Aramid Fiber Market by Type (Para-Aramid Fiber, Meta-Aramid Fiber), Application (Security & Protection, Frictional Materials, Industrial Filtration, Optical Fibers, Rubber Reinforcement, Tire Reinforcement), Region - Global Forecast to 2028
In terms of value, aramid fiber market size is projected to increase from USD 4.7 billion in 2023 to USD 7.6 billion by 2028, at a CAGR of 9.9%. The strong demand for lightweight and flexible materials is a pivotal driver in the aramid fiber market, particularly in the context of vehicle armor where it aids in weight reduction without compromising protective capabilities against specific threats. This factor significantly contributes to a positive market outlook. Furthermore, stringent regulations aimed at reducing carbon emissions have compelled many industry players to seek alternative materials that combine lightweight properties, strength, and fuel efficiency. This trend is further propelling the aramid fiber industry. Notably, aramid fiber's lightweight nature positions it as an optimal solution for achieving enhanced fuel efficiency in the aerospace and defense sectors. Consequently, the heightened demand for aramid fiber within the security and protection sector across various industries is a direct result of these compelling incentives.
To know about the assumptions considered for the study, Request for Free Sample Report
Market Dynamics
Driver: Potential alternative for steel and asbestos
Aramid fibers are gaining popularity in the automotive industry, where they're replacing steel in components like gaskets and brake pads. This shift is driven by the fact that steel is much heavier than aramid fiber, adding weight to vehicles, which in turn reduces speed and increases fuel consumption. Additionally, aramid fibers outperform steel in terms of thermal and chemical resistance, making them a more suitable alternative. In the building and construction sector, aramid fibers are also taking the place of steel and asbestos in materials like ceiling and structural composites. Aramid fibers can withstand high temperatures and pressures without deteriorating and boast impressive strength, making them a safe substitute for asbestos. This substitution is especially relevant considering the health risks associated with asbestos, leading many countries to impose bans or restrictions on asbestos products due to a rising number of asbestos-related deaths.
Restraints: Non-biodegradable nature of aramid fibers
While aramid fibers possess valuable properties for numerous industrial applications, it's important to note that they pose environmental concerns. Aramid fibers are not easily biodegradable, leading to pollution issues when disposed of. This can result in significant landfill accumulation and clogging of drainage systems. Additionally, inhaling dust from cut aramid fibers can lead to respiratory problems, underscoring the importance of handling them with care.
Opportunities: Growing demand for homeland security
The security and protection sector represents a significant application area for aramid fibers. With escalating global conflicts, there's a heightened demand for enhanced safety measures, particularly for military personnel. This demand translates into increased requirements for advanced weaponry and personal protective equipment (PPE), subsequently driving growth in the aramid fiber market.
Challenges: High cost of production
Compared to traditional materials like steel or aluminum, the manufacturing process of aramid fibers is notably intricate, demanding significant capital investment in technology, machinery, and raw material supply. This complexity, combined with research and development expenses, presents a challenge to the growth of the aramid fiber market. Moreover, fluctuations in fuel prices exert a direct impact on aramid fiber production costs. Rising costs of raw materials, energy, fuel, and transportation further contribute to cost pressures. Nonetheless, advancements in manufacturing technologies specific to aramid fibers and the realization of economies of scale are anticipated to lead to cost reductions in end products over time.
Aramid Fiber Market Ecosystem
Prominent companies in this market include well-established, financially stable aramid fiber manufacturers. These businesses have been in business for a while and have a extensive range of products, pioneering technologies, and strong international sales and marketing networks. Top companies in this market include Teijin Limited (Japan), DuPont de Numerous, Inc. (US), Yantai Tayho Advanced Materials Co., Ltd. (China), Hyosung Corporation (South Korea), Toray Industries, Inc. (Japan), Kolon Industries Inc. (South Korea), Huvis Corp. (South Korea), Kermel (France), China National Bluestar (Group) Co., Ltd. (China), and X-FIPER New Material Co., Ltd. (China).
Based on type, meta-aramid fiber is projected to be the fastest-growing market for aramid fiber, in terms of value, during the forecast period.
