Luton, Bedfordshire, United Kingdom, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Aramid Fiber Market.
The global aramid fiber market is projected to reach USD 6.84 billion by 2029 from USD 3.10 billion in 2022, at a CAGR of 9.2% from 2023 to 2029.
Aramid fiber is a synthetic organic polymer produced by twisting a liquid crystalline realistic alternative of long-chain polymer materials in concentrated h2so4. Intermolecular hydrogen bonds connect the molecules of this fiber, giving it incredible stability and durability to heat, abrasion, and organic solvents, as well as a high melting point. It is primarily used for insulation, the production of safety equipment for fire crews, racing drivers, and military personnel, and the production of thermal applications in aerospace and automotive equipment. In the construction industry, aramid fiber is used to make fiber-reinforced cementations and highly corrosive thermoplastic pipes, which extend the life of the piping system and reduce maintenance costs.
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Aramid Fiber Market Recent Developments
- June 2022: Teijin Aramid B.V. introduced the Woven Matrix concept for the easy manufacturing of various ballistic protection solutions. The company's high-performance para-aramid, Twaron, is used to create the woven matrix. The new fabric-based matrix technology would help the company assist its defense and security customers in streamlining their manufacturing processes by reducing the need for pre-pegging activities.
- May 2022: Taekwang Industry announced an investment of USD 112 million to boost aromatic polyamide (aramid) production from 1,500 tons to 5,000 tons per annum by 2025.
Asia Pacific is expected to 46% hold the largest share of the global aramid fiber market owing to an increase in the use of security and protection measures in a variety of industries.
Furthermore, rising internet demand from emerging economies, fast industrialization, and strong expansion in the telecom industry are expected to boost product demand. As a result of rising geopolitical tensions, large nations like as China and India are projected to increase their military spending, providing growth prospects for the product. Over the projected period, increased investments in the construction, industrial, and healthcare sectors are expected to fuel product demand. North America market is anticipated to grow faster in coming years. The rising number of refurbishment operations in the region, combined with strict rules governing worker security and protection across numerous industries, is expected to drive industry growth.
Several other key factors propelling the growth of the market, in the long run, are:
- Increasing wireless infrastructure revenue
- Surging tire replacement demand coupled with an expected recovery in automotive production
- Expected rebound in commercial and regional aircraft deliveries
- Growing military expenditure
- Increasing mining production
- The fibers' upper hand among their arch-rivals such as steel and carbon fibers
Growing aerospace and defence sector is an opportunity for market growth.
Aramid fibres can be utilised in various sorts of aircraft, including hot air balloons, spacecraft, fighter planes, passenger airlines, and space shuttles, for structural applications. Commercial flights are always innovating to improve performance and increase fuel efficiency as fuel costs rise. Because aramid fibre is lightweight, it has been proposed as the best option for improving fuel efficiency. In addition, increased security concerns around the world have made aviation the favoured mode of transportation. As a result, the use of aramid fibre in aeroplanes is growing, as it provides both corrosion and impact resistance. Temperature stability, durability, and improved vision systems are also included.
Aramid Fiber Market Report Scope
| Report Attribute | Details |
| Market size value in 2022 | USD 3.10 billion in 2022 |
| Revenue forecast in 2029 | USD 6.84 billion by 2029 |
| Growth rate | CAGR of 9.2% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2022 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
| Key companies profiled | 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 Co., Ltd., and SRO Aramid (Jiangsu) Co. Ltd. |
| Key Market Drivers | The growing demand for lightweight materials in security and protection applications is expected to fuel the market’s expansion. |
The presence of large industry players carrying out strategic initiatives will drive market share.
The major players operating in the global aramid fiber industry include 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 Co., Ltd., and SRO Aramid (Jiangsu) Co. Ltd. The presence of established industry players and is characterized by mergers and acquisitions, joint ventures, capacity expansions, substantial distribution, and branding decisions to improve market share and regional presence. Also, they are involved in continuous R&D activities to develop new products as well as are focused on expanding the product portfolio. This is expected to intensify competition and pose a potential threat to the new players entering the market.
Browse Detailed Research Insights with Table of Content:
https://exactitudeconsultancy.com/reports/11990/aramid-fiber-market/
Key Market Segments: Aramid Fiber Market
Aramid Fiber Market by Product, 2020-2029, (USD Million) (Kilotons)
- Para-Aramid
- Meta-Aramid
Aramid Fiber Market by Application, 2020-2029, (USD Million) (Kilotons)
- Security & Protection
- Frictional Materials
- Rubber Reinforcement
- Optical Fibers
- Tire Reinforcement
- Electrical Insulation
- Aerospace
Future of Aramid Fiber Market
“Given its robust physical properties, thanks to the stiff molecular composition, the sales of aramid fibers have overtaken the business of many conventional synthetic fiber markets in a very short span of time.”
Throughout the course of the projected timeframe spanning over 2023 to 2029, it is anticipated that increasing demand for aramid fiber from a multitude of sectors, including petroleum industry, medical services, fabrication, and others, might propel the target market's expansion.
The expanding refurbishment operations together with strict rules governing safety at work & wellbeing in a variety of sectors are expected to drive the US aramid fiber market opportunities. Such measures are also anticipated to help the expansion of global aramid fiber market adoption trends in Latin American countries as well.
Aramid Fibers Market Drivers:
Growing spending in defense sector by several countries is driving growth of the aramid fibers market. Total global military expenditure increased by 0.7 per cent in real terms in 2022, to reach $2113 billion. The five largest spenders in 2022 were the United States, China, India, the United Kingdom and Russia, together accounting for 62 per cent of expenditure, according to the Stockholm International Peace Research Institute (SIPRI).
Increasing demand from aerospace sector is another key factor expected to propel market growth. According to Boeing, the market value for commercial airplanes is expected to reach USD 3.1 trillion by 2029, as operators replace older jets with more fuel-efficient models and expand their fleets to accommodate the steady rise in air travel across the emerging and established markets.
Aramid Fibers Market Restraints:
Availability of alternative with improved properties is expected to restrict the market growth. LCP fibers, glass fibers, and carbon fibers have better properties than aramid fibers in some applications.
Unfavorable conditions arising due to Covid-19 impact on the global economy is another major factor expected to hamper the market growth. Due to impose of lockdown in order to prevent spread of infection, industrial activities and plant construction projects have been affected worldwide. Such situation has created negative impacts on the aramid fiber market.
Key Question Answered
- What is the current scenario of the global aramid fiber market?
- What are the emerging technologies for the development of aramid fiber devices?
- What are the historical size and the present size of the market segments and their future potential?
- What are the major catalysts for the market and their impact during the short, medium, and long terms?
- What are the evolving opportunities for the players in the market?
- Which are the key regions from the investment perspective?
- What are the key strategies being adopted by the major players to up their market shares?
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