Aramid Fiber Market size is set to grow by USD 1.19 billion from 2024-2028, increasing demand from emerging economies boost the market, Technavio

NEW YORK, June 19, 2024 /PRNewswire/ -- The global aramid fiber market size is estimated to grow by USD 1.19 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  3.73%  during the forecast period. Increasing demand from emerging economies is driving market growth, with a trend towards increasing spending on defense industry. However, slower adoption in emerging applications  poses a challenge. Key market players include Aramid HPM LLC, China National Bluestar (Group) Co.Ltd., DuPont de Nemours Inc., Huvis Corp., Hyosung Corp., Kermel, Kolon Industries Inc., Lydall Inc., Shanghai J and S New Materials Co.Ltd., Shenma Industrial Co. Ltd., Sinopec Shanghai Petrochemical Co. Ltd., Solvay SA, Supermax New Materials Co. Ltd., Suzhou Zhaoda Specialy Fiber Technical Co. Ltd., Teijin Ltd., Toray Industries Inc., Toyobo Co. Ltd., and Yantai Tayho Advanced Materials Co. Ltd..

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Market Driver

The global defense industry's growth, driven by investments from China, the US, Russia, Saudi Arabia, India, Japan, and France, is boosting the demand for advanced military aircraft. This trend is leading to an increase in the use of aramid fibers in composite materials for these aircraft. Consequently, the aramid fiber market is experiencing significant growth due to the rising demand for fighter, attack, and bomber aircraft. 

The Aramid fiber market has seen significant growth in recent years due to its unique properties. These fibers offer high strength and resistance to heat, chemicals, and abrasion. The trend towards lightweight and durable materials in various industries, such as automotive, aerospace, and protective clothing, is driving demand for Aramid fibers. Ballistic vests and bulletproof materials are major applications. The use of Aramid fibers in composite materials is also increasing, particularly in the construction sector. The market is expected to continue growing, with increasing demand from emerging economies. The cost-effective production of Aramid fibers is a key factor in their increasing use. The industry is also focusing on research and development to improve the performance and reduce the cost of Aramid fibers. The market is competitive, with major players including DuPont, Teijin, and Kevlar. 

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Market Challenges

• Aramid fibers, known for their energy efficiency and superior properties, are underutilized in various industries beyond automotive, aerospace, and defense. These industries include electrical and electronics, marine, and wind turbines. Limited awareness among industry players in developing countries hinders the adoption of aramid fibers in emerging industries. This lack of awareness poses a challenge for aramid fiber manufacturers, potentially slowing down market growth during the forecast period.
• The Aramid fiber market faces several challenges in its production and application. One major challenge is the high cost of production, which makes Aramid fibers more expensive than other alternatives. Another challenge is the limited availability of raw materials, particularly para-aramid and meta-aramid, which are essential for Aramid fiber production. Additionally, the market is highly competitive, with numerous players vying for market share. Reducing production costs and increasing efficiency are key priorities for companies in this industry. Furthermore, the market is subject to regulatory pressures, with strict safety and environmental regulations that must be adhered to. Lastly, the market is also influenced by technological advancements, which can impact the demand for Aramid fibers in various industries.

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Segment Overview 

This aramid fiber market report extensively covers market segmentation by  

1. Product 
• 1.1 Para-aramid
• 1.2 Meta-aramid
2. End-user 
• 2.1 Automotive
• 2.2 Aerospace and defense
• 2.3 Electrical and electronics
• 2.4 Others
3. Geography 
• 3.1 Europe
• 3.2 North America
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Para-aramid-  The para-aramid product category dominated the Aramid Fiber Market in 2023, driving significant revenue growth. Its superior strength-to-weight ratio, high tensile strength, and modulus behavior are key factors fueling segment expansion. The product's desirable qualities, such as low elongation to break, good chemical resistance, heat and flame resistance, and ballistic properties, are increasing demand across various industries. Government regulations prioritizing workplace safety in sectors like oil and gas, healthcare, and manufacturing are expected to boost market growth further.

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Research Analysis

The Aramid Fiber Market encompasses para-aramid and meta-aramid fibers, primarily utilized in the production of protective apparel. These lightweight materials offer superior strength and resistance to heat, making them essential in various industries. The market witnesses significant demand in sectors such as homeland security, defense spending, medical business, and oil & gas industry. The non-biodegradable nature of aramid fibers raises concerns regarding pollution reduction. However, ongoing research on artificial molecules and composite materials aims to mitigate this issue. The market also caters to the aviation industry, sports goods industry, military vehicles industry, and fabric production industry. Raw material costs and market trends in the military sector and aerospace sector significantly influence the Aramid Fiber Market. Wagon tipplers and belt conveyor systems are among the applications of aramid fibers, further expanding the market scope.

Market Research Overview

The Aramid Fiber Market encompasses the production, supply, and application of aramid fibers worldwide. These high-performance fibers are known for their exceptional strength, heat resistance, and low weight. Aramid fibers are commonly used in various industries, including automotive, aerospace, protective clothing, and composites. The market for aramid fibers is driven by the increasing demand for lightweight and durable materials in these sectors. Additionally, the growing trend towards the use of sustainable and eco-friendly materials in manufacturing processes is expected to boost the market's growth. The market for aramid fibers is expected to witness significant growth in the coming years due to these factors.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Para-aramid
• Meta-aramid
• End-user
• Automotive
• Aerospace And Defense
• Electrical And Electronics
• Others
• Geography
• Europe
• North America
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio