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The Growing Applications of Aramid Fiber in Various Industries Demands Technological Developments
The growth prospects for aramid fiber market are positive with the market size expected to witness a high growth rate between 2016 and 2021, in terms of volume. The global aramid fiber market is rapidly evolving with the major market players playing a crucial role in the development of the market. Some major players such as E. I. du Pont de Nemours and Company (U.S.), Teijin Limited (Japan), Toray Chemical South Korea Inc. (South Korea), and Yantai Tayho Advanced materials Co. (China), dominated the market.
DuPont and Teijin capture the majority of the share in the global aramid fiber market. These companies focus on launching innovative products to meet the requirement of their consumers. The growing applications of aramid fiber in various industries demands technological developments as well. Thus, the players are concentrating their efforts in developing advanced technologies.
Market players are concentrating on increasing their production capacities and developing cost-effective technologies. The major companies are investing to upgrade their units for enhanced production of aramid fiber. All these developments meet the increasing demand for aramid fiber from a variety of end-use applications such as security & protection, aerospace, optical fiber, and others.
New product developments and expansions are the key strategies adopted by major aramid fiber manufacturers in the recent past. The top players in the aramid fiber market adopted these strategies for better penetration and expansion of their business into emerging regions. These developments will help the companies satiate the growing demand of aramid fiber in various applications.
DuPont and Fiber-Line Inc. (U.S.) collaborated in 2012 to bring a new portfolio of cable components for broadband communications and above ground installations using Kevlar aramid fiber. The growing demand for aramid fiber from optical fiber segment compels the players to collaborate and offer differentiated products to serve the rising demand of the market. Moreover, in February 2015, the company introduced new cut-resistance glove, Memphis Orange with Kevlar. The new product will enhance the cut-resistance performance and visibility. Thus, DuPont is concentrating on introducing advanced products coupled with expansion to meet the growing demand for aramid fiber.
Teijin Limited, another player in the aramid fiber market, introduced new meta-aramid fiber in January 2015, which will offer better heat resistance and dye ability. The company is continuously introducing new products into the market to cater to the demand from end-use industries. In February 2016, the company launched two new aramid fiber fabrics for protection from volcanic fragments.
The market leaders have adopted different strategies for the developed and developing countries. Europe is leading in terms of demand for aramid fiber. This is because of the regulations that mandate the use of protective clothing in industries and for militants. Asia-Pacific is the fastest-growing market for aramid fiber due to rapidly increasing demand from end-use industries.
Aramid Fiber Market by Type (Para-aramid, Meta-aramid, and Others), and Application (Security & Protection, Frictional Materials, Optical Fiber, Tire Reinforcement, Rubber Reinforcement, Electrical Insulation, Aerospace, and Others) - Global Trends & Forecasts to 2021
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