The global aramid fiber market size is expected to reach
USD 6.51 billion by 2024, according to a new report by Grand View Research,
Inc. The market is projected to witness a healthy CAGR of 9.7% during the
forecast period. Increasing demand for protective clothing from various
applications such as industrial and defense sector is the major factor driving
the market. Growth of these end-user industries is projected to further propel
the demand for aramid fibers over the next few years.
On the other hand, high cost of
production is anticipated to limit the market growth. However, these fibers are
light weight, heat resistant, non-flammable, and highly durable. These properties
are boosting their demand, thereby augmenting the market expansion. A
considerable part of every country’s annual budget is occupied by the defense
sector due to various factors such as political differences and rising tension
across borders. Thus, increased government expenditure in the aerospace,
defense and security industries is expected to drive the market.
Para-aramids led the global
market in 2015. They possess high tensile strength and a tendency to deform
when force is applied. They are created by the dry-jet, wet spinning technique,
which results in a fiber consisting of an extended liquid crystal chains formed
along its axis with a greater degree of crystallinity and strength. These
fibers are widely used in vehicle components such as hoses, tires, belts, brake
pads, fiber-glass reinforcement, gaskets, clutches and vehicle armors. Thus,
increasing applications of para-aramid fibers in the automobile component
manufacturing is anticipated to drive the segment further over the forecast
period.
Full Research Report On Aramid Fiber Market Analysis:
Further key findings from the report suggest:
·
The global aramid fiber market
generated USD 2.8 billion in 2015 and is expected to reach USD 6.5 billion by
2024, at a CAGR of 9.7%
·
On the basis of product, the
market is led by para-aramid fiber, which is expected to generate USD 4.2
billion by 2024
·
Security and protection was the
prominent end-use segment and is anticipated to maintain its dominance throughout
the forecast period
·
Rapid urbanization and growth
of construction sector in emerging economies of Asia Pacific such as India,
China, and Japan are expected to drive the regional market
·
Some of the major companies in
the aramid fiber market are Teijin Ltd.; Yantai Tayho Advanced Materials Co.;
E. I. du Pont de Nemours and Company, Hyosung Corp.; Toray Chemicals South
Korea, Inc.; Kermel S.A., Kolon Industries, Inc.; Huvis Corp.; China National
Bluestar (Group) Co. Ltd.; and SRO Aramid (Jiangzu) Co. Ltd.
View More Reports Of This Category By Grand View Research At:
https://www.grandviewresearch.com/industry/specialty-glass-ceramic-and-fiber
https://www.grandviewresearch.com/industry/specialty-glass-ceramic-and-fiber
Grand View Research has segmented the
global aramid fiber market on the basis of product, end use, and region:
Aramid Fiber Product Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
·
Para-aramid
·
Meta-aramid
·
Others
Aramid Fiber End-use Outlook (Volume,
Kilo Tons; Revenue, USD Million, 2013 - 2024)
·
Optical Fiber
·
Rubber Reinforcement
·
Friction Materials
·
Aerospace
·
Security and Protection
·
Tire Reinforcement
·
Electrical Insulation
·
Others
Aramid Fiber Regional Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
·
North America
o
U.S.
o
Canada
o
Mexico
·
Europe
o
Germany
o
France
o
Italy
o
U.K.
·
Asia Pacific
o
China
o
Japan
o
India
o
South Korea
·
Latin America
o
Brazil
·
MEA
Access
Full Press Release of this Report: https://www.grandviewresearch.com/press-release/global-aramid-fiber-market
About Grand View Research
Grand View
Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more information: https://www.grandviewresearch.com/
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