The global aramid fiber market is projected to grow to USD 7,243.3 million by the end of 2027, driven by the presence of numerous large-scale companies that will contribute to market expansion. According to a report 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 valued at USD 4,522.6 million in 2020 and is expected to grow at a CAGR of 6.5% over the forecast period from 2020 to 2027.
Key Companies Profiled:
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.
Aramid fibers are extensively used across various industries due to their exceptional physical properties, including mechanical strength and resistance to external factors such as pressure and humidity. As these fibers are synthetic, availability is not a concern. The rising demand for aramid fibers has led to the establishment of numerous large-scale manufacturing facilities worldwide, which will positively influence market growth in the coming years. Additionally, the fibers’ properties such as low flammability and robust fabric integrity are expected to drive their adoption across different industrial sectors in multiple countries.
Impact of COVID-19 on Product Adoption
The COVID-19 pandemic has significantly impacted global economies and limited business operations worldwide. Measures to contain the virus, including lockdowns and social distancing, have led to a reduction in manpower and workforce availability, causing many production units to either halt operations or function with restricted resources. Consequently, the demand for aramid fiber has decreased sharply in recent months, which will affect the overall market in the near future.
Source: https://www.fortunebusinessinsights.com/aramid-fiber-market-102183
Rise in Product Innovations to Boost Market Growth
The report highlights several factors that have contributed to the recent growth of the aramid fiber market. Increased demand for the product has led to intense market competition globally. Notably, the surge in product innovations has significantly impacted market expansion. For instance, in September 2018, Snow Peak introduced a new fabric material incorporating aramid fiber, aimed at outdoor apparel. The broad range of applications for aramid fiber has been a significant driver of market growth. Continued product innovation is expected to have a substantial positive impact on market expansion in the upcoming years.
Europe to Lead; Automotive Applications to Propel Growth
The report examines current market trends across North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among these regions, Europe is expected to dominate the market due to the increasing application of aramid fibers across various industry sectors by major companies based in the region. The growing demand for efficient fuel sources has provided opportunities for companies operating in Europe. In 2019, the Asia Pacific market was valued at USD 1,615.7 million and is anticipated to grow at a significant pace in the coming years. The Asia Pacific region is projected to achieve the highest CAGR during the forecast period, fueled by government initiatives for industrial safety in countries like India and China.
More Trending Reports:
Precision Stainless Steel Market