Meta-aramid fiber presents notable advantages over para-aramid fiber, notably in terms of superior thermal and chemical resistance, along with valuable dielectric properties. These attributes render it a preferred choice for applications ranging from fire-resistant clothing to electrical insulation. Furthermore, meta-aramid fiber exhibits versatility when combined with other high-performance fibers, resulting in enhanced overall properties. For instance, when blended with materials like wood and carbon, its strength can be significantly augmented. The burgeoning demand for meta-aramid fiber is predominantly propelled by its increasing necessity in protective clothing and electrical insulation applications, underlining its growing significance in these sectors.
Based on application, optical fibers is projected to be the fastest-growing segment for aramid fiber market, in terms of value, in 2022.
The optical fibers sector is experiencing rapid growth, primarily driven by the surging demand for robust and resilient optical fiber cables, particularly within the telecommunications industry. The escalating use of the Internet and telecommunication services has spurred the necessity for swifter connectivity and adaptable cable designs. Aramid fibers play a crucial role in reinforcing fiber optic cables due to their capacity to provide enhanced protection against mechanical strain, environmental moisture, saltwater, and temperature variations. Additionally, they contribute to prolonging the lifespan of these cables while concurrently reducing their overall weight. These factors collectively fuel the expansion of the aramid fiber market in the optical fibers application segment.
“Asia Pacific is projected to be the fastest growing region during the forecast period, in terms of value”
Asia Pacific region stands as a highly appealing global market for aramid fibers, with substantial growth prospects on the horizon. This attractiveness is underscored by the mounting demand observed across key sectors such as industry, construction, maritime, and automotive. The region's significant population growth, coupled with an improving standard of living, signifies the remarkable developments unfolding here. Crucially, factors like rising employment rates, increased disposable income among the populace, and growing foreign investments across various sectors of the economy further enhance Asia Pacific's allure as a vibrant and promising market for aramid fibers.
To know about the assumptions considered for the study, download the pdf brochure
Key Aramid Fiber Market Industry Players
The key players profiled in the report include Teijin Limited (Japan), DuPont de Numerous, Inc. (US), Yantai Tayho Advanced Materials Co., Ltd. (China), Toray Industries, Inc. (Japan), and Kolon Industries Inc. (South Korea) among others, are the key manufacturers that holds major market share in the last few years. Major focus was given to the collaborations, partnerships and new product development due to the changing requirements of users across the world.
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Request Sample Scope of the Report
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
|
Report Metric |
Details |
|
Years considered for the study |
2017–2028 |
|
Base year considered |
2022 |
|
Forecast period |
2023–2028 |
|
Units considered |
Volume (Ton) and Value (USD Million/Billion) |
|
Segments covered |
Type, Application, and Region |
|
Regions covered |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
|
Companies profiled |
Teijin Limited (Japan), DuPont de Numerous, Inc. (US), Yantai Tayho Advanced Materials Co., Ltd. (China), Hyosung Corporation (South Korea), Toray Industries, Inc. (Japan), Kolon Industries, Inc. (South Korea), Huvis Corp. (South Korea), Kermel (France), and China National Bluestar (Group) Co., Ltd. (China) |
This report categorizes the global aramid fiber market based on type, product form, end-use industry, and region.
On the basis of type, the aramid fiber market has been segmented as follows:
- Para-aramid fiber
- Meta-aramid fiber
On the basis of applications, the aramid fiber market has been segmented as follows:
- Security & Protection
- Frictional Materials
- Industrial Filtration
- Optical Fibers
- Rubber Reinforcement
- Tire Reinforcement
- Electrical Insulation
- Others
On the basis of region, the aramid fiber market has been segmented as follows:
- Europe
- North America
- Asia Pacific
- Middle East & Arica
- South America
Recent Developments
- In 2021, Kolon Industries has invested USD 208.6 million to expand its annual production capacity for aramid, a vital raw material used in fifth-generation network cables and electric vehicles. This investment aims to double the current capacity from 7,500 metric tons to reach 15,000 metric tons by the year 2023.
- In 2020, Teijin Limited has innovated high-performance para-aramid fibers using environmentally friendly raw materials. These fibers find applications across a range of industries, including car tires, airfreight containers, and protective clothing.
- In 2020, DuPont unveiled an innovative product called DuPont Kevlar MicroCore. This unique, high-temperature-resistant superfine fiber material is designed for use in battery separators, specifically to cater to the increasing demand for safer and higher-performing lithium-ion batteries, particularly in the context of electric vehicles (EVs).
