In terms of value, the aramid fiber market is estimated to grow from USD 4.7 billion in 2023 to USD 7.6 billion by 2028, at a CAGR of 9.9%. Rising demand for lightweight and flexible materials from the industries such as automotive, military and defense for variety of applications is leading the market. In addition, most of the key industry players looking for alternative materials that are lightweight, strong, and fuel-efficient as there are limitations concerning to the reduction of carbon emissions. During the forecast period, this is anticipated to fuel the aramid fiber market even more. In contrast, the market growth is being constrained by expensive R&D expenses and the non-biodegradability of aramid fibers.
The key players in this market are 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). These companies are known for developing a wide variety of aramid fiber materials used in several industrial applications. To address the rising demand for aramid fiber across a range of applications, players in the aramid fiber market are primarily focusing on new product launches and acquisitions. Companies may improve their product range and better address the unique needs of consumers by launching new products.
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The new product launches between 2019 and 2023 have had a substantial influence on the expansion of the aramid fiber market. Different businesses have used various approaches to strengthen their positions in the aramid fiber market. For instance, Kolon Industries, Inc., Teijin Limited, Yantai Tayho Advanced Materials Co., and Toray Industries, Inc. primarily focus on the Asia Pacific area, whereas DuPont de Numerous, Inc. has a major concentration on the Americas. In essence, these five businesses have solidified their presence in their different home regions and are looking for ways to diversify geographically in order to grow their company operations. Additionally, during the past few years, all five companies have been committed to strengthening their product portfolios and market presence through strategic alliances
DuPont De Numerous, Inc. stands as a global leader renowned for its technology-driven materials and solutions. Leveraging its expertise, the company pioneers crucial innovations across diverse sectors, including electronics, transportation, construction, healthcare, and occupational safety. Operating in approximately 60 countries worldwide, with manufacturing operations in around 40 countries, DuPont De Numerous, Inc. has established a formidable global presence.As part of its strategic growth initiative, the company actively engages in partnerships and collaborations across various regions. This approach aligns with the increasing demand for aramid fibers in industries such as protective clothing and high-performance textiles. DuPont De Numerous, Inc. places a significant emphasis on the expansion of its Safety & Construction business segment, notably as the leading supplier of aramid fibers to the US Department of Defense. In recent developments, the company has also joined forces with VF Workwear to create a line of heat-resistant garments, further showcasing its commitment to innovation and industry leadership.
Teijin Limited provides a wide range of services to diverse industries, including transportation, information & electronics, safety & protection, environment & energy, and healthcare. The company operates through six key segments, namely High Performance, Composites, Healthcare, Fibres & Products Converting, and Others. A variety of aramid fibers are available from Teijin Limited, which aids the business in maintaining its place in the market. In response to growing market demands, Teijin Limited is swiftly expanding its production capabilities to ensure a steady supply of high-quality products, thereby boosting its revenue potential. The company is also actively engaging in strategic partnerships with relevant entities to drive innovation. Furthermore, Teijin Limited has extended its presence into various regions to tap into burgeoning markets. For example, in November 2019, the company announced plans to increase para-aramid fiber production capacity at its facilities in the Netherlands. Additionally, Teijin Limited places a strong emphasis on innovation and research and development (R&D) by identifying and nurturing future product possibilities.
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
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