Aramid Fiber Global Market Report 2024

Aramid fiber is a synthetic polyamide fiber with long-chain structures, comprising at least 85% synthetic linkages directly connected to two aromatic rings. Primarily used for reinforcement in composites such as sports equipment, aviation, and military vehicles, aramid fiber is also employed in apparel fabrics for items such as fire safety garments and bulletproof jackets.

Two main types of aramid fiber exist such as para-aramid and meta-aramid. Para-aramid is a heat and flame-resistant synthetic fiber characterized by high tensile strength, impact resistance, and low elongation at break. It is additionally resistant to acids and alkalis. Applications span protective fabrics, frictional materials, optical fibers, tire and rubber reinforcement, composites, and more. These find use in various industries such as aerospace and defense, automotive, electronics and telecommunications, sports goods, and others.

The aramid fiber market research report is one of a series of new reports from The Business Research Company that provides aramid fiber market statistics, including aramid fiber industry global market size, regional shares, competitors with an aramid fiber market share, detailed aramid fiber market segments, market trends and opportunities, and any further data you may need to thrive in the aramid fiber industry. This aramid fiber market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The aramid fiber market size has grown rapidly in recent years. It will grow from $4.78 billion in 2023 to $5.29 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The historical growth in aramid fiber can be attributed to several factors, including robust economic growth in emerging markets, increased government spending on military and defense industries, a growing need for lightweight materials to achieve substantial emission reduction in vehicles, and government initiatives supporting the textile industry.

The aramid fiber market size is expected to see rapid growth in the next few years. It will grow to $7.98 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. Projected growth is fueled by population increase, urbanization, automotive sector demand, and widespread adoption of 5G technology. Key trends include increased investments, sustainable fabric production, blockchain technology use, and strategic partnerships.

The growing necessity for lightweight materials that contribute to substantial emission reduction in vehicles is a key factor propelling the aramid fiber market. The utilization of lightweight materials in automobiles plays a pivotal role in decreasing overall weight, fuel consumption, and greenhouse gas emissions. Aramid fibers, known for their lightweight and high-strength properties, are employed as reinforced materials in various automotive components, including tires, turbocharger hoses, powertrain components, belts, brake pads, gaskets, clutches, seat textiles, electronics, and seat sensors. The adoption of lightweight materials in the automotive industry is predicted to witness a Compound Annual Growth Rate (CAGR) of 5% by 2028, as per insights from the Electronic Specifier, a UK-based publisher of global electronics sector information resources. Thus, the increasing demand for lightweight materials aiming at significant emission reduction in vehicles is poised to drive the growth of the aramid fiber market.

The surge in demand within the automotive sector is anticipated to be a significant contributor to the growth of the aramid fiber market in the forecast period. Aramid fibers find widespread use in reinforcing various automotive components, such as tires, powertrain elements, turbocharger hoses, brake pads, belts, gaskets, clutches, seat textiles, electronics, seat sensors, and hybrid motor materials. Notably, the passenger vehicle segment in India achieved record-high sales, reaching 2,504,084 units in FY 2022-23 as of November 2022, as reported by Invest India, a National Investment Promotion and Facilitation Agency based in India. The industry is expected to exhibit a growth rate of 16% in FY23. Consequently, the escalating demand within the automotive sector is poised to be a driving force behind the growth of the aramid fiber market.

Major players in the aramid fiber market are increasingly directing substantial investments towards expanding their production capacities. In a noteworthy example, in June 2021, Kolon Industries, a South Korea-based chemical and textile manufacturing company, disclosed a significant investment amounting to 236.9 billion won ($208.6 million). This investment is earmarked for doubling the annual production capacity of aramid, a pivotal raw material for fifth-generation network cables and electric vehicles. The objective is to raise the production capacity from the existing 7,500 metric tons to 15,000 tons by the year 2023. Similarly, Teijin Aramids, a Netherlands-based producer of high-strength fibers, took a strategic step in February 2021 by installing state-of-the-art equipment. This move is designed to not only meet the surging global demand for high-performance aramids but also to enhance production capacity and sustainability at Teijin Aramid locations.

The increasing trend of substantial investments has become a prominent feature in the aramid fiber market. Manufacturing companies specializing in aramid fibers are channeling investments towards expanding their production capacities, aligning with the escalating demand across various end-use sectors. Kolon Industries, in its June 2021 announcement, emphasized the investment's aim to bolster the production capacity of aramid fiber, a crucial component in vehicle tires. With the projected completion of the expansion by 2023, Kolon Industries anticipates a substantial increase in manufacturing capacity from 7,500 to 15,000 metric tons. The company envisions leveraging this improved capacity to swiftly expand into advanced industries, including the burgeoning electric vehicle sector.

In February 2021, Herculite Products Inc., a U.S.-based manufacturer of high-performance fabrics, acquired Burlan Manufacturing LLC for an undisclosed sum. This strategic move aims to bolster Herculite's presence in high-performance reinforced textile composites, aligning with the company's mission to support customer growth through innovative products and engineered solutions. Burlan Manufacturing LLC, also based in the U.S., specializes in the production of wrap tape, reinforcing fabrics, webbing, strapping, and lashing products.

Major companies operating in the aramid fiber market report are DuPont, Teijin Ltd., Taekwang Industrial, Toray Industries Inc., Hyosung, Kolon Industries Inc., Huvis Corp, Yantai Tayho Advanced Materials Co. Ltd., X-FIPER New Material Co. Ltd., China National Bluestar Co. Ltd., Indorama Corporation Pte Ltd., Bhor Chemicals and Plastics Private Limited, Kishco Enterprises Private Limited, Weiqiao Textile Company Limited, Gold Star Fabrics Private Limited, Nisshinbo Textile Inc., Marubeni Corporation, Far Eastern New Century, Kermel, Coats Group PLC, AMANN Group, Solvay, Kamenskvolokno JSC, Special Textile Group, Dexcraft, Texel Inc., EIS Fabrication Solutions, Dunmore Corp, Maples Industries Inc., Hanesbrands Inc., Mohawk Industries Inc., Wallace Workwear Inc., Lenrod Industries, Bermatex, Saint Gobain Tape Solutions, Trelleborg Engineered Coated Fabrics, Albany International Corp., WORK PROTEC SA, Texiglass Industria e Comercio Textil Ltda., A MARSHALL MOFFAT SA, Geotex SRL, BCA Textil Ltd., Omar Kassem Alesayi Textiles Co.Ltd., United Textiles, Aratex Group, Saudi Spinning & Textile Mill, Da Gama Textiles, African Textiles Manufacturers Ltd., AlSaraTex Co, Integrated Fibers Limited.

Europe was the largest region in the aramid fiber market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aramid fiber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the aramid fiber market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The aramid fiber market consists of sales of meta-aromatic and para-aromatic polyamide. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Aramid Fiber Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on aramid fiber market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for aramid fiber? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The aramid fiber market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Para-Aramid Fiber; Meta-Aramid Fiber
• 2) By Application: Protective Fabrics; Frictional Materials; Optical Fibers; Tire Reinforcement; Rubber Reinforcement; Composites; Other Applications
• 3) By End Use Industry: Aerospace And Defense; Automotive; Electronics And Telecommunication; Sports Goods; Other End-Use Industries
• Companies Mentioned: DuPont; Teijin Ltd; Taekwang Industrial; Toray Industries Inc; Hyosung
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.