Global Aramid Fiber Market Size Forecasted to Reach USD 7,722.3 Million By 2032, With a CAGR of 7.0%: Polaris Market Research

NEW YORK, Sept. 6, 2023 /PRNewswire/ --  A latest research report [115+] pages with 360-Degree visibility, titled "Aramid Fiber Market Share, Size, Trends, Industry Analysis Report, By Type (Para-aramid, Meta-aramid); By Application; By Region; Segment Forecast, 2023 - 2032" published by Polaris Market Research in its research repository.

"According to research report, the global aramid fiber market size/share was valued at USD 4,003.2 Million in 2022 and is expected to touch USD 7,722.3 Million By 2032, growing at a CAGR of 7.0% during the forecast period."

What is Aramid Fibers? How Big is Aramid Fiber Market Share?

• Overview

Aramid fibers are manmade fibers with improvised structural resources known for their spectacular tensile strength. They are utilized in progressive commodities where lightweight and escalated strength is required. The rapidly rising aramid fiber market demand can be attributed to the fact that they depict hostility to several solvents and salts but can be debilitated by strong acids.

Growing demand for the commodity from several industries, such as oil and gas, healthcare, manufacturing, and others, because of strict government restrictions connected to workshop security is expected to push the market growth over the forecast period. In the automotive industry, aramid fibers are utilized to render substances that fortify tires, turbocharger hoses, powertrain parts, belts, brake parts, gaskets, clutches, seat fabrics, electronics, seat sensors, and substances for hybrid motors.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Covered Are:

• China National Bluestar (Group) Co. Ltd.
• Huvis Corp.
• Kermel S.A.
• Hyosung Corp.
• Kolon Industries Inc.
• E. I. du Pont de Nemours and Company (DowDuPont)
• Yantai Tayho Advanced Materials Co.
• Teijin Ltd.
• SRO Aramid (Jiangsu) Co. Ltd
• Toray Chemicals South Korea Inc

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Aramid Fiber Market: Report Scope

Key Growth Driving Factors

• Thermal resistance: Aramid fibers exude outstanding thermal resistance, rendering them appropriate for high-temperature applications. The aramid fiber market size is expanding as with the bent towards lighter vehicles in recent years, automotive manufacturers are growingly embedding aramid fibers composite to substitute metal components. These composites provide a merger of lightweight, robustness, and recyclability, thereby encountering the demand for lighter cars in the industry.
• Bulletproof vests: Aramid fibers are extensively used in two kinds of applications, namely augmenting in composites such as military vehicles, sports goods, in aircraft and fabrics in clothing such as fire-safeguarding clothes and bulletproof vests.
• Military and aerospace applications: Aramid fiber is in high demand due to several pros over other kinds of fibers, including tear-resistant, light, agreeable, and multifunctional. They are utilized in military and aerospace applications for ballistic composites and ballistic-evaluated body armor fabric in marine hull augmentation, marine cordage, and asbestos replacement.
• Fuel-efficient substances: Para-aramid fibers are also utilized as an option to steel in several applications because they assist in lessening the holistic weight of products and provide escalated longevity. The aramid fiber market sales are soaring as it is expected that the growing demand for lightweight and fuel-efficient substances will push the growth rate.

Recent Trends Influencing the Market

• Enhancement in military equipment: The aramid fiber market is anticipated to benefit from increasing restrictions against asbestos in several industries. There have been uninterrupted technological progressions, especially in military equipment, to inscribe developing confrontations in combat scenarios. Market contestants attempt to improvise their cost motivation by enhancing productivity and manufacturing potential by mechanizing production procedures. These endeavors aim to escalate productivity and encounter the demand for aramid fibers in multiple applications.
• Demand for lightweight armor: The demand for aramid fibers is escalating considerably, propelled by the growing requirement for disaster awareness substances. Technological progression to lessen the burden on troops and improvise personal protection is anticipated to push the demand for lightweight and soft body armor.

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Segmental Analysis

• The para-aramid segment dominated the market

Based on type, the para-aramid segment dominated the market. The aramid fiber market demand is on the rise as the growing demand for preventive instruments, the augmentation of military and law imposition sectors, development in automotive and aerospace industries, and acquisition of aramid fiber-dependent composites in several industrial applications. Para-aramid fibers such as Kevlar are known for their extreme tensile robustness and singular hostility to influence cuts and abrasion. These fibers are utilized in several applications involving ballistic protection, high-geared composites, ropes and cables, and augmentation in titers and automotive parts.

• The security and protection segment held the largest revenue share

Based on application, the security and protection segment held the largest revenue share. The aramid fiber market trends include aramid fibers being extensively utilized in precautionary clothing and accessories to protect against several threats against bullets, stabbing, heat, cuts, bomb splinters, and shrapnel. This bracket circumscribes industrial gloves, ballistic gear, vehicles, and hard armor.

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Geographical Overview

Europe: This region held the largest aramid fiber market share as they arrest stringent safety rules in gas and oil, steel, aluminum, and construction industries. They have notably aided to growing demand for averting garments in Europe, pushing the market growth. With its 41 congregation and engine production factories, Germany is eminent in the European automotive sector. It narrates roughly one-third of aggregate vehicle production in the region. The existence of equipment makers, substances and component distributors, engine makers, and system mediators in Germany additionally initiates a prominent manufacturing base in the automobile industry.

North America: This region is expected to encounter a notable CAGR in the global market. This development can be credited to growing civil and defense aircraft manufacturing pursuits. As per the evaluations from Boeing, the global demand for contemporary aircraft is anticipated to exceed 40,000 by 2035 for North America, considered as a sizeable segment of that demand with over 15,000 aircraft. The robust growth expectations in the aviation sector over the forecast period will aid the growth in the regional market share of aramid fibers. Further, the US clasps an eminent position in global military disbursement, subscribing to the majority of this sector. The notable defense spending in the US will additionally assist in a sizeable market share for aramid fiber in the region in the forecast period.

Recent Developments

• In November 2019, Teijin Aramid BV, a Dutch company, revealed its plans to boost production capacity by over 25% within five years. This expansion is aimed at meeting the rising market demand for their products. Additionally, the company intends to utilize this capacity increase to invest in new technologies that help reduce CO2 emissions.
• In May 2022, Taekwang Industry disclosed plans to invest USD 112 million to expand its aromatic polyamide (aramid) fiber production capacity. The company aims to increase its annual production from 1,500 to 5,000 tons by 2025. This significant investment demonstrates the Taekwang Industry's commitment to meeting the growing demand for aramid fibers.

Polaris Market Research has segmented the aramid fiber market report based on type, application, and region:

By Type Outlook

• Para-aramid
• Meta-aramid

By Application Outlook

• Security & Protection
• Frictional Materials
• Industrial Filtration
• Optical Fibers
• Rubber Reinforcement
• Tire Reinforcement
• Electrical Insulation
• Others

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research