Global Aramid Prepreg Market - Segmented by Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global aramid prepreg market is expected to register a moderate growth during the forecast period (2018 – 2023). In 2017, Europe dominated the global market with a share of approximately 27%, followed by North America and Asia-Pacific.
Growing Demand for Greater Safety and Security
The growing demand for greater safety & security is one of the major drivers for the aramid prepreg market. Recently, with increasing urbanization, there has been an increase in accidents and attacks using fire. This is leading to an increase in the demand for protective suits for police, firefighting, and army personnel. In addition, there are several unmet needs in various segments of the flame and fire-resistant clothing and other materials. Aramid prepregs are used in protective clothing in industries, in sports, and for protection personnel. The fibers used in clothing give it several characteristics such as strength, light-weight, cut resistance, and high energy absorption. Furthermore, increase in security in regions across the world due to an increase in terrorist activities has also led to an upward demand for these fibers in military protection. Therefore, increase in the need for safety & security is expected to drive the demand for aramid prepreg market over the forecast period.
Para-Aramid to Dominate the Market
Para-aramids provide unique combinations of toughness, enhanced high tenacity and modulus of elasticity, as well as exceptional thermal stability. Therefore, the end-uses of para-aramids cover a broad range of industrial, aerospace, military, and civilian applications, which include ballistic apparel, hard armors, brake & transmission friction parts, reinforced tires & rubber goods, ropes & cables, various forms of composites, filament wound pressure vessels, industrial gloves, circuit board reinforcements, etc. These prepregs, if used in the content ratio of 5-25%, give better results in terms of heat penetration resistance, abrasion resistance, and UV resistance. Due to the increase in the demand for security, protection, and aerospace applications, para-aramid fibers is expected to dominate the market over the forecast period.
Aerospace & Defense to Dominate the Market
Aramid prepregs are used for the components that are subjected to high stress in the aerospace & defense industry, due to their beneficial properties. The global aerospace & defense sector is expected to show a strong growth in the forecast period. The stable GDP growth, relatively strong passenger travel demands, and lower commodity prices are driving the growth of the aerospace industry in the many regions, such as Asia-Pacific and Middle East & Africa.
The defense sector is expected to grow at a much faster rate in comparison to the aerospace. The rising political instability and tension have caused an increase in the demand for defense & military equipment around the world. China is one of the world leaders in arms manufacturing and a leading exporter of defense products. Furthermore, the Middle-East, Europe, North Korea, and India are also increasing their expenditure in the defense sector. Hence, the increased emphasis on aerospace & defense sector across these regions is expected to enhance the growth of the global aramid prepreg market over the forecast market.
Notable Developments in the Market
October 2017: Hexcel Corporation completed the acquisition of Structil SA, a French manufacturer and supplier of high-performance composites to the aerospace, defense, and industrial markets.
December 2017: Hexcel acquired the Oxford Performance Material’s aerospace & defense business.
Major Players: Hexcel Corporation, Mitsubishi Rayon Co, Ltd, ACP Composites, and Toray Industries Inc., among others.
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Market analysis for the global aramid prepreg market, with region specific assessments and competition analysis on global and regional scales
Market definition, along with the identification of key drivers and restraints
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market, on a global and regional scale
Extensively researched competitive landscape section, with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect the global automotive adhesives and sealants market on global and regional scales
A comprehensive list of key market players, along with the analysis of their current strategic interests and key financial information
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
Insights on the major countries/regions in which the industry is growing and to identify the regions that are still untapped.
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