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  • Para-Aramid Fiber Market Analysis & Forecast | 2023-2028

    Para-Aramid Fiber Market Analysis & Forecast | 2023-2028

    Para-Aramid Fiber Market Analysis & Forecast | 2023-2028
    Report code - SRAM575 Published On : Aug,2023 No. of Pages: 240
    Para-aramid Fiber Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Op See more...

    Market Highlights

    Para-aramid fibers are a type of synthetic fiber that belongs to the aramid family. They are known for their exceptional strength, heat resistance, and durability. The term "para" in para-aramid refers to the specific arrangement of the polymer's chemical structure, which contributes to its unique properties. Para-aramid fibers are characterized by their high tensile strength, which makes them several times stronger than steel on a weight-to-strength basis, making them ideal for applications requiring robust materials with the ability to withstand high levels of stress and strain.

    Commonly known as Kevlar®, para-aramid was first developed at DuPont™ by Stephanie Kwolek in the 1930s. However, it was first made commercially available in the 1970s as a replacement for steel in racing tires. Para-aramid possesses higher crystallinity as compared to meta-aramid and is manufactured through the dry-jet wet spinning method. It is used across industries for a broad range of applications, such as ropes and cables, tire reinforcements, optical fiber cables, hose reinforcements, friction materials, and ballistic protection.

    Industries, such as aerospace, automotive, defense, and sports equipment, are increasingly seeking lightweight materials that offer high tensile strength. Para-aramid fibers, with their exceptional strength-to-weight ratio, are favored in applications where weight reduction and high performance are crucial. The need for protective clothing and equipment in various sectors, including the military, law enforcement, firefighting, industrial work, and sports, has driven the demand for para-aramid fibers. These fibers are used in manufacturing flame-resistant and cut-resistant textiles that offer excellent protection to personnel.

    Para-Aramid Fiber Market Snapshot

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    The sudden outburst of COVID-19 shook the unsuspecting market players, bringing in unseen changes in the business. The pandemic caused economic uncertainty and reduced consumer spending, which in turn affected industries that use aramid fibers, such as automotive, aerospace, and construction, leading to decreased demand for aramid fiber products. Para-Aramid Fiber, a sizeable market, could not escape from such trends and witnessed a decline of more than 12% in 2020. However, ceaseless demand from the relatively unstirred electrical & electronics industry is likely to be the saving grace for the para-aramid fiber market in the long run. Many other prime factors are fueling the growth of the market in the long term, including increasing wireless infrastructure revenue, rising tire replacement demand coupled with an expected recovery in automotive production, a rebound in commercial and regional aircraft deliveries, growing military expenditure, and increasing mining production. Overall, the para-aramid fiber market is likely to grow at a moderate CAGR of 3.9% in the long run to reach US$ 2.7 Billion in 2028.

    Recent Product Developments:

    Technological advancements allow for the manipulation of materials in ways that were not previously possible. Many companies are leveraging these advancements to create innovative aramid fibers with improved performance and functionalities. For instance, in 2023, DuPont unveiled Kevlar® EXO aramid fiber, produced at their new facility in Virginia, USA. This revolutionary material offers superior durability and comfort compared to existing soft body armor options. Kevlar® EXO provides peak flexibility, ensuring maximum defense while maintaining comfort and mobility through innovative carrier design.

    Market Segments' Analysis

    Segmentation

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Application-Type Analysis

    Protection & Safety, Electrical Transmission, Tire Reinforcement, Rubber Reinforcement, Friction Materials, and Others

    Protection & Safety is likely to maintain its dominance in the market throughout the forecast period.

    End-Use Industry Analysis

    Aerospace & Defense, Automotive, Electrical & Electronics, Oil & Gas, and Industrial

    Automotive is expected to remain the largest market over the next five years, whereas electrical & electronics is likely to grow at the fastest pace.

    Form-Type Analysis

    Filament, Pulp, Staple Fiber, and Others

    Filament to maintain an unwavering share in terms of value and volume, during the forecast period.

    Regional Analysis

    North America, Europe, Asia-Pacific, and The Rest of the World

    North America is expected to remain the largest market over the next five years, whereas Asia-Pacific is likely to grow at the fastest rate.

     

    Based on the application type, the market is segmented into protection & safety, electrical transmission, tire reinforcement, rubber reinforcement, friction materials, and others. Protection & safety is likely to maintain its dominance in the market throughout the forecast period. Various industries, including oil & gas, firefighting, military, and industrial sectors, are subject to strict safety and protection regulations. These regulations drive the adoption of advanced materials like aramid fibers that offer enhanced protection against hazards such as fire, heat, chemicals, and projectiles.

    Based on the end-use industry, the market is segmented into aerospace & defense, automotive, electrical & electronics, oil & gas, and industrial. Automotive is expected to remain the largest market over the next five years, whereas electrical & electronics is likely to grow at the fastest pace. Aramid fibers possess excellent thermal resistance, making them suitable for applications that require effective heat management. In the electronics industry, where heat dissipation is critical to device performance and longevity, aramid fibers can be utilized in heat sinks, thermal pads, and other thermal management solutions.

