The global aramid fiber market is set to witness an impressive growth rate of 5.3% over the forecasted years of 2022 to 2032. The global aramid fiber market size is anticipated to reach a valuation of around US$ 6.4 Billion by the end of year 2032 from the current valuation of US$ 3.8 Billion in 2022.
The global aramid fiber market is being driven by the rising necessity for extremely lightweight polymers from the automobile and armed services & defense sectors for a variety of applications. Additionally, the restrictions pertaining to the reduction of carbon emissions force a number of industrial participants to search for substitute reinforced fibers have fueled the growth aramid fiber market growth even more.
Several industrial protection products are the major application segment of the global aramid fiber market, which is also anticipated to rise positively, thanks to the rising usage of the aromatic polyamides in personal protective gears especially those that are resistant to bullets and stabs as well as used in helmets and surgical gloves. The need for protective gears is being fueled by strict safety rules for the workers in sectors including oil and gas, construction, aluminum, and steel, which would be boosting the global aramid fiber market opportunities all over the world.
Owing to its growing demand for several modern-day industrial applications, the para-aramid fiber type is expected to experience the most substantial expansion among all the product types. In contrast, the global aramid fiber market opportunities are anticipated to get constrained by substantial R&D expenses and the non-biodegradability of aramid fibers.
Key Takeaways from Market Study
- The absolute growth of the global aramid fiber market in terms of dollars is estimated to be around US$ 3.4 Billion during the coming decade by following the average CAGR of 5.3%.
- The para-aramid fiber group holds the major share of the global aramid fiber market by contributing for almost 75% of the sales achieved globally.
- While the meta-aramid fiber group is expected to witness the highest growth rate owing to its better thermal resistance capacities.
- In application categories, security & protection segment remains the dominant sector for the global aramid fiber market share.
- On the other hand, recent developments in automobile industry have rendered the frication material application segments as a lucrative option for several global aramid fiber market players.
- Traditionally, Europe retained the leading market for aramid fiber composited, that has overturned in recent years owing to the industrialization and gradual trade shift towards the Asia Pacific economies.
- The Asia Pacific region is projected to grow at a pace of 6% CAGR, mainly driven by the China aramid fiber market.
Competitive Landscape
Some of the major global aramid fiber market players are Teijin Ltd., Yantai Tayho Advanced Materials Co, E. I. du Pont de Nemours and Company (DowDuPont), Hyosung & Hyosung Corp., Toray Chemicals South Korea, Inc., Kermel S.A., Kolon Industries, Inc., Huvis Corp., China National Bluestar (Group) Co., Ltd., and SRO Aramid (Jiangzu) Co., Ltd. among others.
Recent Developments in the Global Aramid Fiber Market:
- The anticipated 25 percent improvement for TEIJIN LIMITED’s Twaron aramid fibers entered its next phase in November 2019. This key aramid fiber company’s operation is expected to benefit from the production boost, which is anticipated to happen by 2022 at both of its Dutch plants in Delfzijl and Emmen.
- Teijin Ltd. achieved the development of high-performance para-aramid fibers using eco-friendly raw materials in 2020. Numerous products, such as vehicle tires, air transport vessels, and personal protective apparels, utilize these fibers.
These insights are based on a report Aramid Fiber Market by Future Market Insights
