The global aramid fiber market is primarily driven by the increasing demand for protective clothing from military & defense, and industrial sectors.
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Aramid Fiber Market Synopsis:
Aramid is a manmade organic polymer belonging to a class of heat-resistant and strong synthetic fibers and exhibiting low flammability, non-conductivity, high melting point, etc. As per Market Research Future (MRFR)’s analysis, the global aramid fiber market is expected to signify increasing applications reflecting a moderate CAGR over the projection period 2017 to 2023. The increasing investments in the defense sector to address cross-border terrorism and in-house militancy is likely to fuel demand for aramid fiber in the upcoming years. It is extensively used in the development of bulletproof clothing which is anticipated to encourage the growth pattern of the market. Also, rapid industrialization in conjunction with the implementation of labor laws is poised to support the proliferation of the protective clothing industry. This, in turn, has been projected to augment the global aramid fiber market in the years to come.
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The growth of the automotive sector is another key factor expected to contribute to the development of the aramid market over the assessment period. As aramid is extensively used for the making hoses, gaskets, belts, tires, clutches, brake pads, etc. in automobiles, the increasing demand for vehicles is expected to motivate the growth pace of the market in the forthcoming years. Similarly, rising demand from other end-user industries such as construction, aerospace, etc. is anticipated to have a favorable influence on the proliferation of the aramid fiber market.
The market is expected to witness demand generation from the consumer goods industry owing to increasing demand for lightweight products. Also, innovative uses of aramid are likely to be observed in the production process of gadgets which is forecasted to expedite the expansion of the aramid fiber market over the next couple of years. To illustrate, Tokyo-based Teijin Ltd. announced that its aramid fiber, Technora black, has been selected for the back panel of SHARP’s flagship smartphone model, AQUOS zero. However, the non-biodegradable nature of the fiber remains an impediment to market growth.
Market Segmentation:
By type, the global aramid fiber market has been segmented into meta-aramid, para-aramid, and others.
By application, the aramid fiber market has been segmented into security & protection, frictional materials, rubber reinforcement, optical fiber, electrical insulation, and others.
By end-user industries, the global aramid fiber market has been segmented into aerospace & defense, automotive, consumer goods, marine, and others.
Competitive Dashboard:
The key players contributing to the growth of the aramid fiber market are TEIJIN LIMITED (Japan), HYOSUNG (South Korea), Yantai Tayho Advanced Materials Co., Ltd (China), Toray Chemicals Korea Inc. (South Korea), Kolon Industries, Inc. (South Korea), KERMEL (France), Huvis (South Korea), SRO Aramid (Jiangzu) Co., Ltd. (China), China National Bluestar (Group) Co. Ltd. (China), and IBIDEN CO., LTD. (Japan).
Industry News:
In January 2019, PolyOne Corp., which is a provider of specialized polymer materials, services, and solutions, has announced the acquisition of a global leader in customized engineered fibers, Fiber-Line, for a worth of USD 120 Mn.
In September 2018, South Korean textile specialist Kolon Group’s R & D facility designed by the Morphosis sports a shading system made of fiber-reinforced plastic. The units of the sunshade are parametrically shaped and are made of high-tech fabrics, aramid, for enhanced tensile strength.
Regional Analysis:
The geographical study of the global aramid fiber market covers five regions, viz. Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa (MEA). Asia Pacific is anticipated to become the fastest growing regional market owing to the rapid advancements in the end-user industries. The economic development of the region is the primary growth-inducing factor responsible for the expansion of the aramid fiber market. Also, the increasing demand for lightweight vehicles is poised to favor the expansion of the aramid fiber market in the region over the next few years.
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Name: Akash Anand
Organization: Market Research Future
Address: Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar, Pune – 411028
Phone: +1 646 845 9312
Website: https://www.marketresearchfuture.com/reports/aramid-fiber-market-5868
Source: MarketersMedia
Release ID: 512344
