Buoyed by growth in the automotive industry and an uptick in the demand for protective clothing, the global aramid fiber market is expected to report a high single-digit CAGR between 2015 and 2023, says a latest report by Transparency Market Research. The report, titled ‘Aramid Fiber Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023’ says that the valuation of the market was US$ 2,598.2 million as of 2014 and will rise to US$ 5,099.1 million by 2023.

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This translates to a 7.8% CAGR from 2015 to 2023 for the global aramid fiber market.This synthetic polymer, which is obtained via a reaction between the amine group and arboxylic acid halide group, is widely applied in industrial products and operations. Automotive components, electrical components, protective clothing, and body armor are just a few examples of the applications of aramid fiber.

The report segments the global aramid fiber market on the basis of product type, en-users, and geographic regions. Segmented thus, the aramid fiber market by products is classed into meta-aramid fiber and para-aramid fiber. The para-aramid fiber segment led the global aramid fiber market as it witnesses massive demand from industries such as automotive, defense, and aerospace. This factor plays a crucial role in making the para-aramid fiber segment the largest in the global aramid fiber market. With a market share of over 70%, the para-aramid fiber segment was not only the largest in 2014, but is also expected to remain the fastest-growing over the forecast period of this report.

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Likewise, based on end-users, the following segments have been created: Automotive, aerospace and defense, electronics and telecommunications, electrical, and others. TMR analysts say that about 35% of all aramid fiber produced was consumed by the automotive segment in 2014, making this the largest end-user segment globally. The automotive segment will report a healthy growth rate over the report’s forecast period. However, in terms of rate of growth, the electrical end-use segment is expected to emerge as the fastest with an 8.3% CAGR from 2015 to 2023in revenue terms. The global aramid fiber market will continue to see a progressive increase in demand from the automotive and industrial protective clothing end-use industries.

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The global aramid fiber market is also studied from the geographical perspective by segmenting it into: North America, Europe, Latin America, Asia Pacific, and Middle East and Africa. Europe stood as the largest regional aramid fiber market in 2014 with a 35% share of the overall market. The prospects of the European aramid fiber market look promising as the demand for personal armor and protective clothing will keep the consumption of aramid fiber high.

From the regional standpoint, the fastest growth in the global aramid fiber market will be reported by Asia Pacific through the report’s forecast period. In India and China, especially, aramid fiber is expected to be consumed in large volumes in automotive, construction, and electrical industries. Demand will also remain steady from ASEAN countries. The expansion of the aramid fiber market in North America is predicted to be striking over the next eight years as the U.S. moves a step closer to normalcy. Latin America will not disappoint, thanks to the rebounding automotive and construction industries – the two major end-users of aramid fiber.

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While Middle East and Africa will not demonstrate a marked improvement in the demand for aramid fiber, the market’s growth will be sustained largely by the oil and gas industry, which stirs up demand for protective clothing.Companies profiled in the aramid fiber market report are: E. I. du Pont de Nemours and Company, Kolon Industries Inc., Teijin Aramid, Yantai Tayho Advanced Materials Co., Ltd, and HYOSUNG Corporation.

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