PUNE, India, April 7, 2016 /PRNewswire/ --
The report "Aramid Fiber Market by Type (Para-aramid, Meta-aramid, and Others), and Application (Security & Protection, Frictional Materials, Optical Fiber, Tire Reinforcement, Rubber Reinforcement, Electrical Insulation, Aerospace, and Others) - Global Trends & Forecasts to 2021", published by MarketsandMarkets, The market size is projected to reach USD 5.07 Billion by 2021, registering a CAGR of 8.9% during the forecast period.
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Browse 80 market data Tables and 43 Figures spread through 152 Pages and in-depth TOC on "Aramid Fiber Market"
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The increased concern for the safety of militants is driving the aramid fiber market. Additionally, the increased demand for optical fiber cables is increasing the demand for aramid fiber.
Security & Protection is the largest application segment of aramid fiber
Security & protection application segment accounts for the largest share of the aramid fiber market due to the huge demand for protective clothing from the defense and industrial sectors. They are used in security application because of their properties such as high strength, resistance to abrasion, resistance to organic solvents, and fabric integrity at elevated temperatures. The market is largely driven by the stringent regulations in Europe and North America regarding employee health & safety. The demand for protective clothing in Europe is on the rise due to European regulations mandating adequate protection for industrial workers and military personnel, along with the increasing threats and tension of hostile forces.
Meta-aramid fiber expected to witness the highest growth
Meta-aramid fiber is expected to witness the fastest-growth during the forecast period period. This is because of its properties that make it suitable to be used in electrical insulation and security & protection applications. Meta-aramid fibers offer higher thermal and chemical resistance than para-aramid fibers and have dielectric properties, which make them a popular choice as a material for fire-resistant clothing as well as electrical insulation.
Europe is the key market for aramid fiber
Europe dominated the global Aramid Fiber Market in 2015. The demand for aramid fiber in the European region is mainly driven by the western European countries such as Germany, the U.K., and France. Stringent safety regulations within various industries such as oil & gas, construction, aluminum, and steel are fueling the demand for protective clothing, which in turn is driving the demand for aramid fiber in the region. Frictional materials are required for high-end automotive and other industrial sectors that also contribute to the growing aramid fiber market in the region. The rising concern for the safety of the workers is propelling the demand for protective clothing, which in turn drives the aramid fiber market. Asia-Pacific is estimated to be the fastest-growing market for aramid fiber, in terms of volume. This is because of the increased demand from the optical fiber segment. Moreover, the growing automotive industry is increasing the demand for aramid fiber in the region.
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E.I. DuPont De Nemours & Co. (U.S.), Teijin Limited (Japan), and Yantai Tayho Advanced Materials Co. (China) are some of the major players in the global aramid fiber market profiled in this report.
This report covers the market, by value and volume, for aramid fiber and forecasts the market size until 2021. The report includes the market segmentation based on type, application industry, and region. It also provides company profiles and competitive strategies adopted by the major market players in the global aramid fiber market.
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