Aramid fibers are high-end specialty synthetic products used in various industries like defense and aerospace. The global aramid fiber market is estimated to record a CAGR of 7.45% during the forecast period. The increasing concern for safety and security, and the qualities like strength and heat resistance, etc. are the factors propelling the growth of the market.
Aramid fiber is being used as a substitute for Asbestos due to its high tensile strength, low density, stress rupture, high stiffness, low creep, etc., and as a result, is positively impacting the growth of the market. Aramid fibers exhibit excellent chemical and physical properties at high temperatures. However, the production involves high manufacturing costs, limited monomer supply, and investments, all of which can hamper the market growth. Aramid fibers are serving various end-users. As a result, many companies are investing in production materials, thereby creating opportunities for market growth.
Based on geography, the global aramid fiber market has been bifurcated into a few regions, such as North America, Asia Pacific, Europe, and the Rest of World. The Asia Pacific is estimated to be the fastest-growing market during the forecast period. Europe holds the largest market share, since Europe is one of the world’s biggest automotive manufacturers.
The major companies operating in the market are Taekwang Industrial Co., Ltd., Kermel, Hyosung Corp., Sro Aramid (X-Fiper New Material Co., Ltd), China National Bluestar (Group) Co., Ltd., Kolon Industries, Inc., etc.
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