Market Potential and Pitfalls
The aramid fiber market is fueled by the soaring demand for protective clothing from the industrial and military & defense sectors. The flame-resistant and heat-protective properties of aramid fiber have resulted in its increased demand from the defense sector for counterterrorism strategies and homeland security. Aramid fiber is extensively used in ballistic applications like protective gloves and bulletproof vests, which is further estimated to encourage the market growth in the coming years. The product also finds application in the automotive sector for making belts, hoses, gaskets, belts, tires, gaskets, clutches, brake pads, and others. It helps to enhance the safety, performance, and durability of the automotive, which influences its growth globally. The global aramid fiber market, as per a report by Market Research Future (MRFR) is touted to register a healthy CAGR during the forecast period (2020-2027).
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Aramid fiber is considered an excellent substitute for asbestos and steel and is thus extensively used in the construction sector. The fiber is also used in the manufacturing of consumer goods like AC, refrigerator, washing machine, and others to make them lightweight and strong, thus catalyzing the market growth.
On the contrary, aramid fiber is non-biodegradable, and its production cost is high. These are the major concerns vitiating the market growth in the coming years.
Global Aramid Fiber Market: Segmental Analysis
By type, the Aramid Fiber Market is segmented into meta-aramid, para-aramid, and others. Of these, the para-aramid segment will acquire a significant share in the global market. Para-aramid fiber has gained huge prominence over the past few years across applications like wire and cables, ballistic protection, race cars, hose reinforcement, and protective gloves. Rising demand for these products is likely to accelerate the market growth in the segment.
By application, the aramid fiber market is segmented into frictional materials, security & protection, optical fiber, rubber reinforcement, electrical insulation, and others. Of these, the security & protection application segment is predicted to gain prominence as aramid fibers are highly preferred in this application owing to the rising concerns over the protection of personnel in industrial and military sectors.
By end use industry, the aramid fiber market is segmented into automotive, aerospace & defense, marine, consumer goods, and others. Of these, the aerospace & defense sector is predicted to gain prominence due to several benefits such as weight reduction compared to conventional materials, high impact resistance, and high damage tolerance.
Geographically, the aramid fiber market spans across North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa.
Considering the global scenario, the Asia Pacific is considered to register the fastest growth in the global market due to the booming aerospace, industrial, and military sectors in the region. The soaring demand for lightweight, durable, and efficient automotive among the consumers is considered to influence the regional market’s growth. The production and sales of consumer goods in the region are significantly higher than the other regions, which is further estimated to catalyze the market.
North America bags the second position in the global market owing to the surging demand from the automotive and defense sectors. In this region, the U.S. is considered one of the major military powers, which is estimated to influence product demand. Moreover, the current boom in the automotive sector, coupled with rising disposable income, are considered to encourage the market growth in North America.
Europe is likely to register a significant growth due to the surging demand from Western European countries like France, Germany, and the U.K. Strict safety mandates across end use industries like oil and gas, construction, aluminum, and steel is influencing the demand for protective clothing, thereby augmenting the demand for the product in the region.
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The top players operating in the global aramid fiber market include Yantai Tayho Advanced Materials Co., Ltd (China), TEIJIN LIMITED (Japan), Toray Chemicals Korea Inc. (South Korea), HYOSUNG (South Korea), Kolon Industries, Inc. (South Korea), KERMEL (France), China National Bluestar (Group) Co. Ltd. (China), Huvis (South Korea), IBIDEN CO., LTD. (Japan), and SRO Aramid (Jiangzu) Co., Ltd. (China).
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