Dublin, April 06, 2020 (GLOBE NEWSWIRE) -- The "Aramid Fiber Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The global aramid fiber market is expected to grow at a CAGR of 8.59% over the forecast period to reach a total market size of US$6.315 billion by 2025 increasing from US$3.852 billion in 2019
Aramid fiber is a class of strong synthetic fiber that is widely used for ballistic rated body armor fabric and composites. The growing adoption of aramid in the aerospace industry is expected to be one of the prime drivers for the growth of the market during the forecast period. Also, with the increasing fuel prices, the aviation industry is under pressure of upgrading its performance with the adoption of lightweight technology which provides a key solution for lightweight and also promotes fuel efficiency. However, high research and development cost coupled with the complexity in the production process of aramid fiber is expected to restrain the growth of the market in the coming years.
Increasing demand for protective clothing
Growing demand for protective clothing in various industries like construction, aerospace, the military is considered as the driving factor for the growth of the market. Besides, there is an increasing demand for lightweight and strong materials that offers protection against situations such as extreme temperature and threats which further drive the market for aramid fiber. In addition, expanding the ballistic protection equipment market is also expected to boost the demand for aramid fiber in the production of equipment in the coming years. For instance, the ballistic protection equipment market is growing at a CAGR of more than four percent to reach a market size of US$12.688 billion in 2024 (Source: Knowledge Sourcing Intelligence).
Expanding aerospace and defence industry
Protective clothing is prominent equipment when it comes to protecting the first line of defense and the increasing investment in aerospace and defense around the globe is anticipated to propel the market growth opportunities in the coming years. Also, as government around the globe modernize their military platforms and systems and chase advanced technologies and capabilities, the projected spending on military aircraft, satellites, and spacecraft among other products is also expected to increase which is driving the growth of aramid fiber market. According to the World Bank, military expenditure at current USD in China and India has increased from US$115.712 and US$ 46.09billion in 2010 to US$249.997 and US$66.51 billion in 2018 respectively. In addition, global air transport, passenger carried has also increased from 2.5 billion in 2009 to 4.233 billion in 2018 showing a growth of more than eighty percent (Source: The World Bank).
North America is estimated to hold a significant share in the market
By geography, the global aramid fiber market has been segmented as North America, South America, Europe, the Middle East and Africa, and Asia Pacific (APAC) regions. North America accounts for the significant share of the global aramid fiber market in 2019 and is projected to grow at a healthy rate throughout the forecast period. This growth is attributed to the presence of big market players coupled with the early adoption of technology in the region.
Competitive Insights
Prominent key market players in the global aramid fiber market include Dow DuPont and Teijin Ltd among others. At present, both companies hold a significant share in the market and are adopting various growth strategies such as new product launches, M&A, and partnerships to expand their global footprint. For instance, recently Teijin completes its acquisition of Benet Automotive, a leading provider of automotive composite and component in the Czech Republic. This acquisition is expected to serve as a solid foundation that will further strengthen Teijin's solution development capabilities as a material component supply partner of automotive Original Equipment Manufacturer customers in Europe.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Aramid Fiber Market Analysis, By Type
5.1. Introduction
5.2. Para-Aramid
5.3. Meta-Aramid
6. Aramid Fiber Market Analysis, By End-User
6.1. Introduction
6.2. Aerospace and Defense
6.3. Automotive
6.4. Electronics and Telecommunication
6.5. Others
7. Aramid Fiber Market Analysis, By Geography
7.1. Introduction
7.2. North America (US$ Million) (tons)
7.2.1. North America Aramid Fiber Market, By Type, 2019 to 2025 (US$ Million) (tons)
7.2.2. North America Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.2.3. By Country
7.2.3.1. United States (US$ Million) (tons)
7.2.3.1.1. United States Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.2.3.2. Canada (US$ Million) (tons)
7.2.3.2.1. Canada Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.2.3.3. Mexico (US$ Million) (tons)
7.2.3.3.1. Mexico Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.3. South America (US$ Million) (tons)
7.3.1. South America Aramid Fiber Market, By Type, 2019 to 2025 (US$ Million) (tons)
7.3.2. South America Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.3.3. By Country
7.3.3.1. Brazil (US$ Million) (tons)
7.3.3.1.1. Brazil Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.3.3.2. Argentina (US$ Million) (tons)
7.3.3.2.1. Argentina Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.3.3.3. Others
7.4. Europe (US$ Million) (tons)
7.4.1. Europe Aramid Fiber Market, By Type, 2019 To 2025 (US$ Million) (tons)
7.4.2. Europe Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.4.3. By Country
7.4.3.1. UK (US$ Million) (tons)
7.4.3.1.1. UK Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.4.3.2. Germany (US$ Million) (tons)
7.4.3.2.1. Germany Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.4.3.3. France (US$ Million) (tons)
7.4.3.3.1. France Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.4.3.4. Spain (US$ Million) (tons)
7.4.3.4.1. Spain Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.4.3.5. Others
7.5. Middle East and Africa (US$ Million) (tons)
7.5.1. Middle East And Africa Aramid Fiber Market, By Type, 2019 To 2025 (US$ Million) (tons)
7.5.2. Middle East And Africa Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.5.3. By Country
7.5.3.1. Saudi Arabia (US$ Million) (tons)
7.5.3.1.1. Saudi Arabia Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.5.3.2. UAE (US$ Million) (tons)
7.5.3.2.1. UAE Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.5.3.3. Others
7.6. Asia Pacific (US$ Million) (tons)
7.6.1. Asia Pacific Aramid Fiber Market, By Type, 2019 To 2025 (US$ Million) (tons)
7.6.2. Asia Pacific Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.6.3. By Country
7.6.3.1. Japan (US$ Million) (tons)
7.6.3.1.1. Japan Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.6.3.2. China (US$ Million) (tons)
7.6.3.2.1. China Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.6.3.3. India (US$ Million) (tons)
7.6.3.3.1. India Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.6.3.4. South Korea (US$ Million) (tons)
7.6.3.4.1. South Korea Aramid Fiber Market, By End-User, 2019 To 2025 (US$ Million) (tons)
7.6.3.5. Others
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Du Pont de Nemours and Company
9.2. Teijin Ltd
9.3. Huvis Corp
9.4. Toray Chemicals
9.5. Kolon Industries
9.6. Yantai Tayho Advanced Materials Co
9.7. Hyosung Corp
9.8. China National Bluestar (Group) Co
9.9. X-Fiper (SRO Aramid)
9.10. Kermel S.A
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