Aramid Fiber Market 2018 by Industry Application, Market Trends, Growth Rate, Top Manufacturers, Segmentation - Forecast 2023
Aramid Fiber Market:
Aramid fiber is a man-made organic polymer and belongs to a class of heat-resistant and strong synthetic fibers. Some of the key trends observed in the market are a merger, acquisitions, and others. For instance, in March 2017, DuPont Protection Solutions entered a two-year global agreement for DuPont TM Kevlar with Nitro Circus, an action sports company, thus, influencing the product use in sporting goods. They exhibit superior characteristics such as good resistance to abrasion and organic solvents, non-conductivity, high melting point, low flammability, and other.
Some of the manufacturers operating in the global Aramid Fiber Market are TEIJIN LIMITED (Japan), Yantai Tayho Advanced Materials Co., Ltd (China), HYOSUNG (South Korea), Toray Chemicals Korea Inc. (South Korea), KERMEL (France), Kolon Industries, Inc. (South Korea), Huvis (South Korea), China National Bluestar (Group) Co. Ltd. (China), SRO Aramid (Jiangzu) Co., Ltd. (China), and IBIDEN CO., LTD. (Japan).
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The product is an excellent substitute for steel and asbestos, therefore, it is widely used in the construction sector. These fibers are extensively consumed in the manufacturing of consumer goods such as refrigerator, AC, washing machines, and others to make them strong and lightweight. Nevertheless, stringent regulations for occupational safety by Occupational Safety and Health Administration (OSHA) is expected to augment the market growth. However, the high production cost and the non-biodegradable nature of these fibers are likely to hamper the market growth.
The global aramid fiber market is primarily driven by the increasing demand for protective clothing from military & defense, and industrial sectors. The use of aramid fiber in ballistic applications such as bulletproof vests and protective gloves is likely to fuel the market growth over the assessment period 2017-2023. Aramid fiber is used in the automotive sector for making hoses, belts, gaskets, tyres, brake pads, clutches, and others. They also help in increasing the performance, safety, and durability of the automotive. Moreover, the increasing demand for various applications such as electrical insulation, optical fiber, and others is driving the global market.
The global aramid fiber market is segmented by type, application, and end-user industries.
The global aramid fiber market is segmented on the basis of the type as meta-aramid, para-aramid, and others.
Based on the application, the market is segmented into security & protection, frictional materials, rubber reinforcement, optical fiber, electrical insulation, and others.
On the basis of the end-user industries, the global aramid fiber market is segmented into aerospace & defense, automotive, consumer goods, marine, and others.
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The Global Aramid Fiber market is segmented into five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The Asia Pacific is the fastest growing region in the global market owing to the growing industrial, aerospace, and military sectors in this region. The increasing demand for durable, lightweight, and efficient automotive is another driver of the market in Asia Pacific region. Moreover, the production and sales of consumer goods in Asia Pacific are high, which fuels the market growth.
North America is the second largest region in the aramid fiber market due to the high demand from the defense and automotive sector. The U.S. is one of the major military powers in the world and is expected to continue dominating over the forecast period, which is likely to augment the product demand. The increasing demand for automotive coupled with high disposable income is driving the growth of the market in this region.
The increasing production and sales of various automotive parts in western European countries such as the U.K, Germany, France, and others are expected to boost the market growth over the forecast period.
Latin American market is growing moderately on account of the growing automotive sector in Mexico.
The Middle East & Africa market is likely to grow during the review period due to the growing product demand from the construction sector as a replacement for steel and asbestos.
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