NEWARK, Del., Oct. 04, 2023 (GLOBE NEWSWIRE) -- The aramid fiber market will be worth US$ 6.8 billion by 2033. The market is estimated to experience a CAGR of 5.5% through 2033. The aramid fiber market will be worth US$ 4 billion in 2023.
Growing remodeling efforts and stringent rules governing workplace security and health in various industries are expected to boost the United States' aramid fiber market opportunities. Such measures are also projected to contribute to expanding global aramid fiber adoption trends in Latin American countries.
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Aramid fibers are essential in sustainable energy usage, especially wind turbine blades. The requirement for durable and lightweight materials grows in tandem with the growth of the renewable energy sector.
The automobile and aerospace sectors in the United States are still looking for lightweight materials to increase fuel efficiency while lowering pollution. Aramid fibers are employed in various components, contributing to market growth.
Aramid fibers are also employed in the construction industry for strengthening concrete. Infrastructure projects in the United States may increase demand for these materials.
The United States maintains high regulatory expectations for safety and quality in areas such as aircraft and automotive. Compliance with these criteria is expected to remain a top priority for aramid fiber makers.
There are over 2,300 businesses in the German aerospace industry, most concentrated in northern Germany. As a result, during the predicted period, aramid fiber consumption is expected to rise along with the growth in aircraft production. It is predicted that the market in this country will expand over the coming years due to the increasing demand from various end-user sectors.
Key Takeaways
- The United States is predicted to reach US$ 900 million by 2033.
- Germany’s aramid fiber market is expected to reach US$ 780 million by the end of this forecast period.
- China’s aramid fiber market is anticipated to be worth US$ 850 million.
- China's market is expected to exhibit a 5.2% CAGR until 2033.
- The aramid fiber market in Japan is expected to develop significantly, reaching US$ 610 million by 2033.
- The market for aramid fiber in South Korea is projected to develop at a CAGR of 4.1% from 2023 to 2033.
- A market valuation of US$ 530 million is anticipated in South Korea after the forecasted period.
- Based on application, the security and protection category is expected to lead sales and experience a CAGR of 4.8% through 2033.
“The increasing demand for aramid fiber from a wide range of industries, including the petroleum industry, healthcare services, manufacturing, and others, is predicted to fuel the target market's growth from 2023 to 2033,” says Nikhil Kaitwade, Associate Vice President for Chemicals & Materials at Future Market Insights, Inc.
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Competitive Landscape
The top companies in the global aramid fiber market use tactics such as collaboration contracts, technological collaboration, and resource mobilization to strengthen their positions in this industry. Many global aramid fiber firms are likewise aiming to launch products that are both affordable and of high quality to increase market penetration.
- In June 2022, Teijin Aramid B.V. launched the Woven Matrix concept to allow the creation of different ballistic protection choices. The woven matrix is made from Twaron, the organization's efficient para-aramid.
- Taekwang Industry announced a US$ 112 million budget proposal in May 2022 to enhance aromatic polyamide (aramid) production from 1,500 tons per year to 5,000 tons by 2025.
Key Companies Profiled
- Teijin Ltd.
- Yantai Tayho Advanced Materials Co
- E. I. du Pont de Nemours and Company (DowDuPont)
- Hyosung & Hyosung Corp.
- Toray Chemicals South Korea, Inc.
- Kermel S.A.
- Kolon Industries, Inc.
- Huvis Corp.
- China National Bluestar (Group) Co., Ltd.
- SRO Aramid (Jiangzu) Co., Ltd.
Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Aramid Fiber market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights by Product Type (Para-Aramid, Meta-Aramid), Application (Security & Protection, Frictional Materials, Rubber Reinforcement, Optical Fibers, Tire Reinforcement, Electrical Insulation, Aerospace, Others), and Region.
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Segmentation Analysis of the Aramid Fiber Market
By Product Type:
- Para-Aramid
- Meta-Aramid
By Application:
- Security & Protection
- Frictional Materials
- Rubber Reinforcement
- Optical Fibers
- Tire Reinforcement
- Electrical Insulation
- Aerospace
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
About the Chemicals & Materials Division at Future Market Insights
The Chemicals & Materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective of providing authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Authors:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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