The global aramid fiber market is
projected to register a size of USD 6.51 billion by 2024, according to a new
report by Grand View Research, Inc. The market will be driven by increasing
demand for protective clothing from various sectors such as industrial and
defense. The growth of these end-user industries is projected to propel market
expansion further over the forecast period.
Aramid fibers were
extensively used for manufacturing frictional materials which accounted for
25.8% of the global revenue share in 2015. It is used for producing a broad
range of materials including pig iron, steel, clutches, automotive brakes,
shoes, fabricated discs with a superior braking power to reduce judder, noise,
vibration and fading.
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Research:
Further key findings from the report suggest:
·
The global demand for aramid fiber was
78.22 kilo tones in 2015. High strength, resistance to abrasion &
organic solvents and low flammability makes it a viable option across a wide
array of applications including textiles, aviation, automotive and electronic
applications. Rising demand for textiles and vehicles is expected to drive
market growth over the forecast period.
·
Growing requirement for protective clothing
from defense & industrial sectors for security & protection will result
in high growth over the forecast period. Furthermore, stringent regulations
implemented by the U.S. OSHA regarding the safety of workers are fueling
consumption of protective clothing.
·
Para-aramid fiber market was estimated as
the largest market in 2015 accounting for 66.2% of the volume share, owing to
its high strength and insulation property which makes it an essential material
for use in electronics, automotive and aviation applications
·
Europe accounted for 34.7% of the volume
share in 2015 and is projected to experience significant growth owing to the
increasing penetration of the product in various industries such as aerospace,
security and protection and electrical insulation in several countries
including Germany, France and UK. The growth of the automotive sector will
further influence demand for the product over the next eight years. Moreover,
the presence of a stringent regulatory framework for the protection of workers
is expected to propel the demand for protective clothing, thereby, driving
demand for aramid fibers.
·
Key industry players include HYOSUNG
Corporation, E. I. du Pont de Nemours and Company, Teijin Aramid, Ibiden Co.,
Ltd., Toray Chemical Korea Inc., Yantai Tayho Advanced Materials Co. Ltd. and
Huvis Corporation. These companies have a strong emphasis on R&D activities
to introduce new products and strengthen their aramid fiber product portfolio.
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Research: http://www.grandviewresearch.com/industry/specialty-glass-ceramic-and-fiber
Grand View Research has
segmented the global aramid fiber market on the basis of product, and end-use:
Product Outlook (Volume, Tons; Revenue, USD Million; 2013
- 2024)
·
Para-aramid
·
Meta-aramid
·
Others
End-use Outlook (Volume, Tons; Revenue, USD Million; 2013
- 2024)
·
Optical Fiber
·
Rubber Reinforcement
·
Friction Materials
·
Aerospace
·
Security and Protection
·
Tire Reinforcement
·
Electrical Insulation
·
Others
Regional Outlook (Volume, Tons; Revenue, USD Million;
2013 - 2024)
·
North America
o U.S.
o Canada
o Mexico
·
Europe
o Germany
o France
o Italy
o UK
·
Asia Pacific
o China
o India
o Japan
o South Korea
·
Latin America
o Brazil
·
MEA
Access press release by Grand View Research: http://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: http://www.grandviewresearch.com