The global para-aramid fibers market size is expected to reach USD 3.6 billion by 2025 at a 6.5% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for security and protective measures in various industries such as military and construction is likely to boost product demand.
Raw material prices play a key role in industry growth, which helps players align product demand and gain control over the supply chain. Furthermore, major players are focused on integration across the value chain in order to maintain continuous raw material supply in a bid to increase market revenue.
The market is witnessing a high level of competition owing to presence of a large number of regional and global players with operations across the globe. Key participants are actively involved in adopting various strategic initiatives to gain a large share. The degree of competition depends on product demand, innovation in technology, and distribution network.
The production process is highly energy intensive and makes use of expensive chemicals, which increases raw material cost in proportion to the overall cost of the product.
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www.grandviewresearch.com/industry-analysis/para-aramid-fibers-market
Further key findings from the report suggest:
Grand View Research has segmented the global para-aramid fibers market on the basis of application and region:
Para-aramid Fibers Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)