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The global aramid fiber market size is projected to reach USD 7,243.3 million by the end of 2027. The increasing applications of the product across diverse industry verticals will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Aramid Fiber Market Size, Share & COVID-19 Impact Analysis, By Product Type (Para, Meta and Others), By Application (Security & Protection, Frictional Materials, Rubber & Tire Reinforcement, Optical Fiber, Electrical Insulation, Aerospace and Others), and Regional Forecast, 2020-2027” the market was worth USD 4,522.6 million in 2019 and will exhibit a CAGR of 6.5% during the forecast period, 2020-2027.
Aramid fiber is a man-made fiber that is characterized by rigid polymer chains. The chemical composition of the product involves tightly packed hydrogen bonds which reflect in the form of a few exceptional physical properties. These fibers have high mechanical strength and excellent resistance to external factors that make them suitable for applications across diverse industry verticals. The massive investments in the research and development of efficient products will have a massive impact on the growth of the overall market in the coming years. The presence of several large-scale aramid fiber manufacturers across the globe will provide impetus to the growth of the overall market in the foreseeable future. The rising investments in product R&D are consequential to the increasing applications and subsequently rising demand for the product across the world.
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Netherland-based Teijin Aramid Announces Decision to Increase Production Capacity by 25%
The report highlights a few of the major industry developments of recent times and discusses their impact on the global market. Accounting to the increasing applications of the product across diverse industry verticals, companies are looking to increase production capacities of aramid fiber. In November 2019, Teijin announced that it has decided to increase its production capacity for this fiber by 25%. The expansion is aimed at capitalizing the rising demand for the product across the world. The company will invest in new technologies that will further reduce CO2 emissions and the production capacity will take place in two different factories in the Netherlands. Teijin’s latest production capacity will not just benefit the company but will also emerge in favor of growth of the overall market. Increasing efforts taken to maximize the production of aramid fiber will have a direct impact on the growth of the overall market in the coming years.
Rising Applications for Safety and Protection will Emerge in Favor of Market Growth
The increasing demand for aramid fiber is attributable to the rising applications of the product across diverse industry verticals. The massive investments in product R&D have yielded a few exceptional applications in recent years. The growing use of this fiber in the safety and protection industry for numerous applications will create several growth opportunities for the companies operating in the market.
Dupont Inc. and Teijin Limited are Among the Leading Companies in the Global Market
The global market is consolidated as a few companies account for a dominant market share. Globally renowned Teijin Limited and Dupont Inc. account for over 50% of the global market share. These companies have not just established a strong regional presence, but also made headlines on the global stage.
List of the Key Companies Profiled:
The global aramid fiber market is segmented on the basis of:
Value (USD Million) and Volume (Kilo Tons)
Product type, Application, and Geography
By Product Type