    Based on the form type, the market is segmented into filament, pulp, staple fiber, and others. Filament to maintain an unwavering share in terms of value and volume, during the forecast period. The production of aramid filament fibers is well-established, and manufacturers have refined their processes over time. This stability in manufacturing contributes to the consistent availability and supply of filament-based aramid fibers.

    In terms of regions, North America is expected to remain the largest market, and Asia-Pacific is expected to be the fastest-growing region for para-aramid fiber during the forecast period. North America has well-established industries that use aramid fibers across various applications, including aerospace, defense, automotive, and safety equipment. These industries contribute to a consistent and substantial demand for aramid fibers in the region, and the Asia-Pacific region, particularly countries like China and India, has been experiencing rapid industrialization and economic growth. This growth leads to increased demand for materials like aramid fibers in various industries, including automotive, protective clothing, and electronics.

    Para-Aramid Fiber Market - Region

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    The para-aramid fiber market is segmented into the following categories. 

    Para-aramid Fiber Market, by Application Type

    • Protection and Safety (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Electrical Transmission (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Tire Reinforcement (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Rubber Reinforcement (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Friction Materials (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Para-aramid Fiber Market, by End-Use Industry

    • Aerospace & Defense (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Automotive (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Electrical & Electronics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Oil & Gas (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Industrial (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Para-aramid Fiber Market, by Form Type

    • Filament (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Pulp (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Staple Fiber (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Para-aramid Fiber Market, by Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

    Key Players

    The market is consolidated, with the presence of some regional and global players. Major players such as DuPont de Nemours, Inc., and Teijin Limited are focused on expanding global capacity to enter new markets and regions, capitalizing on the growing demand for lightweight and high-performance materials. Also, most of the major players compete on some of the governing factors, including price, product offerings, regional presence, etc.  

    The following are the key players in the para-aramid fiber market.

    • DuPont de Nemours, Inc.
    • Teijin Limited
    • Kolon Industries, Inc.
    • Yantai Tayho Advanced Materials Co.
    • Hyosung Corporation
    • China National Bluestar (Group) Co., Ltd.
    • JSC Kamenskvolokno
    • Toray Industries, Inc.
    • Sinopec Yizheng Chemical Fibre Co., Ltd.
    • TAEKWANG

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s para-aramid fiber market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruits available in the market and formulating growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

    The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
    • Market trend and forecast analysis
    • Market segment trend and forecast
    • Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
    • COVID-19 impact and its recovery curve
    • Attractive market segments and associated growth opportunities
    • Emerging trends
    • Strategic growth opportunities for existing and new players
    • Key success factors

    Target Audience

    The following is a list of the customers that the market aims to convert the most:

    • Manufacturers
    • Suppliers
    • Distributors
    • Organizations
    • Government bodies

    Customization Option

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Para-aramid fibers are a type of synthetic fiber that belongs to the aramid family. They are known for their exceptional strength, heat resistance, and durability. The term "para" in para-aramid refers to the specific arrangement of the polymer's chemical structure, which contributes to its unique properties. Para-aramid fibers are characterized by their high tensile strength, which makes them several times stronger than steel on a weight-to-strength basis, making them ideal for applications requiring robust materials with the ability to withstand high levels of stress and strain. Commonly known as Kevlar, para-aramid was first developed at DuPont by Stephanie Kwolek in the 1930s. However, it was first made commercially available in the 1970s as a replacement for steel in racing tires. Para-aramid possesses higher crystallinity as compared to meta-aramid and is manufactured through the dry-jet wet spinning method. It is used across industries for a broad range of applications, such as ropes and cables, tire reinforcements, optical fiber cables, hose reinforcements, friction materials, and ballistic protection.

    The para-aramid fiber market is estimated to grow at a CAGR of 3.9% by 2028, driven by the need for protective clothing and equipment in various industries, including military, law enforcement, firefighting, industrial work, and sports. These fibers are used in manufacturing flame-resistant and cut-resistant textiles that offer excellent protection to personnel.

    DuPont de Nemours, Inc., Teijin Limited, Kolon Industries, Inc., Yantai Tayho Advanced Materials Co., Hyosung Corporation, China National Bluestar (Group) Co., Ltd., JSC Kamenskvolokno, Toray Industries, Inc., Sinopec Yizheng Chemical Fibre Co., Ltd., and Taekwang are the leading players in the para-aramid fiber market.

    North America is estimated to remain dominant in the para-aramid fiber market in the foreseeable future. North America has well-established industries that use aramid fibers across various applications, including aerospace, defense, automotive, and safety equipment. These industries contribute to a consistent and substantial demand for aramid fibers in the region.

    Asia-Pacific is estimated to remain the fastest-growing market for para-aramid fibers in the foreseeable future . This region, particularly countries like China and India, has been experiencing rapid industrialization and economic growth, leading to increased demand for materials like aramid fibers in various industries, including automotive, construction, and electronics.

    Protection & safety is likely to maintain its dominance in the market throughout the forecast period. Various industries, including oil & gas, firefighting, and military, are subject to strict safety and protection regulations, driving the adoption of aramid fibers to offer enhanced protection against hazards such as fire, heat, chemicals, and projectiles.