Aramid Fiber Market Analysis

Aramid Fiber Market Analysis

Para-aramid fibers are ideal in terms of strength and heat resistance. Accordingly, they are mainly used as reinforcement for tires and friction material for automobile brake pads, reinforcing optic fiber cables, rope and deep-sea oil drilling and for ballistic protection and protective materials. Para aramid fibers held the highest share of over 70% in 2020 and will maintain their dominance in the global landscape by 2027. Various properties such as superior corrosion, humidity and heat resistance in extreme environments are expected to drive the demand for para aramid fibers in the near future.
 

Copolyamide demand is expected to experience healthy gains during the forecast timespan. Significant R&D activities by the industry players for copolyamide based products will boost the aramid fiber demand at over 7% CAGR over the forecast period.
 

Safety applications of aramid fibers consist of protective apparel and accessories to provide protection against bullets, stabbing, heat, cuts, fragments of bombs & shrapnel, etc. The products in this area consist of ballistic apparel, industrial gloves, hard armors, vehicle armors, etc. A surge in asymmetric warfare incidences and mishaps globally has resulted in increased defense investments by various nations in the recent years. Growing strains across the borders have led to a rising demand for ballistic shielding products such as bulletproof vests, armored car, headgear, missiles, eyewear, etc.
 

Safety applications contributed the highest share in 2020. Rising defense investments by various nations will drive the aramid fibers demand in safety applications by 2027.
 

North America will grow at 11% CAGR expectations to exceed USD 2 billion by 2027. This growth can be attributed to the increasing aircraft production for civil and defense purpose. As per Boeing estimations, the global demand for new airplanes is likely to be around 40,000 by 2035, with North America accounting for the highest share at above 15,000 airplanes. Strong growth aspects in the aviation sector will boost regional aramid fiber market share over the stipulated time period.
 

New automobiles sales in Canada surpassed 2 million units in 2017, rising from 1.5 million units in 2010. In the same year, the U.S. new automobiles sales reached 17.6 million units from 11.7 million units in 2010. This is expected to have a positive influence on the North America aramid fiber market sales for automobile applications. The U.S. contributed the highest share in global military expenditure. Enormous defense budget in the U.S. will result in this region’s high market share during the forecast period.