09 January 2020
Visiongain’s new report Aramid Fiber Market Report 2020-2030: Forecasts by Product (Para-aramid, Meta-aramid), Application (Aerospace, Electrical Insulation, Frictional Materials, Optical Fibers, Rubber Reinforcement, Security & Protection, Tire Reinforcement, Others), and by region and analysis of leading companies operating in this industry.
The global aramid fiber market is anticipated to surpass USD 8 billion by 2030 while growing at a lucrative CAGR of 8.5% during the forecast period from 2020 to 2030.
The growth of the global aramid fiber market is expected to increase owing to its usage for protection and security measures. The material has significant applications in the military and aerospace industries where it is used in the manufacturing of ballistic body armor fabrics and the manufacturing of ballistic composites for bicycle tires, naval hull, and marine cordage reinforcement. It is also widely used as a steel and asbestos substitute. The growing demand for protective equipment from mining, oil & gas, and construction sectors has boosted the global aramid fibers market.
These fibers are used for tires, plastics, cables, ropes, and as an asbestos substitute. They are also used in bulletproof jackets and fireproof clothing manufacturing. Military & security, telecommunications, & automotive among others, are the end-user industries of aramid fiber.
The key manufacturers of aramid fiber are investing in research and development to increase production efficiency and boost product quality while lowering the cost of production. The cost of manufacturing, however, is influenced by the volatility in the prices of raw materials as the latter accounts for the major share of the total cost of production. Aramid fiber has emerged as a possible replacement for the suspected carcinogenic asbestos and other hazardous fibers as it can replace these products in applications such as health & defense and frictional materials.
In the year 2018, para-aramid fiber dominated the global market capturing over 70% market share owing to its wide usage applications comprising protective gloves, ballistic protection, & wire & cables. Also, it is anticipated that the product's exclusive features such as excellent ballistic properties, & great chemical resistance would drive its adoption over the forecast period.
Due to a wide range of applications including electrical insulation, frictional materials, and rubber reinforcement, Europe dominated the global aramid fiber market, which accounted for over 30% market share in the year 2018. Also, the growing demand for high-bandwidth fiber optic cables for deployment in IT infrastructure is likely to have a positive effect on consumer use in the category of optical fibers.
Asia Pacific aramid fiber market is anticipated to witness significant growth owing to increased employment of security and protection measures across several industries. However, growing military expenditure in major countries like India & China due to increasing geopolitical tensions is likely to offer fresh revenue generation avenues for the aramid fiber market players. Also, the rising investment in healthcare, construction, manufacturing, internet infrastructure, & strong growth in the telecommunications industry are likely to boost market growth further.
Some of the key aramid fiber market players include China National Bluestar (Group) Co., Ltd., DowDuPont Inc., Huvis Corp, Hyosung Corp., Kermel, Kolon Industries Inc., Sro Aramid (Jiangsu) Co. Ltd., Taekwang Industrial Co., Ltd., Teijin Ltd., Toray Industries Inc., Yantai Tayho Advanced Materials Co. among other prominent players.
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