NEW
YORK, June 19, 2024 /PRNewswire/ -- The
global aramid fiber market size is estimated to grow by
USD 1.19 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 3.73% during the forecast period. Increasing demand
from emerging economies is driving market growth, with a
trend towards increasing spending on defense industry.
However, slower adoption in emerging applications poses
a challenge. Key market players include Aramid HPM LLC,
China National Bluestar (Group)
Co.Ltd., DuPont de Nemours Inc., Huvis Corp., Hyosung Corp.,
Kermel, Kolon Industries Inc., Lydall Inc., Shanghai J and S New
Materials Co.Ltd., Shenma Industrial Co. Ltd., Sinopec Shanghai
Petrochemical Co. Ltd., Solvay SA, Supermax New Materials Co. Ltd.,
Suzhou Zhaoda Specialy Fiber Technical Co. Ltd., Teijin Ltd., Toray
Industries Inc., Toyobo Co. Ltd., and Yantai Tayho Advanced
Materials Co. Ltd..
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Aramid Fiber Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
3.73%
|
Market growth
2024-2028
|
USD 1191.9
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
3.54
|
Regional
analysis
|
Europe, North America,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
32%
|
Key
countries
|
US, China, Germany, UK,
and Japan
|
Key companies
profiled
|
Aramid HPM LLC, China
National Bluestar (Group) Co.Ltd., DuPont de Nemours Inc., Huvis
Corp., Hyosung Corp., Kermel, Kolon Industries Inc., Lydall Inc.,
Shanghai J and S New Materials Co.Ltd., Shenma Industrial Co. Ltd.,
Sinopec Shanghai Petrochemical Co. Ltd., Solvay SA, Supermax New
Materials Co. Ltd., Suzhou Zhaoda Specialy Fiber Technical Co.
Ltd., Teijin Ltd., Toray Industries Inc., Toyobo Co. Ltd., and
Yantai Tayho Advanced Materials Co. Ltd.
|
Market Driver
The global defense industry's growth, driven by investments from
China, the US, Russia,
Saudi Arabia, India, Japan,
and France, is boosting the demand
for advanced military aircraft. This trend is leading to an
increase in the use of aramid fibers in composite materials for
these aircraft. Consequently, the aramid fiber market is
experiencing significant growth due to the rising demand for
fighter, attack, and bomber aircraft.
The Aramid fiber market has seen significant growth in recent
years due to its unique properties. These fibers offer high
strength and resistance to heat, chemicals, and abrasion. The trend
towards lightweight and durable materials in various industries,
such as automotive, aerospace, and protective clothing, is driving
demand for Aramid fibers. Ballistic vests and bulletproof materials
are major applications. The use of Aramid fibers in composite
materials is also increasing, particularly in the construction
sector. The market is expected to continue growing, with increasing
demand from emerging economies. The cost-effective production of
Aramid fibers is a key factor in their increasing use. The industry
is also focusing on research and development to improve the
performance and reduce the cost of Aramid fibers. The market is
competitive, with major players including DuPont, Teijin, and
Kevlar.
Research report provides comprehensive data on
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Report
Market Challenges
- Aramid fibers, known for their energy efficiency and superior
properties, are underutilized in various industries beyond
automotive, aerospace, and defense. These industries include
electrical and electronics, marine, and wind turbines. Limited
awareness among industry players in developing countries hinders
the adoption of aramid fibers in emerging industries. This lack of
awareness poses a challenge for aramid fiber manufacturers,
potentially slowing down market growth during the forecast
period.
- The Aramid fiber market faces several challenges in its
production and application. One major challenge is the high cost of
production, which makes Aramid fibers more expensive than other
alternatives. Another challenge is the limited availability of raw
materials, particularly para-aramid and meta-aramid, which are
essential for Aramid fiber production. Additionally, the market is
highly competitive, with numerous players vying for market share.
Reducing production costs and increasing efficiency are key
priorities for companies in this industry. Furthermore, the market
is subject to regulatory pressures, with strict safety and
environmental regulations that must be adhered to. Lastly, the
market is also influenced by technological advancements, which can
impact the demand for Aramid fibers in various industries.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This aramid fiber market report extensively covers market
segmentation by
- Product
- 1.1 Para-aramid
- 1.2 Meta-aramid
- End-user
- 2.1 Automotive
- 2.2 Aerospace and defense
- 2.3 Electrical and electronics
- 2.4 Others
- Geography
- 3.1 Europe
- 3.2 North America
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Para-aramid- The para-aramid product category
dominated the Aramid Fiber Market in 2023, driving significant
revenue growth. Its superior strength-to-weight ratio, high tensile
strength, and modulus behavior are key factors fueling segment
expansion. The product's desirable qualities, such as low
elongation to break, good chemical resistance, heat and flame
resistance, and ballistic properties, are increasing demand across
various industries. Government regulations prioritizing workplace
safety in sectors like oil and gas, healthcare, and manufacturing
are expected to boost market growth further.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Aramid Fiber Market encompasses para-aramid and meta-aramid
fibers, primarily utilized in the production of protective apparel.
These lightweight materials offer superior strength and resistance
to heat, making them essential in various industries. The market
witnesses significant demand in sectors such as homeland security,
defense spending, medical business, and oil & gas industry. The
non-biodegradable nature of aramid fibers raises concerns regarding
pollution reduction. However, ongoing research on artificial
molecules and composite materials aims to mitigate this issue. The
market also caters to the aviation industry, sports goods industry,
military vehicles industry, and fabric production industry. Raw
material costs and market trends in the military sector and
aerospace sector significantly influence the Aramid Fiber Market.
Wagon tipplers and belt conveyor systems are among the applications
of aramid fibers, further expanding the market scope.
Market Research Overview
The Aramid Fiber Market encompasses the production, supply, and
application of aramid fibers worldwide. These high-performance
fibers are known for their exceptional strength, heat resistance,
and low weight. Aramid fibers are commonly used in various
industries, including automotive, aerospace, protective clothing,
and composites. The market for aramid fibers is driven by the
increasing demand for lightweight and durable materials in these
sectors. Additionally, the growing trend towards the use of
sustainable and eco-friendly materials in manufacturing processes
is expected to boost the market's growth. The market for aramid
fibers is expected to witness significant growth in the coming
years due to these factors.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- End-user
-
- Automotive
- Aerospace And Defense
- Electrical And Electronics
- Others
- Geography
-
- Europe
- North America
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio