The global aramid fiber market size reached US$ 3.5 Billion in 2019. Aramid fiber is a synthetic organic polymer, which is produced by spinning a liquid crystalline solution of long-chain polyamide in concentrated sulfuric acid. The molecules of this fiber are linked by strong hydrogen bonds that provide immense strength and resistance against abrasion, heat and organic solvents, along with a low melting point to the end product. It is majorly utilized for electrical insulation, producing protective clothing for firefighters, racers and military personnel, and heat shields in automotive and aerospace equipment. In the construction industry, aramid fiber is used for manufacturing fiber-reinforced concrete and corrosion-resistant thermoplastic pipes, which prolong the life of the pipeline and reduce the overall maintenance costs.
The growing automotive, aerospace, defense and construction industries are among the key factors driving the growth of the market. Furthermore, the growing demand for lightweight materials for personnel protective equipment that protect the wearer from physical, thermal, electrical and biological hazards, is also providing a thrust to the market growth. Aramid fiber is also used for the production of bullet-proof and stab-resistant products, including helmets, gloves and clothing material. Additionally, it is widely utilized for the manufacturing of products such as fishing and golf rods, bows, skis and wall materials of airplanes. The increasing industrialization and urbanization across the globe is another factor favoring the market growth. Rising urban migration is augmenting the construction of new infrastructural projects, which is catalyzing the demand for aramid fiber as an asbestos and steel substitute. Other factors, including extensive research and development (R&D) and emerging applications in the optical fiber industry, are projected to drive the market in the upcoming years. Looking forward, IMARC Group expects the market value is projected to reach US$ 5.7 Billion, exhibiting a CAGR of around 8% during 2020-2025.
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The report has also analysed the competitive landscape of the market with some of the key players being Teijin, DowDuPont, Yantai Tayho Advanced Materials Company, Hyosung Corporation, Toray Chemical Korea, Kolon Industries, Huvis, China National BlueStar Group Company, Taekwang Industrial, JSC Kamenskvolokno, Guangdong Charming Company, etc.
Key Questions Answered in This Report:
The global aramid fiber market was worth around US$ 3.4 Billion in 2019.
According to the estimates by IMARC Group, the global aramid fiber market will exhibit moderate growth during the next five years.
The growing demand for lightweight materials with high tensile strength and heat resistance, across the automotive, aerospace, construction, and defense sectors, represents one of the key factors impelling the global aramid fiber market growth.
The increasing urban migration, coupled with the rapid development of new infrastructural projects, is catalyzing the demand for aramid fiber as an alternative for asbestos and steel.
The market for aramid fiber experienced a negative impact on account of the sudden outbreak of COVID-19 due to the implementation of stringent lockdown regulations resulting in disrupted product supply chains and temporary halt of construction activities across the globe.
On the basis of the product type, the market has been bifurcated into meta-aramid fiber, para-aramid fiber, and others, where para-aramid fiber accounts for the largest market share.
On the basis of the application, the market has been bifurcated into protective fabrics, frictional materials, optical fibers, tire reinforcement, rubber reinforcement, composites, and others. In this segment, protective fabrics hold the largest market share.
On the basis of the end use industry, the market has been bifurcated into aerospace and defense, automotive, electronics and telecommunication, sports goods, and others.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
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