Global Aramid Fiber Market is
anticipated to reach US$ 5.90 billion by 2025.
Aramid Fiber implies man-made high-performance fiber; with particles that are
characterized by relatively rigid polymer chains. Factors such as surge in
demand for self-protective clothing from numerous applications such as defense
and industrial sector, strict regulations regarding carbon emissions, rising
disposable income, technological advancement, development of these end-user
industries and rising need of aramid fibers in different industries are likely
to drive the aramid fiber industry in the forthcoming period.
The key factors that could be attributed
to the growth of the market include beneficial properties such as rigid
molecular structure and high strength that propel its application in protection
and security application. Moreover, increasing demand for protective headgear,
protective footwear, safety goggles, earplugs, safety harnesses, gloves, and
others.
On the other hand, the high cost of
production is anticipated to hinder aramid fibers market growth in the future.
However, the facts that these fibers are heat resistant, lightweight, highly
durable, and non-flammable are likely to create lucrative opportunities for the
market. Aramid fiber industry is predicted to expand at a significant CAGR of
8.2% in the upcoming period as the scope, product types, and its applications
are increasing across the globe.
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The key applications that could be
explored in the aramid fiber market include Rubber Reinforcement, Frictional
Materials, Security & Protection, Tire Reinforcement, Optical Fibers,
Aerospace, Electrical Insulation, and Others. The “Security & Protection”
segment accounted for a prominent share in the market. It is likely to witness
substantial growth in the years to come. The key factors that could be
attributed to the growth of the market include rising concerns over the
protection of workers in the industrial and military sectors. The “Security and
Protection” segment is followed by “Optical Fibers” segment.
Aramid fiber market could be explored by
product type, application, and geography. Aramid fiber industry could be
explored by product type as Meta-Aramid, Para-Aramid, and Others. The
“Para-aramid” segment accounted for a prominent share in the market. It is
likely to witness substantial growth in the years to come.
Europe is a leading region in the
market. It is likely to maintain its dominance in the forecast period owing to
factors such as an increase in demand for protective clothing and personal
armor, technological advancement, the presence of the key end user in the
region, and increase in fiber exports to emerging countries.
Europe is followed by Asia-Pacific
region owing to surge in demand for aramid fibers in electrical, automotive,
and construction end-user industries in developing economies such as India and
China. In addition, North America is anticipated to show high growth in the
years to come owing to progressively improving the economy in the region.
Key players operating in the
aramid fiber industry include Teijin Aramid, E. I. du Pont de Nemours, and
Company, Kolon Industries Inc., Yantai Tayho Advanced Materials Co. Ltd.
Kermel, HYOSUNG Corporation, Guangdong Charming Co., Ltd., Alchemie Group, China
National Bluestar Co. Ltd., and SRO Group Ltd. The leading companies are taking
up partnerships, mergers and acquisitions, and joint ventures in order to boost
the inorganic growth of the industry.
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