The global aramid fiber market size is expected to reach USD 6.8 billion by 2027, expanding at a revenue-based CAGR of 8.2% during the forecast period, according to a new report by Grand View Research, Inc. Superior properties such as strength and heat-resistance of aramid fiber has promoted its utilization in production of body armor fabric.
Growing need for security and protection measures across various industries such as mining, healthcare/medical, oil and gas, building and construction, and military is projected to propel market growth. In addition, stringent regulations in developing economies related to occupational safety are likely to benefit market growth over the forecast period.
Aramids fibers are being increasingly used as an alternative to metal wire and organic fiber in structural composite applications in aerospace and marine sectors, and ropes for oil rigs in offshore locations. In addition, product benefits such as non-aggressive wear and tear on drums and discs and fade resistance is anticipated to propel its usage.
The manufacturing process involves use of a number of high cost chemicals, which elevates its production cost. In addition, huge capital investment in machinery and production process is anticipated to pose a threat to the growth of the aramid fiber market. However, the development of cost beneficial production facilities is anticipated to benefit market growth.
Further key findings from the report suggest:
- Para-aramid fiber accounted for a market share of 75.6% in 2019, owing to its properties such as excellent strength-to-weight ratio coupled with superior chemical resistance
- The security and protection application segment dominated the market in 2019 and is estimated to generate revenue of USD 2.6 billion by 2027, owing to growing concern regarding protection of personnel in military and industrial sectors
- The market in Asia-Pacific is anticipated to exhibit a revenue-based CAGR of 9.1% from 2020 to 2027 on account of growing need for security and protection measures across military and defense and medical industry
- The U.S. market is projected to witness strong growth over the forecast period and reach a market value of USD 1.4 billion in 2027 on account of increasing demand for personal protective equipment
- China was the largest market in Asia Pacific in 2018 on account of the expansion of automotive industries and increasing demand for personal protective equipment.