Market Overview

Aramid Fiber Market to Achieve 8%+ Growth During 2017-2024

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Aramid Fiber Market to Achieve 8%+ Growth During 2017-2024

Asia Pacific aramid fiber market will witness growth close to CAGR of 9%+ by 2024 with rising automotive industry and infrastructural development will be the key factors boosting the regional growth.

PR Newswire

SELBYVILLE, Del., Aug. 14, 2018 /PRNewswire-iReach/ -- It is pivotal to mention that aramid fiber market has witnessed a huge rise in prominence through the product's deployment in the transport sector, given how quickly and efficiently these fibers have replaced asbestos in car tire reinforcement and brake lining manufacturing. Aramid fiber industry also thrives through the product's application in the development of fiber-reinforced concrete and thermoplastic pipes that are used in the construction of undersea pipelines for the oil industry. Aramid fibers prolong the lifespan of such pipelines, reducing maintenance costs. With their low stretch property, high strength and abrasion resistant qualities, aramid fibers are also preferred for manufacturing ropes and cables that are used in high strength requirement jobs such as mooring ships.

According to a new growth forecast report by Global Market Insights, Inc. "Aramid fiber market size is set to cross a valuation of USD 5 billion by 2024 with a CAGR of 8% over 2017-2024."

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Due to the extensive deployment of aramid fibers in the manufacturing of various defense related components, it would be precise to state that the defense sector has been a major end-use domain for the aramid fiber market. These fibers possess excellent strength to weight ratio – that is to say, despite being extremely light weight, they are rather comfortable to wear, and are able to protect the body even against firing from sub machine guns. With the rise of warfare and terrorist incidents worldwide, numerous countries have increased their defense investments, which has had a direct impact on the revenue graph of aramid fiber market. Technological advancements in the aramid fiber industry and superior structural integrity of aramid fibers have made it possible for most of the ballistic shielding products such as body armor, bulletproof headgears and vests and armored cars to be made from aramid fibers.

Pertaining to their high flame resistance property, these fibers are also used to manufacture fireproof suits, gloves and helmets for firefighters. Thus, safety concerns for industrial and defense personnel has propelled the demand for safety equipment developed from aramid fibers, which has driven aramid fiber industry size from safety equipment applications. In fact, in 2016, safety equipment accounted for 35% of the overall aramid fiber market share, and are expected to contribute massively toward the growth of this business vertical in the years ahead.

Buy this industry insights spread across 220 pages with 258 market data tables & 25 figures & charts from the report, "Aramid Fiber Market Size By Product (Para Aramid, Meta Aramid, Copolyamide), By Application (Safety Applications, Optical Fibers, Frictional Materials, Tire Reinforcement, Rubber Reinforcement, Electrical Insulation), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Thailand, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024" in detail along with the table of contents:

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North America is projected to witness the maximum growth in aramid fiber industry in the forecast period, subject to the increased defense spending of USA. In 2015, the defense budget allocated by the U.S. House of Representatives amounted to USD 585 billion, which accounted for 54% of the entire federal discretionary spending. Unrefutably, this has been one of key driving forces of North America aramid fiber market size, which was pegged at USD 700 million in 2016.

Key players such as DowDuPont, Tejin Aramid, Yantai Tayho, JSC Kamenskvolokno, W. Barnet GmbH, Kolon Industries, and Hyosung apparently account for more than 60% of aramid fiber market share. Most companies in this highly consolidated aramid fiber industry are increasingly investing in R&D programs as a means to produce more effective high-performance aramid fibers. As a result of running these expensive R&D programs, aramid fiber products are often subjected to steep price hikes which can work as a deterrent for growth of the aramid fiber market. Nonetheless, with the increasing demand of highly effective protective gears and corrosion and abrasion resistive material, the aramid fiber industry will continue to expand in the forecast period. Estimates in fact, claim aramid fiber market size to cross a valuation of USD 5 billion by 2024.

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Partial Chapters of the Table of Contents:

Aramid fiber market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in tons & revenue in USD million from 2013 to 2024, for the following segments:

  • Aramid Fiber Market, Product by Application
  • Para aramid
  • Safety applications
  • Optical fibers
  • Frictional materials
  • Tire reinforcement
  • Rubber reinforcement
  • Electrical insulation
  • Others
  • Meta Aramid
  • Safety applications
  • Optical fibers
  • Frictional materials
  • Tire reinforcement
  • Rubber reinforcement
  • Electrical insulation
  • Others
  • Copolyamide
  • Safety applications
  • Optical fibers
  • Frictional materials
  • Tire reinforcement
  • Rubber reinforcement
  • Electrical insulation
  • Others
  • Aramid Fiber Market By Application
  • Safety applications
  • Optical fibers
  • Frictional materials
  • Tire reinforcement
  • Rubber reinforcement
  • Electrical insulation
  • OthersThe above information is provided on a regional and country basis for the following:

North America

U.S.

Canada

Europe

Germany

UK

France

Spain

Italy

Russia

Asia Pacific

China

India

Japan

Australia

Indonesia

Thailand

Latin America

Brazil

Mexico

MEA

South Africa

GCC

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Media Contact: Jignesh Thakkar, Global Market Insights, Inc., +13028467766, sales@gminsights.com

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SOURCE Global Market Insights, Inc.

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