The Global Aramid Fiber Market size is projected to reach USD 7.28 billion in terms of Revenue by 2026, The market was worth USD 4.25 billion in 2018 and will exhibit a CAGR of 7.0% during the forecast period, 2019-2026.
Aramid Fiber Market Size, Share & Industry Analysis, By Type (Para, Meta and Others), By Application (Security & Protection, Frictional Materials, Rubber reinforcement, Optical fiber, Tire reinforcement, Electrical insulation, Aerospace and Others), and Regional Forecast, 2019-2026
The favorable product properties have allowed applications across diverse industry verticals.
Some of the leading companies that are operating in the Global Aramid Fiber Market are:
- 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.
- Other Key Players
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Noteworthy Industry Developments:
September 2018: Snow Peak and Teijin Limited announced the launch of a new material fabric for outdoor apparel.
Aramid Fiber Market Summary:
Aramid fiber is a product that is artificially derived through polymer molecules. The properties of these products such as high heat resistance and high resilience to external factors have allowed widespread product applications. The ability of aramid fiber to withstand pressure has led to applications in stab-resistant clothes. The increasing popularity and growing demand for aramid fiber is mainly attributable to its favorable properties. Recent advancements in manufacturing processes of aramid fibers have fuelled the demand for the product. Moreover, the increased investment in the research and development of the product, with the aim of developing newer products will aid the growth of the global market in the coming years.
The report provides an in-depth analysis of the global aramid fiber market. The competitive landscape has been discussed in detail and predictions are made with respect to leading companies and products in the coming years. It highlights the latest product launches and labels major innovations in the market. In addition to this, it states the impact of these products on the growth of the market. Forecast values have been provided for the market for the period of 2019-2026. The factual figures have been obtained through trusted sources. Moreover, these predictions are made on the basis of extensive research analysis methods, coupled with the opinions of experienced market research professionals.
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Major Growth Drivers:
Increasing Investment in Product R&D to Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing investment in the research and development of the product has made a huge impact on the market. Due to the huge potential held by aramid fibers across numerous industries, several companies are looking to explore markets where there is lesser product adoption. The applications of aramid fibers in safety and firefighting clothing and apparel have been noticeable of all. The high investment and extensive product research will yield newer products at a rapid pace. Increasing number of product innovations will have a positive impact on the growth of the market in the coming years.
Europe is Projected to Emerge Dominant; High Emphasis on Development of Newer Products Will Aid Market Growth
The report analyzes ongoing aramid fiber market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in Europe is projected to emerge dominant in the coming years driven by the huge product demand in leading countries such as Germany, UK, and France. The market in North America holds a significant aramid fiber market share, accounting to the widespread applications of the product in several countries across this region. As of 2018, the market in North America was worth USD 1.31 billion and this value is projected to increase further in the coming years.