the forecast period.
China to Dominate the Market Growth
China registered the largest share of approximately 60% of the aramid fiber market in Asia-Pacific. The demand for aramid fiber in the region is majorly driven by the increase in the defense expenditure and the automotive production. The positive growth in the defense budget valued at USD 174.5 billion in 2018 is expected to increase the use of personal protective equipment in the defense sector, which is expected to in turn increase the usage of aramid fiber in the defense industry through the forecast period. It even registers the highest growth rate in the Asia-Pacific aramid fiber market powered by the emerging fiber optic cable applications. The large market size, coupled with the huge growth rate of the country, is instrumental in the expansion of the Asia-Pacific aramid fiber market.
Key Developments in the Market
March 2018: The Safety & Construction business of DowDuPont is transitioning the manufacturing of its aramid intermediates from the Chambers Works Site in Deepwater, NJ, to the suppliers who have newer process technology.
December 2017: Teijin Aramid announced its intention to increase the production capacity for its Twaron super fiber by more than 25%. This additional capacity will become available within the next five years.
Major Players: DowDuPont, Teijin Aramid B.V, Yantai Tayho Advanced Materials Co. Ltd, Kolon Industries, and Toray Chemical Korea Inc., amongst others.
Reasons to Purchase this Report
Identify the current and future prospects of the Asia-Pacific aramid fiber market in the developed and emerging markets
Analyze various perspectives of the market with the help of Porter’s five forces analysis
Information of the segment that is expected to dominate the market
Identify the country that is expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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