Market Research Report
Global Aramid Fiber Market - 2019-2026
|Published by||DataM Intelligence||Product code||812762|
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|Global Aramid Fiber Market - 2019-2026|
|Published: March 1, 2020||Content info:||
Global Aramid Fiber Market Overview
Aramid fiber is the generic name of a group of synthetic fibers. The fibers offer a set of properties which make them particularly useful in clothing armor and a wide range of other applications.
Global aramid fiber market was worth USD XX million in 2017 and is forecasted to reach USD XX million by 2025, growing at a CAGR of XX% during the forecast period (2018-2025).
Global Aramid Fiber Market - Market Dynamics
Increasing demand for protective clothing from various applications such as industrial and defense sector is the major driving factor for the market growth.
Growing investment in the production plants of aramid fibers would propel the market further meeting the demand for aramid fibers. For instance, in March 2018, DowDuPont Inc. is invested USD 50 million in its global operations that make Kevlar, a high-strength fiber that's manufactured at a Virginia plant, among other locations.
On the other side, the high cost of material and competition from substitute product can pose as barriers towards the growth of the global aramid fiber market.
Global Aramid Fiber Market - Segment Analysis
Global aramid fiber market is segmented into types such as Para-aramid and Meta-aramid. By application the market is segmented into Aerospace & Defense, Sporting goods, Automotive, Electronics, and Others. Aerospace & Defense Industry dominates the market due to multiple strong properties associated with the fiber material such as the ability to sustain high pressures and temperatures, resistance to the effects of heat, cold and humidity, high strength and, and lightweight character. These properties make the aramid fiber find various applications in sports sectors. For instance, In March 2017, DuPont Protection Solutions (DuPont) announced that it had entered a two-year global agreement for DuPont Kevlar with Nitro Circus, an action sports company dedicated to expanding its application areas into high-performance sports apparel and equipment.
Global Aramid Fiber Market - Geographical Analysis
By geography, global aramid fiber market is segmented into - North America, South America, Europe, Asia Pacific, and Middle East and Africa. Among all, Europe dominates the market due to strict regulations pertaining to the protection of workers in transportation (automotive and commercial vehicle), metal (steel & aluminium), energy (oil & gas), 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.
New technological innovation in Europe will further propel the market growth for Aramid Fiber market in Europe. For instance, in July 2017, Teijin Aramid announced it is going to expand its aramid production capacity for its Twaron super fiber. It will invest in new spinning technology at the Twaron facility in Emmen, the Netherlands.
Global Aramid Fiber Market - Competitive Analysis
Global aramid fiber market is fragmented with the presence of many local and international players. However, DowDuPont Inc., Teijin Aramid B.V., Huvis Corp., Kolon Industries Inc., and Hexcel Corporation are the prominent players in the global aramid fiber market. Teijin Aramid B.V. is one of the major company in aramid fiber and is enhancing the market through business partnership. For instance in September 2018, Snow Peak and Teijin Limited announced that they had co-developed a new material fabric for outdoor apparel, utilizing Teijin's dyeable and flame-retardant meta-aramid fiber Teijinconex neo. The new fabric is used for a new product for TAKIBI series, Snow Peak's high-performance outdoor clothing.