NEW YORK, United States, April 19, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Aramid Fiber Market By End Use Industry (Aerospace and Defense, Automotive, Electronics and Telecommunication, Sports Goods, Others), By Product Type (Meta-Aramid Fiber, Para-Aramid Fiber, Others), By Application (Protective Fabrics, Frictional Materials, Optical Fibers, Tire Reinforcement, Rubber Reinforcement, Composites, Others), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Aramid Fiber Market size & share was witnessed USD 3,521.8 million in 2021and it is expected to hit around USD 6,070.8 million Mark, by 2028, at a compound annual growth rate (CAGR) of about 9.5% during the forecast period 2022 to 2028.”
What is Aramid Fiber? How big is the Aramid Fiber Market?
Market Overview:
Aramid fibers have found a wide scope of application in the technologically advanced world that is focusing on changing the conventional operational trends. Aramid fibers are crucial in developing low-weight aircraft and vehicles due to their high structural integrity and this factor is anticipated to boost the aramid fiber market potential in the long run.
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- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
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- About 221+ Pages Research Report (Including Recent Research)
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- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Report Scope
| Report Attribute | Details |
| Market Size in 2021 | USD 3,521.8 Million |
| Projected Market Size in 2028 | USD 6,070.8 Million |
| CAGR Growth Rate | 9.5% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Teijin, DuPont de Nemours Inc., Yantai Tayho Advanced Materials Company, Hyosung Corporation, Toray Chemical Korea, Kolon Industries, Huvis, China National BlueStar Group Company, Taekwang Industrial, JSC Kamenskvolokno, Guangdong Charming Company., and Others |
| Key Segment | By End-Use Industry, Product Type, Application, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
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Global Aramid Fiber Market: Growth Factors
Aramid fibers are being used in multiple aerospace and automotive applications to reduce costs of manufacturing without compromising the structural integrity of the said model to make a more efficient end product. Increasing demand from the defense sector is also anticipated to boost the aramid fiber market potential over the forecast period as multiple nations across the world invest in advancing their defense infrastructure and increasing their defense spending to bolster security.
The high costs associated with the manufacturing and development of aramid fiber are expected to act as a major restraint for the aramid fiber market over the forecast period. Volatility in the costs of raw materials will also hamper the aramid fiber market potential in the long run. Aramid fiber companies are investing in the development of new products that are more cost-effective and are more sustainability compliant in order to boost their sales over the forecast period and in the long run.
Increasing demand from the automotive sector due to low weight structure requirements in electric vehicles is also expected to be a prominent trend driving the aramid fiber market growth over the forecast period.
The pandemic of 2020 led to a major downfall in the aramid fiber marketplace on a global level and this trend was mostly due to hampered research and development activity across the world as lockdowns were imposed to contain the spread of coronavirus infections. These restrictions made manufacturing and distribution activities hard for aramid fiber companies and hence resulted in major losses to the global marketplace.
The aramid fiber market is expected to make a good recovery in the post-pandemic era owing to the resumption of multiple industrial activities and the lifting of lockdown restrictions. The aramid fiber market will see quick recovery as the scope of application for aramid fiber widens and we witness a high demand for lightweight fiber alternatives across all industry verticals.
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Global Aramid Fiber Market: Segmentation Analysis
The global aramid fiber market is segregated based on end-use industry, product type, application, and region. Based on the end-use industry, the global market is distinguished into Aerospace and Defense, Automotive, Electronics and Telecommunication, Sports Goods, and Others. The aerospace and defense industry is expected to be the most lucrative one in the aramid fiber market landscape owing to rising investments in defense infrastructure development by multiple governments across the world over the forecast period.
Competitive Landscape
Some of the main competitors dominating the global aramid fiber market include -
- Teijin
- DuPont de Nemours Inc.
- Yantai Tayho Advanced Materials Company
- Hyosung Corporation
- Toray Chemical Korea
- Kolon Industries
- Huvis
- China National BlueStar Group Company
- Taekwang Industrial
- JSC Kamenskvolokno
- Guangdong Charming Company
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Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the Aramid Fiber market is estimated to grow at a CAGR of around 9.5% from 2022 to 2028.
- The Aramid Fiber market was valued at around US$ 3,521.8 million in 2021 and is projected to reach US$ 6,070.8 million, by 2028.
- By Product Type, the para-aramid segment is likely to be the most profitable in the global aramid fiber market landscape, and this position is expected to hold during the forecast period.
- By 2028, the aramid fiber market is expected to develop due to the increased use of this fiber in protective clothing and the higher demand for protective apparel.
- By end-use industry, the aerospace and defense industries will account for a significant portion of the worldwide aramid fiber market by 2028.
- On the basis of region, Europe leads the worldwide aramid fiber market, and this is expected to continue during the projected period in terms of revenue and volume share.
Key questions answered in this report:
- What is the market size and growth rate forecast for the Aramid Fiber industry?
- What are the main driving factors propelling the Aramid Fiber Market forward?
- What are the leading companies in the Aramid Fiber Industry?
- What segments does the Aramid Fiber Market cover?
- How can I receive a free copy of the Aramid Fiber Market sample report and company profiles?
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COVID-19 Impact on Aramid Fiber Market:
The COVID-19 pandemic had a substantial negative influence on the aramid fiber market, owing mostly to a global decline in industrial output. Other factors that hampered the aramid fiber market potential in 2020 and led to major losses for aramid fiber manufacturers included lockdown restrictions, which led to the closure of multiple facilities that used aramid fiber, resulting in lapses in the logistic chain, a shortage of raw materials, and hampered research and development activities.
The aramid fiber market is predicted to make a strong comeback in the post-pandemic age when the lockdown limitations are lifted and the world returns to normal. Over the projection period, rising defense spending is likely to generate profitable possibilities for aramid fiber makers.
Regional Dominance:
Europe is known for its stringent mandates that require the companies to focus on sustainability and this is driving the demand for more lightweight materials in this region other than in any other region in the world. The focus of the government to reduce emissions and increase sustainability is also expected to boost the aramid fiber market demand through 2028. Increasing investments in defense and automotive sectors are also expected to positively impact the aramid fiber market potential through 2028.
Recent Developments
- In 2020, DuPont a leading chemical manufacturer and a multinational firm announced a new development of DuPont Kevlar MicroCore which is a unique material that will be used in high-performance lithium-ion batteries for electric vehicles.
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The global aramid fiber market is segmented as follows:
By End-Use Industry
- Aerospace and Defense
- Automotive
- Electronics and Telecommunication
- Sports Goods
- Others
By Product Type
- Meta-Aramid Fiber
- Para-Aramid Fiber
- Others
By Application
- Protective Fabrics
- Frictional Materials
- Optical Fibers
- Tire Reinforcement
- Rubber Reinforcement
- Composites
- Others
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