WorldWide Aramid Fiber Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 - 2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Aramid Fiber Market

Industry / Sector Trends

Aramid Fiber Market size was over USD 2.5 billion in 2016 and is likely to witness over 8% CAGR during the projected timespan.
 

U.S. Aramid Fiber Market Share, By Application, 2013 - 2024 (USD Million)
 

Increasing needs for protective and security measures is anticipated to augment the growth of global aramid fiber market. The product has major applications in military and aerospace industries where it is used in manufacturing ballistic body armor fabrics and in making ballistic composites of bicycle tires, reinforcement of marine hull and marine cordage. It is also extensively used as a substitute for steel and asbestos. Increasing demand of protective equipment from industries such as mining, oil & gas and building & construction has resulted in and improved demand for the product from these sectors. The global military expenditure has also increased from USD 1,135 billion in the year 1992 to USD 1,739 billion in 2017. With the rising need for technical advancements of the military armor, military investments by various governments across the globe have been intensified which in turn is expected to uplift the market demand.
 

Product demand is expected to increase from the protective clothing sector throughout the forecast period. The Netherlands organization for Applied Scientific Research has also established that by adding 10 to 15% of aramid fiber in PA66, wear reduction of around 20% can be achieved. Moreover, technological advancements in reducing soldier’s load and in improvising personal protection is estimated to uplift the demand for light weight and soft armor in the upcoming years, which is likely to augment the market.
 

High production cost of these fibers can act as a major restraint to the market growth over the projected time frame. Aramid fiber market suffers from price volatility which is partially linked to the intensifying research and development activities in the market. For instance, Teijin aramid had also increased the prices up to 7% in 2014. The hike in prices was due to increasing investment in manufacturing techniques. Apart from this, stringent government regulations regarding workers safety also acts as a major hindrance to market growth.
 

Market Segmentation, Outlook & Regional Insights: Aramid Fiber Market

 Aramid Fiber Market, By Product

On the basis of product, the market is classified as para aramid, meta aramid fibers and copolyimide. Among all the product types, para aramid segment holds the highest market share, which is attributed to its increasing use in high technical applications such as military and aerospace in making bullet proof body armors. Also. Meta and para aramid fiber are used to make aramid papers. These categories of fibers are generally used in lorries, aircrafts and in ballistic protection including bullet vest, vehicle armor and helmet. On the other hand, meta aramid fibers offer high resistance to chemical degradation, abrasion and temperature. This type of fibers possesses a capability to withstand high tensile stress if exposed to temperatures up to 400 degree Celsius.
 

Aramid Fiber Market, By Application

The product has ample number of applications in the industry including safety applications, optical fibers, frictional materials, tire reinforcement, rubber reinforcement and electrical insulation among others. Safety segment accounts for the largest share in the market, which is attributed to increasing concerns over personnel protection in industrial and military sectors. Another key application projected to grow at a fast rate in future is electrical insulation segment. Aramid fibers are used in electric motors, traction motors and in electric heating equipment.
 

Region Insights

North America has emerged as the largest aramid fiber market share for owing to increasing expenditure on military and defense equipment. The USA has been one of the most renowned players in military and defense industry from decades and is one of the key exporters of military equipment across the world. The USA administration has also increased focus on strengthening nation’s defense and military sector and in order to achieve these goals, the government has also increased its defense budget in 2019. Moreover, countries like Russia, India and China have also increased their military expenditure by around 5.9%, 8.5% and 5.4% respectively. Global demand for defense products is witnessing a growth in eastern Europe, Middle East and North Korea. An increasing demand from defense sectors is expected to drive the product demand in these regions.
 

Key Players, Recent Developments & Sector Viewpoints: Aramid Fiber Market


Few key players in the aramid fiber market share are Teijin Ltd, E. I. du Pont de Nemours and Company, Toray Chemicals South Korea, Inc., Kolon Industries, China National Bluestar (Group) Co., Yantai Tayho Advanced Materials Co and Huvis Corp. companies are keen to adopt new strategies to enhance their product portfolio. For instance, Hyosung Corporation introduced aramid bulletproof helmets at ‘Eurosatory 2016’ in Paris. Through this launch, Hyosung strengthened its position in the bulletproof product market
 

Industry Viewpoint

 

Aramid fibers falls in the class of strong and heat resistant synthetic fibers and have applications in various sectors including aerospace, oil & gas, mining etc. Growing demand from aerospace and automotive industries is one of the major growth drivers for the market as it is used in manufacturing cabin panels and various other structural parts of aircraft and high performance automobile. The product is also used as substitute for asbestos and steel

Key Insights Covered: Exhaustive Aramid Fiber Market
1.  Market size (sales, revenue and growth rate) of Aramid Fiber industry.
2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of Aramid Fiber industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Aramid Fiber industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Aramid Fiber industry.

Research Methodology: Aramid Fiber Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.