The 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 Industry 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 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 aramid fibers across diverse industry verticals in several countries.
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 a 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. Increasing number of such product innovations will have a huge impact on the growth of the overall market in the forthcoming years.
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 Asia Pacific was worth USD 1615.7 million and this value is projected to rise at 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 Key Companies Profiled:
- DuPont (U.S.)
- Teijin Limited
- Kolon Industries Inc.
- Yantai Tayho Advanced Materials Co., Ltd.
- X-FIPER New Material Co., Ltd.
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