Global Aramid Fiber Market Size & Share, Market Research and Industry Forecast Report, 2027 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Global Aramid Fiber Market


The global aramid fiber market size was estimated at USD 3.6 billion in 2019, growing at a revenue-based CAGR of 8.2% over the forecast period. Rising demand for the product from various industries such as oil and gas, healthcare, manufacturing, and others owing to stringent government regulations related to workplace safety is estimated to fuel market growth over the forecast period.

Increasing use of aramid fiber for composites reinforcement in military vehicles, sports goods, and aircrafts is expected to benefit market growth. Ascending demand for protective equipment such as safety goggles, protective footwear, and hand protection is anticipated to propel product demand, thereby driving the market.

The U.S. market for aramid fiber is anticipated to exhibit a revenue-based CAGR of 8.3% from 2020 to 2027 and reach USD 1.4 billion in 2027. Increasing onshore and offshore drilling activities coupled with growing shale and oil and gas industry are expected to drive the demand for aramid fiber in the country over the forecast period.
Factors such as high manufacturing cost and initial investments coupled with fluctuating prices of the raw materials is likely to limit the market growth over the forecast period. However, growing investments towards the development of innovative technologies aimed at lowering the manufacturing cost is projected to result in the industry growth.
Properties of the product including excellent flame and heat resistance, high strength, toughness, modulus, low creep, thermal dimensional stability, and light weight are projected to propel its demand. In addition, increasing use of aramid fiber in transformers and generators to improve the performance of the products is likely to further boost the industry growth.

Increasing demand for new commercial aircrafts coupled with the growing passenger volumes is projected to promote the product demand. In addition, growing application of aramid fibers in helicopter rotor blades, wing assemblies, seat propellers and enclosures for internal parts is anticipated to benefit the market growth over the forecast period.

Product Insights of Global Aramid Fiber Market

The para-aramid product segment dominated the aramid fiber market in 2019 and is projected to exhibit a revenue-based CAGR of 8.1% from 2020 to 2027. The excellent strength-to-weight ratio coupled with high tensile strength and modulus behavior is anticipated to benefit segment growth over the forecast period.

The product exhibits properties such as low elongation to break, good chemical resistance, good heat and flame resistance, and excellent ballistic properties. This, in turn, is expected to fuel its demand over the forecast period. In addition, high cut resistance and good chemical resistance is projected to promote its consumption across various applications including aerospace, security and protection, and frictional materials.

Meta aramid fiber is manufactured using wet spinning technology that includes spinning of the fiber in a chemical solution and forming a semi-crystalline product. The product exhibits the ability to sustain extreme tensile stress when exposed to flames and temperature up to 400°C, which favors its adoption in high-temperature applications.
The meta-aramid fiber segment accounted for USD 881.4 million in 2019 and is projected to witness a revenue-based CAGR of 8.8% from 2020 to 2027. Growing adoption of the product in protective clothing for military personals, electrical insulation, auto racers, and protective equipment is projected to benefit market growth over the forecast period.

Application Insights of Global Aramid Fiber Market

The security and protection segment accounted for the largest market share in terms of revenue and is anticipated to exhibit a revenue-based CAGR of 9.2% from 2020 to 2027. Increasing use of the product in bullet resistant and protective clothing and stab-resistant products such as helmet and protective gloves, is projected to benefit the growth of the application segment.

Aramid fiber is increasingly used in aerospace components such as primary wing, and fuselage structure in new generation aircrafts, landing gear doors, and leading and trailing edge panels. The properties of the product including its superior strength, impact resistance, and low weight are projected to result in high product consumption.

Aramid fibers are extensively used as a replacement for asbestos in friction and sealing products. In addition, the product is also used as reinforcement in friction products such as brake pads and clutch plates. Moreover, they are also used in high pressure/temperature hoses, gaskets, and seals. This is anticipated to benefit market growth over the forecast period.

Others segment includes various applications such as composites, filtration, ropes and cables, recreational goods, and adhesives and sealants. Low density, high strength, good impact and abrasion resistance, excellent chemical resistance, and good resistance to thermal degradation are some of the key beneficial characteristics that are encouraging product adoption.

Regional Insights of Global Aramid Fiber Market

Asia Pacific market for aramid fiber accounted for USD 811.4 million in 2019 and is expected to witness growth owing to rising employment of security and protection measures across several industries. In addition, increasing demand for the internet from emerging economies, rapid industrialization, and robust growth in the telecom industry are likely to drive productdemand.

Rising military expenditure in major economies such as China and India on account of increasing geopolitical tensions is likely to offer growth opportunities for the product. In addition, rising investments in construction, manufacturing, and healthcare sectors are anticipated to drive product demand over the forecast period.
North America market is anticipated to witness a revenue-based CAGR of 8.8% and reach USD 2.1 billion in 2027. The growing number of refurbishing activities in the region coupled with stringent regulations pertaining to the security and protection measures of workers across various industries is projected to fuel industry growth.
The protection standards laid down by the American National Standards Institute (ANSI) in U.S. related to personnel protective equipment is likely to further fuel the demand for products such as protective gloves, helmets, and protective clothing. This is projected to benefit the expansion of the market in North America over the forecast period.

Aramid Fiber Market Share Insights

The key players are employing strategies such as joint ventures, technical collaboration, capacity expansion, mergers and acquisition in order to gain stronger market position. In addition, the manufacturers are also engaged in developing cost-effective and high-quality production to gain higher market share.

Yantai Tayho Advanced Materials Co., a manufacturer of aramid fiber operating in China, invested USD 89 million in July 2018 in order to expand its para-aramid manufacturing facility in China. The strategic initiative adopted by the company is projected to strengthen its market position in China and across the globe.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Global Aramid Fiber Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the segments from 2016 to 2027. For the purpose of this study, this market research report has segmented the global aramid fiber market report on the basis of product, application, and region:

Product Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)

  
Para-aramid
  
Meta-aramid

Application Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)

  
Security & Protection
  
Frictional Materials
  
Rubber Reinforcement
  
Optical Fibers
  
Tire Reinforcement
  
Electrical Insulation
  
Aerospace
  
Others