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The global aramid fiber market size was USD 4.25 billion in 2018, and it is projected to reach USD 7.28 billion by 2026, exhibiting a CAGR of 7.0% during the forecast period.
These fibers are man-made fibers, in which relatively rigid polymer chains characterize molecules. The molecules are linked by strong hydrogen bonds, which transfer mechanical strength efficiently, with low molecular weight. Aramid fibers have high strength, excellent abrasion resistance, good resistance to organic solvents, non-conductivity, no melting points, low flammability, and good fabric integrity at elevated temperatures.
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The market has been classified based on type and application. Based on type, aramid fiber is classified into meta, para, and others. Para-aramid fiber holds the largest share in the global aramid fiber market as it is easily available and also cost-effective as compared to meta-aramid fiber. However, meta-aramid fiber has witnessed huge demand due to presence of different properties such as flame resistance, electrical insulation, chemical stability, radiation resistance, and others. A few of the significant applications of aramid fiber are security & protection, frictional materials, rubber reinforcement, optical fiber, tire reinforcement, electrical insulation, aerospace, and others. Security & protection segment holds the largest share in the aramid fiber market as large quantity of aramid fiber is used in protective apparel, air filtration, and thermal and electrical insulation.
“Growing Demand from Safety & Protection Industry Is Likely to Drive the Aramid Fiber Market”
A large quantity of aramid fiber is used in safety & protection applications such as military, private security, municipal law enforcement and private contractors involved in government works. The regulations regarding health and safety of employees are very stringent in North America and European countries, and thus driving the market for aramid fiber. Also, not only military personals are getting safer by using the aramid fiber, but also the demand for protective clothing is increasing due to the demand from industrial organizations. The aramid fiber is used to make stab-proof, fire-proof and cut-proof protective clothing such as coveralls, gloves, footwear and helmets.
Furthermore, the technological advancements in reducing the load for solider and also improvisation in personal protection is estimated to drive the demand for soft and lightweight armour over the coming years which is expected to drive the market for aramid fiber.
“Para-Aramid Fiber Segment is Expected to Generate the Highest Revenue During the Forecast Period”
As per the aramid fiber market report, para-aramid fiber segment holds the largest share in the global market, driven by increasing use in applications such as military and aerospace & defense in making bulletproof body armours. Para-aramid fiber offers high strength to weight ratio and better insulation properties which makes it suitable for helmets, bulletproof jackets, and vehicle armour.
Meta aramid fiber segment is expected to witness high growth in the forecasted period due to increasing penetration of honeycomb panel-based composites structure in the automotive and aerospace & defense industry. Increasing demand for thermal protective apparel is also boosting the demand for meta-aramid fiber.
“Security & Protection Segment is Anticipated to Exhibit a Significant CAGR During the Forecast Period”
Aramid fiber is extensively used in safety & protection applications as it is an intelligent material which thickens when exposed to excessive heat such as flashover and thus the segment holds the largest share in the global aramid fiber market. Also, aramid fiber increases the protective barrier between the heat source and skin when firefighters need it most; this tough barrier stays supple and flexible until it's cool and provides extra minutes of protection without impairing mobility.
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The demand for aramid fiber for frictional materials applications is increasing owing to its properties such as thermal stability, excellent wear properties, and stable coefficient of friction. Aramid fiber is most effective in improving the resistance and thus is preferred over other fibers such as glass, cellulose, and carbon. The surface tends to damage less when aramid fiber is used and therefore are mostly used in the brake pads and machines.
The other multiple applications for aramid fiber includes rubber reinforcement, optical fiber, tire reinforcement, electrical insulation, aerospace, and others. Optical fiber is set to become a new standard for four-wire internet, as most of the U.S. is already offering optics and also is available around the world. Thus, there is massive room for growth in many countries, and aramid fibers are mostly used to create fiber optic cables.
Europe is anticipated to remain a key region in the aramid fiber market during the forecast period owing to the rising demand from the countries such as France, Germany, and the United Kingdom. The growing need for more efficient fuel and other advances in the electronics and automotive industry are the key factors driving the aramid fiber market in Europe.
North America holds a significant share in aramid fiber market as increase warfare, and mounting security threats are becoming a prime driver in the growth of aramid fiber in this region. Additionally, rise in tension between the countries near the U.S. has further led to an increase in demand for ballistic protection armor for both the vehicles and troops such as headgear, armored car, bulletproof vests, and ballistic missiles.
North America Aramid Fiber Market Size, 2018
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The Asia Pacific is anticipated to be the fastest-growing region in the aramid fiber market during the forecast period owing to the presence of major aramid fiber production countries such as China and Japan. Strong support and initiatives taken by the government of China and India for industrial sector safety and precaution are positively impacting the aramid fiber market.
Latin America and the Middle East & Africa would showcase lower growth in the aramid fiber market value compared to the other regions due to the less number manufacturing units are present, and demand is also low due to low population in this region.
“Market Players like Dupont Inc. and Teijin Limited Are Expected to Strengthen the Market Position by Offering Various Aramid Fiber Solutions”
The market for aramid fiber is considered to be consolidated market as the top players such as Dupont Inc., Kolon Industries Inc. and Teijin Limited accounts more than 50% of the aramid fiber market share. The producers located in North America and Europe are aiming to increase their presence in various countries in the Asia Pacific to strengthen their position in the market and to drive the business growth of the organisation. The key players in the market have, therefore, developed strong regional presence, distribution channels, and product offerings.
A growing trend is observed in the penetration of the aramid fiber market across the industries.
The report provides qualitative and quantitative insights on the aramid fiber market and a detailed analysis of the market size & growth rate for all possible segments that exist in the market. The aramid fiber market is segmented by type, application, and geography. By type, the market is segmented into meta, para and others. By application, the market is divided into security & protection, frictional materials, rubber reinforcement, optical fiber, tire reinforcement, electrical insulation, aerospace and others. Geographically, the aramid fiber market has been analysed across five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. These regions are further categorised into countries.
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Along with this, the report provides an elaborative analysis of the aramid fiber market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in this market, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape and company profiles.
Value (USD Million) and Volume (Kilo ton)
Fortune Business Insights says that the aramid fiber market was valued at 4.25 Billion in 2018, and it is projected to reach USD 7.28 Billion by 2026.
The market will exhibit steady growth at a CAGR of 7.02% in the forecast period (2019-2026).
Security & protection segment is expected to be the leading resin for the market during the forecast period.
Increasing demand for security & protection industry is driving the market growth.
Europe is expected to hold the highest market share in the market.
Rising demand from the optical fiber is expected to drive the market.
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