Frequently Asked Questions (FAQ):
What are the major developments impacting the market?
The chances for use aramid fiber in aerospace industry is expected to shift market trends.
Who are major players in aramid fiber market?
Teijin Limited (Japan), DuPont de Numerous, Inc. (US), Yantai Tayho Advanced Materials Co., Ltd. (China), Hyosung Corporation (South Korea), Toray Industries, Inc. (Japan), Kolon Industries Inc. (South Korea).
What is the major application of aramid fiber?
Security & protection is the major application for aramid fiber market during the forecast period.
What are the major factors restraining market growth during the forecast period?
High R&D cost and non biodegradability of aramid fibers
What are the various strategies key players are focusing within aramid fiber market?
Key players are majorly focused on new product launch and partnering with local or regional players within the market, in order to attract larger market share globally. .
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
The study involved four major activities in estimating the market size for aramid fiber market. Intensive secondary research was done to gather information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Post that, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
Secondary sources used in this study included annual reports, press releases, and investor presentations of companies; white papers; certified publications; articles from recognized authors; and gold standard & silver standard websites such as Factiva, ICIS, Bloomberg, and others. The findings of this study were verified through primary research by conducting extensive interviews with key officials such as CEOs, VPs, directors, and other executives. The breakdown of profiles of the primary interviewees is illustrated in the figure below:
Primary Research
The aramid fiber market comprises several stakeholders, such as raw material suppliers, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market is characterized from key opinion leaders in various applications for the aramid fiber industry. The supply side is characterized by advancements in technology and diverse application industries. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Breakdown of Primary Participants
Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2022 available in the public domain, product portfolios, and geographical presence.
Other designations include consultants and sales, marketing, and procurement managers.
To know about the assumptions considered for the study, download the pdf brochure
|
COMPANY NAME |
DESIGNATION |
|
DuPont de Numerous, Inc. |
Global Strategy & Innovation Manager |
|
Teijin Limited |
Technical Sales Manager |
|
Kolon Industries, Inc. |
Senior Supervisor |
|
Yantai Tayho Advanced Materials Co.,Ltd. |
Production Supervisor |
|
Toray Industries, Inc. |
Production Manager |
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the aramid fiber market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry have been identified through extensive secondary research.
- The supply chain of the industry has been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
Aramid fiber Market: Bottom-Up Approach
To know about the assumptions considered for the study, Request for Free Sample Report
Aramid fiber Market: Top-Down Approach
Data Triangulation
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into respective segments and subsegments. To realize the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying several factors and trends from both the demand and supply sides in the aramid fiber industry.
Market Definition
According to the Encyclopedic Dictionary of Polymers, aramid fibers belong to a family of high-strength, high-modulus fibers derived from aramid resin. These fibers consist of long-chain synthetic polyamides with exceptionally strong tensile properties, making them a popular choice for advanced composite products that necessitate both strength and lightness. The primary sectors benefiting from aramid fibers include military & defense and automotive industries. Aramid fibers are available in various forms, such as roving, continuous filament yarns, spun yarns, pulp, and woven fabrics, offering versatility for diverse industrial applicationss.
Key Stake Holders
- Aramid fiber manufacturers
- Raw material manufacturers
- Government planning commissions and research organizations
- Industry associations
- End-use industries
- R&D institutions
Report Objectives
- To analyze and forecast the size of the aramid fiber market in terms of volume and value
- To provide detailed information regarding key factors, such as drivers, restraints, challenges, and opportunities influencing the growth of the market
- To define, describe, and segment the aramid fiber market based on type, and application
- To forecast the size of the market segments for regions such as Asia Pacific, North America, Europe, South America, and the Middle East & Africa
- To strategically analyze the segmented markets with respect to individual growth trends, prospects, and contribution to the overall market
- To identify and analyze opportunities for stakeholders in the market
- To strategically profile key players and comprehensively analyze their core competencies
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Regional Analysis
- Further breakdown of a region with respect to a particular country or additional application type
Company Information
- Detailed analysis and profiles of additional market players (up to five)
Generating Response ...
Growth opportunities and latent adjacency in Aramid Fiber Market