The market for aramid fiber is expected to witness a CAGR of over 5% during the forecast period. Major factor driving the market studied is the increasing demand from the aerospace sector. On the flipside, the availability of alternatives with better properties is expected to hinder the growth of the market studied.
- The aerospace and defense sector dominated the aramid fibers market and is expected to grow at a fastest rate during the forecast period.
- Emerging applications in the optical fiber industry are likely to act as an opportunity in the future.
- Europe dominated the global aramid fiber market followed by North America and Asia-Pacific worldwide, with the largest consumption coming from countries, such as United States, Germany, and the United Kingdom, among others.
Key Market Trends
Aerospace and Defence Sector Dominated the Market
- Aramids are used for both components and structural applications, in all aircraft and spacecraft, ranging from hot air balloons, gliders, etc., to fighter planes, passenger airliners, and space shuttles. Applications of aramid fibers are generally in wing assemblies, helicopter rotor blades, seat propellers, and enclosures for instruments and internal parts.
- With ever-increasing fuel costs and environmental lobbying, commercial flying is under constant pressure to improve performance, and weight reduction is a key factor in the equation. Aramid fiber presented a solution to this equation as it is lightweight and promotes fuel efficiency. Other positive attributes include excellent fatigue and corrosion resistance and good impact resistance.
- Every year, the aerospace industry uses a higher proportion of aramid fibers in the construction of each new generation of aircraft due to the provision of an all-weather operation of commercial aircraft and enhanced vision systems. Moreover, characteristics, such as temperature stability and durability, will further fuel the growth of the aerospace composites market over the coming years.
- In North America, higher consumer spending and the constant aging of commercial aircraft are among the primary factors influencing the overall product penetration of aramid fiber in the aerospace industry.
- Growing passenger volumes and increasing airplane retirements will drive the need for 44,040 new jets, valued at USD 6.8 trillion, over the next two decades. The global commercial fleet is forecast to reach 50,660 airplanes by 2038, with all the new airplanes and the jets that would remain in service taken into account.
- This exciting scenario in the aerospace industry would continue to act as a growth wagon for the aramid fiber market in the long term.
Europe to Dominate the Market
- Europe dominated the aramid fiber market and is further likely to retain its position during the forecast period. due to the increasing demand from the automotive and aerospace and defense industries.
- Germany, being one of the leading manufacturing bases for the aircraft industry, is home to manufacturers from different segments, such as equipment manufacturers, material and component suppliers, engine producers, and whole system integrators.
- The Federal Ministry of Economic Affairs and Energy lists aerospace as a key industry in Germany, with a strong industrial core and high growth rates expected to be witnessed in the years to come.
- The United Kingdom aerospace sector is the second-largest in Europe and the third-largest in the world.
- The country is home to about 15 major aerospace players, along with a robust network of leading supply-chain companies. It is also well-known for the design and production of helicopters, engines, wings, structures, and aircraft landing gear.
- The Russian aerospace manufacturing sector is one of the key industrial sectors under the government's focus, and it has around 250 companies operating in the field.
- Owing to the rising demand for commercial aircraft, Russia has initiated some new production plans.
- Such aforementioned factors are expected to hugely contribute to the increase in demand for aramid fiber consumption in the region, during the forecast period.
The global aramid fiber market is highly consolidated, with the top two players. Key companies in the market include DuPont and Teijin Aramid, Yantai Tayho Advanced Materials Co. Hyosung Corporation, Toray Chemical Korea Inc., etc.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support