According to Stratistics MRC, the “Global Aramid Fiber Market” is accounted for $3.30 billion in 2018 and is expected to reach $8.58 billion by 2027 growing at a CAGR of 11.2% during the forecast period. Some of the key factors influencing the market growth include increased demand for lightweight and flexible materials from the automotive and military & defense industries, growing demand from the aerospace sector, increasing needs for protection and security measures and potential substitute for steel and asbestos. However, high R&D costs and barriers for new entrants are restricting the market growth.
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Aramid fibers are heat-resistant and very strong. These fibers are fabricated with the chain molecules oriented to the fiber axis, which makes a much stronger chemical bond than you would typically get. These fibers are utilized in various application including reinforcement in composites such as sport goods, military automotive, airplane, and others.
Driver: Increased demand for lightweight materials in security & protection applications.
Lightweight and flexible materials are increasing demand because they can diminish the weight of the vehicle armor while offering protection against particular dangers. Ballistic chest shields, head protectors, and fire-resistant suits boots are the prominent personal protective equipment (PPE) utilized in the main line of defense by law enforcement personnel and first responders. Thus, this personal protective equipment’s are supporting the demand for aramid fibers and composites of aramid fibers.
Opportunity: Increasing demand for home land security and higher defense spending.
Aramid fibers are mostly used in the application of security & protection because of the increasing domestic and international conflicts around the world, the requirement for extra safety measures for military staff has developed, which is likely to increase the need for advanced weaponry and personal protective equipment. Several countries are rising their defense budgets to set themselves against both external and internal dangers. Major funding is invested on personal protective equipment for the safety of the personnel in the line of fire. Thus, high demand for home land security and higher defense spending is providing opportunities for the market growth.
By product, the para-aramid fiber segment is anticipated to hold considerable market share during the forecast period because of high demand for protective equipment along with high necessity from the airplane field and utilization of these fibers are in braking systems, chassis of coaches, and the interiors of vehicles for decreasing the overall weight.
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By geography, Asia Pacific region is expected to grow at the significant market share during the forecast period due to the growing demand from emerging economies and the presence of major automotive manufacturing companies and OEMs.
Some of the key players in global aramid fibre market are Hyosung Group, Teijin Ltd., Toray Industries, Inc., E. I. du Pont de Nemours and Company (DowDuPont), Atlantex Manufacturing Corp., Kolon Industries, Inc., SRO Aramid (Jiangsu) Co., Ltd., Taekwang Industrial Co., Ltd., Kermel S.A., Yantai Tayho Advanced Materials Co., Beaver Manufacturing Co. Inc., Huvis Corp., China National Bluestar (Group) Co., Ltd., W. Barnet GmbH & Co. Kg, Beijing Landingji Engineering Tech Co., Ltd., JSC Kamenskvolokno, X-FIPER New Material Co., Ltd., Jiaxing Newtex Composites Co., Ltd., Sinopec Yizheng Chemical Fibre, and Boto Corp.
Teijin Ltd: In Jan 2020, Teijin Ltd expanding to Wuppertal, Germany by established Teijin Automotive Center Europe GmbH (TACE) as a new base for technical functions within the company's automotive composite business. The company will handle concept, designing, prototyping, evaluations, marketing and technical research for next-generation automotive components, utilizing the Teijin Group's capabilities to provide multi-material solutions for next-generation vehicles.
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Hyosung Group: In Aug 2019, Hyosung introduced Spandex creora® ActiFit for extreme sports to the Korean market for the first time. It is a product with enhanced spandex's characteristics of elastic extension and recovery.
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