Market Research Report
Aramid Fiber - Global Market Outlook (2018-2027)
|Published by||Stratistics Market Research Consulting||Product code||928585|
|Published||Content info||140 Pages
Delivery time: 2-3 business days
|Aramid Fiber - Global Market Outlook (2018-2027)|
|Published: February 20, 2020||Content info: 140 Pages||
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 & defence 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.
Aramid fibre is a man-made organic polymer and belongs to a class of heat-resistant and strong synthetic fibres. They exhibit superior characteristics such as good resistance to abrasion and organic solvents, non-conductivity, high melting point, low flammability, and others. Hence, it becomes useful for industrial applications, such as defence, automotive, aerospace, and optical fibre systems. They are widely used for making ballistic body armours, sporting goods, helmets, and other protective clothing, due to their high strength and heat resistant properties.
Amongst application, the security & protection segment is expected to lead the market during the forecast period, due to stringent regulations enforced by the government and other agencies in developed economies, such as the European countries and the US play a pivotal role. Aramid fibres are used to make fire, cut, and stab-proof protective clothing such as helmets, footwear, coveralls, and gloves. They are used for military, industrial, and civil purposes. The need for thermal and ballistic protection is rising in civil law enforcement and armed forces owing to increasing insurgency and terrorism.
By Geography, Europe has witnessed the industrial expansion and technological advancements. The automotive industry is one of the key contributors to the regional economy. The governments of the European countries are putting efforts to reduce greenhouse gas emissions. These are the factors that have made Europe the largest aramid fibre market. With the further development of the region in tandem with the improving global economy, the market is likely to grow in the future.
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.
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.