The Aramid Fiber Market is expected to grow from USD 3.3 billion in 2018 to USD 5.8 billion by 2024, at a compound annual growth rate (CAGR) of 9.9% during the forecast period. The presence of strict regulations related to carbon emissions that are encouraging companies to shift focus to alternate materials that are fuel-efficient, strong, and lightweight is the primary driving factor of the market.
Browse 109 market data Tables and 36 Figures spread through 128 Pages and in-depth TOC on "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 2024 "
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Based on type, the aramid fiber market has been segmented into the para-aramid and meta-aramid fiber. The para-aramid fiber was the largest segment of the market in 2017. A couple of factors that have contributed to the growth of this segment are the abrasion resistance and mechanical strength of the para-aramid fiber and huge demand from aerospace and defense industries.
The telecommunications sector is generating a demand for optical fiber cables that have high strength and durability. This factor is instrumental to the growth of the optical fibers application segment of the market. The second fastest-growing application of aramid fiber is security & protection. Aramid fiber is used in making protective clothing, and its demand in the military, industrial, and civil applications is supporting the growth of the market in this segment.
Europe has witnessed industrial expansion and technological advancements. The automotive industry is one of the key contributors to the regional economy. The governments of the European countries are putting efforts to reduce greenhouse gas emissions. These are the factors that have made Europe the largest aramid fiber market. With the further development of the region in tandem with the improving global economy, the market is likely to grow in the future.
The aramid fiber market includes players such as DowDuPont (US), Teijin Ltd. (Japan), Kolon Industries Inc. (South Korea), Toray Industries Inc. (South Korea), Hyosung Corp. (South Korea), Huvis Corp. (South Korea), Kermel (France), Yantai Tayho Advanced Material Co. (China), Taekwang Industrial Co., Ltd. (South Korea), China National Bluestar (Group) Co. Ltd. (China), and SRO Aramid (Jiangsu) Co. Ltd. (China).
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