Aramid Fiber Market Size, 2020 Industry Share and Global Demand | 2027 Forecast by Fortune Business Insights™
The global Aramid Fiber
Market is expected to gain momentum owing to increasing demand for the
product in military applications across the globe.
Fortune Business Insights, in its
latest report, titled “Aramid Fiber Market Size,
Share & Industry Analysis, By Type (Para, Meta and Others), By Application
(Security & Protection, Frictional Materials, Rubber reinforcement, Optical
fiber, Tire reinforcement, Electrical insulation, Aerospace and Others), and
Regional Forecast, 2019-2026.”, Observes that the market is likely
to reach USD 7.28 billion by 2026 while exhibiting a CAGR of 7.0% between 2019
and 2026. The report further mentions that market was worth USD 4.25 billion in
2018 and is anticipated to grow during the forecast period.
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List of the Leading Companies Operating
in the Aramid Fiber Market are:
- DuPont
- Teijin Limited
- Kolon Industries Inc.
- Yantai Tayho Advanced Materials Co., Ltd.
- X-FIPER New Material Co., Ltd.
- HUVIS CORPORATION
- Hyosung Corporation
- China National Bluestar (Group) Co, Ltd.
- Toyobo Co., Ltd.
- Aramid Hpm, LLC.
- Among others
Aramid fiber was first commercialized
in the year 1960. It offers several properties that are useful for clothing,
armor, and other applications. The properties include good abrasion resistance,
high tensile strength, low flammability, and no melting points, among others.
The breaking tenacity of an aramid yarn is about 3045 MPa, which is 5 times
more than that of steel and twice that of nylon or glass fiber.
What does the Report Include?
The market report includes quantitative
and qualitative analysis of several factors such as the key drivers and
restraints that will affect market growth. The report provides insights into
the regional analysis that covers the different regions, which are contributing
to the growth of the market. It includes the competitive landscape that
involves leading companies and adoption of strategies by them to introduce new
products, announce partnerships, and collaboration that will contribute to the
growth of the market between 2019 and 2026. Moreover, the research analyst has
adopted several research methodologies such as PESTEL and SWOT analysis to
extract information about the current trends and industry developments that
will drive the market growth in the forthcoming years.
DRIVING FACTORS
Increasing Adoption in Military
Applications to Aid Growth
Aramid fibers are strong synthetic
fibers that are heat-resistant and possess strong tensile strength. They are
widely adopted in several military applications that include the manufacturing
of ballistic-grade body armor fabric and composites. The popular Kevlar used by
several militaries across the globe is a para-aramid fiber. Increasing focus on
upgrading the military by several countries is expected to bode well for the
growth of the global aramid fiber market in the forthcoming years. For
instance, in November 2019, China announced its development of a light, strong
para-aramid fiber, golden silk that is resistant to corrosion and heat. The
fiber will be adopted to produce bullet-proof and fire-proof military equipment.
REGIONAL INSIGHTS
Europe to Remain at the Forefront;
Technological Advancement in Automotive Sector to Bolster Growth
Among all regions, the market in Europe
is expected to witness significant demand and register high global aramid fiber
market revenue during the forecast period. This is ascribable to factors such
as growing technological advancement in the automotive and electronics industry
in the region. North America, on the other hand, is anticipated to witness
steady growth in the forthcoming years. This is attributable to factors such as
increasing demand for ballistic armor owing to the possibility of warfare
threats in countries such as the US between 2019 and 2026.
COMPETITIVE LANDSCAPE
Product Expansion Strategies by Major
Companies to Augur Growth
In November 2019, Teijin Aramid B.V., a
Netherland-based aramid fiber manufacturer, announced its plan to expand its
production capability by 25% at its factories located in Emmen and Delfzijl.
According to the company, the expansion is aimed at leveraging the opportunity
to cater to the increasing demand for the product and invest in developing new
technologies that will aid to reduce CO2 emissions. Adoption of
strategies such as product expansion offerings, collaboration, and merger and
acquisition by the companies is anticipated to boost the global aramid fiber
market share during the forecast period.
Browse Detailed Research Insights with
Table of Content:
https://www.fortunebusinessinsights.com/aramid-fiber-market-102183
Table of Contents
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Trends
4.2. Overview of Global Aramid Fiber Production
5. Global Aramid Fiber Market Analysis, Insights and Forecast,
2015-2026
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By
Type
5.2.1.Para
5.2.2.Meta
5.2.3.Others
5.3. Market Analysis, Insights and Forecast – By
Application
5.3.1.Security & protection
5.3.2.Frictional
materials
5.3.3.Rubber reinforcement
5.3.4.Optical fiber
5.3.5.Tire
reinforcement
5.3.6.Electrical insulation
5.3.7.Aerospace
5.3.8.Others
5.4. Market Analysis, Insights and
Forecast – By Region
5.4.1.North America
5.4.2.Europe
5.4.3.Asia pacific
5.4.4.Latin America
5.4.5.Middle East & Africa
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