Pune, Nov. 02, 2020 (GLOBE NEWSWIRE) -- The global aramid fiber market size is projected to reach USD 7,243.3 million by the end of 2027. The presence of several large-scale companies will contribute to the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Aramid Fiber Market Size, Share & COVID-19 Impact Analysis, By Product Type (Para, Meta and Others), By Application (Security & Protection, Frictional Materials, Rubber & Tire Reinforcement, Optical Fiber, Electrical Insulation, Aerospace and Others), and Regional Forecast, 2020-2027” the market was worth USD 4,522.6 million in 2019 and will exhibit a CAGR of 6.5% during the forecast period, 2020-2027.
Aramid fibers are widely used across diverse industry applications, mainly due to their exceptional physical properties. The product is characterized by mechanical strength and excellent resistance to external factors including pressure and humidity. As this is a manmade fiber, availability is not an issue. The increasing demand for the product has led to the presence of several large scale manufacturing units across the world. The presence of several large scale manufacturers will have a direct impact on the growth of the overall market in the forthcoming years. Besides this, properties such as low flammability and good fabric integrity will contribute to the growing adoption of these fibers across diverse industry verticals in several countries.
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Covid-19 Pandemic has Limited Product Adoption in End-use Industries
The recent coronavirus outbreak has had a massive impact on several economies across the globe. The efforts taken to curb the spread of the disease have limited the growth of businesses across the world. Due to the rapid spread of the disease, several countries are looking to implement strict measures with a view to controlling the spread of the disease. The measures are taken to curb the spread of the disease, including lockdown and social distancing practices have resulted in a shortfall of manpower and workforce. As a result, several production units have either been put on hold or being operated with limited resources. The demand for aramid fiber has gone down drastically in the past few months; a factor that will have a considerable impact on the overall market in the coming years.
Increasing Number of Product Innovations will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the increasing demand for the product, there is healthy market competition across the world. Among all factors, the increasing number of product innovations has had the highest impact on the growth of the overall aramid fiber market in recent years. In September 2018, Snow Peak announced the launch of a new product through the integration of aramid fiber. The company introduced a new material fabric that is directed for use in outdoor apparel. The applications of aramid fiber are not limited to a single domain and this has been a major contributor to market growth. The increasing number of such product innovations will have a huge impact on the growth of the overall market in the forthcoming years.
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Europe to Emerge Dominant; Increasing Applications in Automotive Industry will Aid Growth
The report analyzes the ongoing market trends across North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among all regions, the market in Europe is projected to emerge dominant in the coming years. The increasing applications of the product across diverse industry verticals by large scale companies based in this region will emerge in favor of market growth. The increasing demand for efficient fuel sources has given the platform for companies operating in this region. As of 2019, the market in Europe was worth USD 1615.7 million and this value is projected to rise at a considerable pace in the coming years. The market in Asia Pacific is projected to rise at the highest CAGR during the forecast period driven by the initiatives taken by government organizations for industrial safety in countries such as India and China.
List of the Leading Companies Profiled in the Global Aramid Fiber Market are:
- DuPont (U.S.)
- Teijin Limited
- Kolon Industries Inc.
- Yantai Tayho Advanced Materials Co., Ltd.
- X-FIPER New Material Co., Ltd.
- HUVIS CORPORATION
- Hyosung Corporation
- China National Bluestar (Group) Co, Ltd.
- Toyobo Co., Ltd.
- Aramid Hpm, LLC.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Trends – For Major Countries
- Key Developments
- Regulatory Scenario
- PORTER’s Five Forces Analysis
- Global Production Overview
- COVID-19 Impact Analysis
- Supply Chain Challenges
- Steps Taken by Government/Companies to combat COVID-19
- Potential Opportunities due to COVID-19 Outbreak
- Global Aramid Fiber Market Analysis, Insights and Forecast, 2016-2027, By Product Type
- Key Findings / Summary
- Market Analysis, Insights and Forecast
- Para
- Meta
- Others
TOC Continued…!
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Industry Development:
November 2019: Teijin Aramid B.V., announced that it will be increasing its production capacity by 25%.
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