The aramid fiber market is projected to reach USD 6.3 billion by 2026, at a CAGR of 9.7% from USD 3.9 billion in 2021. The increased demand for lightweight and flexible materials from the automotive and military & defense industries for various applications is driving the market. Furthermore, the regulations relating to reducing carbon emissions compel several industry players to look for alternative materials that are lightweight, strong, and fuel-efficient. This is expected to drive the aramid fiber market further during the forecast period. On the contrary, the high R&D costs and the non-biodegradable nature of aramid fibers are restraining the market growth.
“The para-aramid fiber is the largest type of aramid fiber for aramid fiber market in 2020”
Para-aramid fiber is primarily used in security & protection applications. The increased need for protective clothing in the military and industrial sectors is estimated to drive the para-aramid fiber market. However, meta-aramid fiber is estimated to witness substantial growth during the forecast period because of its increased usage in industrial filtration applications.
“Security & protection is estimated to be the largest application of aramid fiber market between 2021 and 2026.”
The security & protection application segment led the market in 2020. It is projected to maintain its leading position until 2026 because of the increasing demand from emerging economies such as China, Brazil, and India. They are primarily used for military, industrial, and civil purposes?the need for thermal and ballistic protection is rising in civil law enforcement and armed forces owing to increasing insurgency and terrorism.
“Europe is expected to be the largest aramid fiber market during the forecast period, in terms of value.”
Europe is the largest market for aramid fiber. Stringent safety regulations within industries such as oil & gas, construction, aluminum, and steel are fueling the demand for protective clothing, which is driving the aramid fiber market in Europe. Additionally, friction materials are required for high-end automotive as well as in other industrial sectors that also contribute to the growing aramid fiber market in the region.
In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:
- By Company Type: Tier 1 - 45%, Tier 2 - 30%, and Tier 3 - 25%
- By Designation: C-Level - 46%, Director Level - 25%, and Others - 29%
- By Region: North America - 27%, Europe - 27%, APAC - 33%, South America - 7%, and Middle East & Africa - 6%,
The key market players profiled in the report include Teijin Ltd. (Japan), DuPont De Numerous, Inc. (US), Yantai Tayho Advanced Materials Co., Ltd. (China), Hyosung Corp. (South Korea), Toray Industries, Inc. (Japan), Kolon Industries Inc. (South Korea), Huvis Corporation (South Korea), Kermel (France), China National Bluestar (Group) Co., Ltd. (China), and SRO Aramid (Jiangsu) 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 value and volume 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.
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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:
- 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 COVID-19 on aramid fiber market