Aramid Fiber Market to Grow at 9.9% CAGR by 2024
PUNE, India, Feb. 15, 2019 /PRNewswire/ -- ReportsnReports.com adds aramid fiber market is projected to grow from USD 3.28 billion in 2018 to USD 5.78 billion by 2024, at a CAGR of 9.9%. The increasing demand for lightweight materials for automotive components owing to stringent environmental and emission regulations is expected to drive the market in the automotive industry. In addition, the demand for lightweight and flexible materials for body armor, firefighting equipment, bulletproof vests, helmets, and vehicle armor is driving the demand for high-performing materials, such as aramid fibers and composites of aramid fibers.
Browse 109 Market Data Tables and 36 Figures spread through 128 Pages and in-depth TOC on "Aramid Fiber Market by Type (Para-Aramid Fiber, Meta-Aramid Fiber), Application (Security & Protection, Frictional Materials, Industrial Filtration, Optical Fibers, Rubber Reinforcement, Tire Reinforcement), Region - Global Forecast to 2024" https://www.reportsnreports.com/reports/316423-aramid-fiber-market-by-type-para-aramid-fiber-meta-aramid-fiber-and-application-security-protection-frictional-material-tire-rubber-reinforcement-optical-fiber-electrical-insulation-aerospace-others-global-trends-forecasts-to-2019.html
Key companies supplying aramid fibers are DowDuPont (US), Teijin Ltd. (Japan), Toray Industries Inc. (South Korea), Hyosung Corp. (South Korea), Kolon Industries Inc. (South Korea), Huvis Corp. (South Korea), Yantai Tayho Advanced Material Co. (China), Kermel (France), China National Bluestar (Group) Co. Ltd. (China), SRO Aramid (Jiangsu) Co. Ltd. (China), Taekwang Industrial Co., Ltd. (South Korea).
By application, the security & protection segment is expected to lead the market during the forecast period. The stringent regulations enforced by the government and other agencies in developed economies, such as the European countries and the US, play a pivotal role in driving the aramid fiber market. Aramid fibers are used to make fire-, cut-, and stab-proof protective clothing such as helmets, footwear, coveralls, and gloves. They are used for military, industrial, and civil purposes. The need for thermal and ballistic protection is rising in civil law enforcement and armed forces owing to increasing insurgency and terrorism.
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The aramid fiber market has been studied for North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific market is projected to register the highest CAGR between 2018 and 2024, owing to the increasing demand from emerging economies, such as China, India, and South Korea. Additionally, the presence of major automotive manufacturing companies and OE Msis expected to further contribute to the growth of the aramid fiber market in the region. The market is also growing in tandem with the rise in spending on defense and homeland security in countries such as India, China, Singapore, Thailand, and Australia.
Primary interviews have been conducted with a number of industry experts to obtain information related to the aramid fiber market.
The breakdown of primary interviews has been depicted below:
- By Company Type: Tier 1–30%, Tier 2–43%, and Tier 3–27%
- By Designation: C-Level Executives - 21%, Directors - 23%, and Others - 56%
- By Region: Asia Pacific - 41%, North America – 30%, Europe - 18%, and South America and Middle East & Africa- 11%
Order a copy of "Aramid Fiber Market" research report at https://www.reportsnreports.com/purchase.aspx?name=316423 .
However, high R&D costs, in terms of man-hours, materials, and technology, might hamper the growth of the market. This report segments the aramid fiber market on the basis of type, application, and region. It provides estimations for the overall value of the aramid fiber market and its sub segments across various regions.
A detailed analysis of the key players operating in the Aramid Fiber Market has been conducted to provide insights into their businesses, products & services offered, key growth strategies adopted, and recent developments, such as expansions& investments, acquisitions, partnerships & collaborations, and new product launches, undertaken by them.
Another research titled Hybrid Composites Market Global Forecast to 2023 says, The hybrid composites market size is estimated at USD 436 million in 2018 and is projected to reach USD 876 million by 2023, at a CAGR of 15.0%between 2018 and 2023. Hybrid composites offer various benefits such as non-corrosiveness, high stiffness, non-conductivity, flexibility, low maintenance, durability, design flexibility, and cost saving. Due to these properties, hybrid composites are used in various end-use industries such as aerospace & defense, transportation, sporting goods, and wind energy. The balance in cost and performance offered by the hybrid composites are major factors driving this market. Companies such as The key companies profiled in this market research report include Royal DSM N.V. (Netherlands), SGL Group (Germany), Gurit (Switzerland), Hexcel Corporation (US), Teijin Limited (Japan), Solvay (Belgium), General Electric (US), Exel Composites (Finland), PlastiComp, Inc. (US), Innegra Technologies, LLC (US), STRUC Team Ltd. (UK), and QUANTUMETA (China) have been profiled in this 116 pages research report available at https://www.reportsnreports.com/purchase.aspx?name=1761269 .
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