Description

According to the Market Statsville Group (MSG), the global aramid fiber market size is expected to grow from USD 4,238.4 million in 2021 to USD 9,513.8 million by 2030, at a CAGR of 9.4% from 2022 to 2030. The factors contributing to the growth of the aramid fiber market include rising demand for lightweight and flexible materials in the automotive, military & defense industries for various applications. Furthermore, laws that reduce carbon emissions force several industrial companies to seek out lightweight, sturdy, and fuel-efficient alternatives. These factors are expected to fuel the aramid fiber market during the forecast period. However, the expensive R&D expenses and non-biodegradable nature of aramid fibers, on the other hand, may hinder the industry's expansion.

Global Aramid Fiber Market Definition

Aramid fiber is a high-performance organic fiber derived from aromatic polyamides that are man-made. High strength, good resistance to heat, abrasion, organic solvents, non-conductivity, and low flammability are all features of aramid fiber. It is primarily utilized in composites, ballistics, optical fiber cables, and protective garments against heat and chemicals, among other applications.

COVID-19 Impact on the Global Aramid Fiber Market

The oil and gas, automobile, chemical, and telecommunication industries heavily rely on the aramid fiber business. The disrupted supply chain during the pandemic and delays in the refining and petrochemicals industries, which are the primary end-users of aramid fiber, it has been moderately impacted. Though the market is gradually improving, it will be some time before the chemical and petrochemical sectors resume a steady growth path. Refining and petrochemical industries will likely recover faster than construction and power generating.

Scope of the Global Aramid Fiber Market

The study categorizes the aramid fiber market based on type and application at the regional and global levels.

By Type (Sales, USD Million, 2017-2030)

• Para-aramid fiber
• Meta-aramid fiber

By Application (Sales, USD Million, 2017-2030)

• Security & Protection
• Frictional Materials
• Industrial Filtration
• Optical Fibers
• Rubber Reinforcement
• Tire Reinforcement
• Electrical Insulation
• Others

By Region Outlook (Sales, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Para-aramid fiber segment is projected to account for the largest market share by type

In 2021, the para-aramid fiber segment accounted for the largest market share in the global aramid fiber market. Security and protection are the primary applications for para-aramid fiber. The para-aramid fiber market is expected to be driven by the rising need for protective gear in the military and industrial sectors. However, owing to its expanding use in industrial filtration applications, meta-aramid fiber is expected to develop significantly during the projected period.

While Europe is estimated to hold the highest CAGR in the global aramid fiber market during the forecast period. Safety restrictions in industries including oil and gas, construction, aluminum, and steel are boosting the demand for protective garments in Europe, which is driving the aramid fiber market. Friction materials are also required in high-end automotive and industrial sectors, contributing to the region's rising aramid fiber market.

Key Market Players in the Global Aramid Fiber Market

The global aramid fiber market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.

Major players in the global aramid fiber market are:

• Teijin Ltd.
• DuPont De Numerous, Inc.
• Yantai Tayho Advanced Materials Co., Ltd.
• Hyosung Corp.
• Toray Industries, Inc.
• Kolon Industries Inc.
• Huvis Corporation
• Kermel
• China National Bluestar (Group) Co., Ltd.
• SRO Aramid (Jiangsu) Co. Ltd.

Recent Developments

• In November 2020, Teijin Ltd. created high-performance para-aramid fibers using renewable resources. Car tires, airfreight containers, and protective apparel are all examples of applications for these fibers.
• In May 2021, DuPont launched DuPont Kevlar MicroCore, a new high-temperature-resistant, superfine fiber material used in battery separators to meet the growing need for safer, higher-performing lithium-ion batteries for electric vehicles (EVs).

Key Issues Addressed

• What is the market size by various segmentation of the aramid fiber by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the aramid fiber market?
• What are the key opportunities and trends for manufacturers involved in the aramid fiber supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of aramid fiber in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.