Para-Aramid Fiber Market Analysis & Forecast | 2021-2026

Market Insights

Para-Aramid Fiber Market was valued at US$ 1.8 billion in 2020 and is likely grow at exceptional CAGR of 5.6% during the forecast period of 2021-2026 to reach an annual market size of US$ 2.7 billion in 2026.

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What is para-aramid fiber?

Para-aramid fiber (more commonly known by its trade name, 'Kevlar') refers to a type of synthetic fiber that belongs to the aromatic polyamide family. It is characterized by its exceptional strength, heat resistance, and various other desirable properties. The term "para" in para-aramid indicates the molecular arrangement of the fiber, which contributes to its unique properties.

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.

Over the years, there have been several advancements in the industry concerning the development of new products. For instance, Teijin, in 2017, introduced a new para-aramid fabric that protects structures from airborne volcanic fragments. Teijin Ltd. And DuPont de Nemours, Inc. maintain unambiguous precedence in the market, occupying over 80% market share.

Covid-19 Impact

The leading industries, aerospace & defense, and automotive, have been trying to achieve a state of placidity for the past few years. With minor hurdles along the road within both highest demand-generating industries, the market stakeholders hoped to regain stability in 2020, with flourishing demand and a hassle-free market environment.

However, the sudden outburst of COVID-19 shook the unsuspecting market players, bringing in unsought changes in the business.

Contrary to our earlier estimates, our post-COVID estimates suggest that the market is expected to suffer a steep decline of -13.3% YoY in 2020.

Market Drivers

The para-aramid fiber market is driven by several factors. A few are mentioned below –

• Rising automotive production and parts replacement rapidly increases the demand for para-aramid fiber, since these materials provide higher performance and comfort. There is an upsurge in usage of para-aramid fibers in automotive parts such as brake pads, gaskets, tires, clutches, etc.
• A huge amount of para-aramid fiber is used in the aerospace industry as it provides benefits like low-fuel consumption, lightweight, etc. Commercial and regional aircraft deliveries, hence, are driving the demand for para-aramid fibers in the aerospace sector.
• Stringent safety and performance regulation enforced by regulatory bodies are promoting the use of para-aramid fibers across industries. These fibers help meet the requirements for personal protective equipment (PPE), industrial safety, and transportation safety, leading to increased demand.

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Key Players

The supply chain of this market comprises raw material suppliers, para-aramid fiber suppliers, part manufacturers, OEMs, and MRO companies.

The key players in the market are-

• China National Bluestar (Group) Co., Ltd.
• DuPont de Nemours, Inc.
• Hyosung Corporation
• Kolon Industries, Inc.
• Yantai Tayho Advanced Materials Co.
• Teijin Limited
• Toray Industries, Inc.

The major players’ key focus (capacity expansions) has now transitorily shifted to cash preservation and long-term stability to handle the ongoing crisis.

Like the overall aramid market, DuPont de Nemours and Tejin Ltd. practically rule the para-aramid fiber market’s competitive landscape, Tejin maintaining its vanguard. The market is extremely concentrated with the top five players grabbing the majority share of the market.

The major companies display a keen focus on capacity expansions to perpetuate and expand their steadfast presence in the market. For instance, in 2017, the market leader, Teijin, announced its target of Twaron’s capacity expansion by more than 25% over the next five years.

In the same year, the company also established a new production line at its Technora production facility in Matsuyama, Japan.

Market Segmentation

By End-Use Industry Type

The market is segmented into aerospace & defense, automotive, electrical & electronics, oil & gas, and industrial.

Aerospace & Defence held the largest market with a share of >30% in 2020. One of the cornerstones of the global economy, the oil & gas industry, faced an abysmal impact of the pandemic, suffering the third price collapse in the past 12 years, with the prices reaching 30-year lows. 

The two largest demand-generators of the market; the resilient aerospace & defense and automotive industries are likely to rebound gradually, creating an array of opportunities in the long run. Lastly, the rather unwary electrical & electronics industry is expected to be the thrust-bearer of the market.

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By 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 with a share of >30% in 2020 with usage in crucial areas of application such as armored vehicles, high-tech aerospace applications, and bullet-proof body armor.

By Form Type

The market is segmented into Filament, Pulp, Staple Fiber, and Others.

Filament segment held the largest market with a share of >80% in 2020.

By Region

North America and Europe both held the largest market with an equal share of >30% in 2020. These two regions, with the presence of key players, are likely to maintain their dominance in the years to come.

Asia-Pacific is expected to handle the crisis most efficiently at hand, growing at the highest rate during 2021-2026. The Chinese para-aramid fiber industry developed late but progressively achieved industrialization during the past decade. India to become the next potential manufacturing hub, decking up to welcome companies willing to move away from China amid the pandemic.

The market is segmented into the following categories. 

By Application Type

• Protection & Safety
  • Regional Analysis: North America, Europe, Asia-Pacific, and RoW
  • Sub Application Analysis: Personal Protection, Protective Apparels, and Armored Vehicles
• Electrical Transmission
  • Regional Analysis: North America, Europe, Asia-Pacific, and RoW
  • Sub Application Analysis: Optical Fiber Cables and Others
• Tire Reinforcement
  • Regional Analysis: North America, Europe, Asia-Pacific, and RoW
  • Sub Application Analysis: Passenger Car, Aircraft Tire, Bicycle Tire, Racing & Motorcycles, and Others
• Rubber Reinforcement
  • Regional Analysis: North America, Europe, Asia-Pacific, and RoW
  • Sub Application Analysis: Conveyor Belts, Hoses, Power Transmission Belts, and Others
• Friction Materials
  • Regional Analysis: North America, Europe, Asia-Pacific, and RoW
  • Sub Application Analysis: Brake Pads, Gaskets, and Others
• Others
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (Sub Application Analysis: Reinforced Plastics, Reinforcement Materials, Ropes & Cables, and Others)

By Form Type

• Filament
• Pulp
• Staple Fiber
• Others

By End-Use Industry

• Aerospace & Defense
• Automotive
• Electrical & Electronics
• Oil & Gas
• Industrial

By Region

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

Report Features

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 of 2021 to 2026. The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for para-aramid fibers at the global, regional, as well as country level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenario.

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 the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis.
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Trend and forecast analysis.
• Segment trends and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
• Attractive segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Research Methodology

For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. 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 1000 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 the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 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.