Aramid Fiber Market - Global Industry Analysis & Forecast | 2024
Aramid fiber is a fiber with a long chain of synthetic polyamide. Aramid polymer is prepared by a reaction between carboxylic acid halide group and amine group. Aramid fiber is produced by spinning the dissolved aramid polymer to a solid fiber from a liquid chemical blend. Depending on their components, aramid fibers have been divided into para-aramid fiber and meta-aramid fiber. As plastic composite materials, para-aramid fibers are used in body, floor, and wall materials of airplanes, fishing rod, golf club, bow, ski, etc. Additionally, these fibers are used as a substitute of reinforced concrete for curtain walls for multistoried building. Meta-aramid fibers are used in clothing for fire-fighters, filter cloth for high-temperature, uniforms for high-temperature workings, car racing suits, heat insulating materials, etc. Aramid fiber is employed in end-user industries such as aerospace & defense, automotive, electrical, electronics & communication, construction, and sports goods. In terms of revenue, the global aramid fiber market was valued at US$ 2,598.2 Mn in 2014 and is projected to reach US$ 5,099.1 Mn by 2023, expanding at a CAGR of 7.8% from 2015 to 2023.
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Para-aramid fiber is extensively used in the automotive and aerospace & defense end-user industries. It was the largest product segment of the global aramid fiber market, accounting for more than 70% share in 2014. Para-aramid fiber is also expected to be the fastest growing product segment of the aramid fiber market in the next few years. In terms of end-users, automotive emerged as the largest segment of the aramid fiber market with a share of more than 35% in 2014. The segment is likely to witness considerable growth during the forecast period. Electrical is expected to be the fastest growing end-user segment of the aramid fiber market, expanding at a CAGR of 8.3% in terms of revenue from 2015 to 2023. Rising demand for industrial protective clothing and growth in global automotive market is expected to drive the global aramid fiber market during the forecast period.
Based on region, the global aramid fiber market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Europe was the largest regional market for aramid fiber, constituting over 35% share in 2014. Increase in demand for protective clothing and personal armor is anticipated to boost the aramid fiber market in Europe in the next few years. This rise in demand can be primarily ascribed to the increase in export to developing countries. Asia Pacific is projected to be the fastest growing region in the global aramid fiber market during the forecast period. Rising demand for aramid fiber in automotive, electrical, and construction end-user industries in emerging economies such as China and India, and countries in ASEAN is likely to drive the aramid fiber market in Asia Pacific in the next few years.
The aramid fiber market in North America is estimated to expand at a significant rate over the next eight years, due to the slow but steady recovery of the economy in the U.S. The aramid fiber market in Latin America is anticipated to expand at a significant rate over the next eight years, primarily due to growth in automotive and construction end-user industries. The aramid fiber market in the Middle East & Africa is projected to witness decent growth in the next few years, owing to rising demand for protective clothing in the oil & gas industry in the Middle East.
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Rising demand for aramid fiber in the rapidly expanding automotive, aerospace & defense, and electrical end-user segments is anticipated to drive the global aramid fiber market in the next few years. Rapid commercialization of aramid nano-fiber is expected to act as an opportunity for the aramid fiber market in the next eight years. However, availability of application-specific substitutes and high cost of manufacturing associated with aramid fiber are estimated to hamper market growth of aramid fiber during the forecast period. Major manufacturers of aramid fiber include E. I. du Pont de Nemours and Company, Teijin Aramid, Kolon Industries Inc., HYOSUNG Corporation and Yantai Tayho Advanced Materials Co., Ltd.
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