The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aramid Fiber Market.
It was estimated prior to this unanticipated outbreak that the Aramid Fiber Market was expected to grow at a CAGR of >8.0% by 2025. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Increasing automotive production, rising concerns of military personnel protection, stringent regulations such as OSHA regarding safety of workers, and need for strong and durable cables in the telecommunication industry are the major drivers of growth for aramid fiber market.
Para-aramid fiber is expected to remain the largest fiber type during the forecast period. Para-aramid fiber offers high strength to weight ratio and better insulation properties that makes it a suitable fiber for use in electronics, automotive and aerospace & defense industries. It is the best suited material for protective fabrics based applications, such as helmets, bullet proof jacket vests, and vehicle armor.
Meta-aramid fiber is also expected to witness healthy growth during the forecast period driven by increasing penetration of honeycomb panel based composite structures in aerospace & defense industry and growing demand for thermal protective apparels.
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Protective fabrics is the most dominant application of aramid fiber globally. Aramid fiber is highly suitable for fire-resistant and stab-resistant protective fabrics and is mainly used to manufacture helmets, bullet proof jacket vests, vehicle armor, footwear, and gloves for various industries, such as military and industrial. Strict regulations in developed countries such as the US, Germany, and the UK and rising concerns for protection of military personnel and industrial workers are some of the factors driving the aramid fiber demand in the protective fabrics market.
Optical fiber segment is expected to exhibit high growth during the forecast period, driven by increasing demand for strong and durable cables in the telecommunication industry. Reasonably good growth is also expected in the composites applications driven by increasing usage of aramid fiber in structural applications in the aerospace & defense and automotive industries.
Automotive and aerospace & defense are expected to remain the key end use industries in the global aramid fiber market during the forecast period. Increasing vehicle production, increasing usage of composites, and rising concern of protection of military personnel are fueling aramid fiber growth in the automotive and aerospace & defense industries.
Europe was estimated to be the largest aramid fiber market in 2019 and is expected to witness healthy growth in the next five years. Increasing automotive production and strict regulations regarding protection of workers in metal (steel & aluminum), energy (oil & gas), transportation (automotive and commercial vehicle), and building & construction industries in developed European countries, such as Germany, France and the UK are major growth drivers of aramid fiber in the region. The rising demand of aramid fibers in electrical insulation purpose and growing composites market are some of the additional growth drivers in the market.
Asia-Pacific region is likely to witness fast growth during the forecast period. The increasing automotive production and rising demand of strong and durable cables in the telecommunication industry, mainly in China and India, are the major growth drivers in Asia-Pacific region. Additionally, the upcoming commercial, regional, and military aircraft in China, Japan, and India are likely to substantiate the growth of aramid fiber in coming years.
The supply chain of this market comprises raw material suppliers, aramid fiber manufacturers, product manufacturers, distributors, and OEMs. The key aramid fiber manufacturers are E. I. DuPont Nemours & Co., Teijin Limited, Hyosung, Yantai Tayho Advanced Materials Co., and Toray Chemical South Korea Inc.
New product development, regional expansion, and strategic alliances are the key strategies adopted by the major players to gain competitive edge in the market.
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This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Aramid Fiber Market analysis report discusses the following heads in great detail:
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