Aramid Fiber Market size worth $6.3 billion by 2027
Published Date: July 23, 2021 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the Aramid Fiber Market size is forecast to reach USD 6.3 billion by 2027.
The most promising new market opportunity for composite materials in the coming years is likely to be infrastructure. Composite solutions for repair and strengthening of infrastructure can be substantially more effective, faster, and less expensive than conventional reinforced concrete & steel. Aramid fibers hold unique impact-resistant and damage tolerance properties in addition to their structural properties. Aramid fiber composites are projected to be the fiber of choice for strengthening bridge structures to sustain vehicular impact as well as for strengthening masonry walls to resist blast roads in the near future.
Meta aramid demand will grow at 8.8% CAGR during the forecast timespan
Meta aramid offers better long-term retention of mechanical properties at elevated temperatures as compared to commodity fiber. Meta aramid was valued at USD 900 million in 2020. This fiber is available in a variety of forms: conductive, anti-stat, in blends with other high-performance fiber etc. Meta-type aramid fibers are preferred in fiber-reinforced apparel market. These are used for car racing suits, clothing of fire-fighters and uniform for high temperature working, reflecting its exceptional fire retardancy.
Meta aramid fibers also feature stable dyeability, which enable them to be used in various textiles according to the end-user needs. Racing apparel, electrical insulation, filtration at asphalt and cement plants are a few other areas of applications for meta-aramid fibers which will drive the product demand by 2027.
Browse key industry insights spread across 200 pages with 142 market data tables & 24 figures & charts from the report, “Aramid Fiber Market By Product (Para Aramid, Meta Aramid, Copolyamide), By Application (Safety Applications, Optical Fibers, Frictional Materials, Tire Reinforcement, Rubber Reinforcement, Electrical Insulation), Application Potential, Price Trends, Competitive Market Share & Forecast, 2021-2027” in detail along with the table of contents:
Increasing technological advancement will drive the product demand for optical fibers
Optical fibers application segment is forecast to grow with a CAGR around 9% during the stipulated time period. Aramid fibers find a range of applications in premise/distribution cables, loose-tube type aerial cables, etc. Fiber optics has been observing high growth in the technological era. Optical fiber was responsible for around 12% of the total aramid fiber demand in 2020.
Proper conduction is essential to signal transduction in fiber optic cables. Aramid fiber’s strength protects the cables from being crushed and enhances the reliability of the connection. Increasing demand for advanced materials in the current Industry 4.0 phase of the global data exchange and the industrial manufacturing technologies will drive aramid fibers market share by 2027.
Aramid fiber demand for tire reinforcement and rubber reinforcement was valued at around USD 100 million each, respectively, in 2020. With high investments by UK and Russia in the defense sector. Major companies working in the aramid fiber industry are Teijin, Hyosung, Yantai Tayho, W. Barnet, Kermel, Kolon, Toray, Huvis Corporation, JSC Kamenskvolokno, Jiaxing Newtex, Beijing Landingji And X-FIPER New Material.
Europe was the largest region in aramid fiber market owing to the high industrialization
Europe has a rich industrial history, which has supported the proliferation of manufacturing in various industries. The European manufacturing industry has experienced numerous challenges over the past 30 years: globalization and competition from low-cost countries have been the major drivers of revolution.
In the face of a matured state of the regional manufacturing industry, the automotive sector is likely to observe sustainable growth in the near future. For instance, new automobile sales in France, Germany, Italy, Spain, UK and Russia together constituted around 14.6 million units in 2017, rising from 13.5 million units in 2010. Growth trends in the European automotive industry will have a positive influence on the regional aramid fibers demand for their applications in tire reinforcement, rubber reinforcement, etc.
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