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Aramid Fiber Market | Covid-19 Impact Analysis
Aramid Fiber Market is Segmented by Fiber Type (Para and Meta), by Application Type (Protective Fabric, Optical Fibers, Tire Reinforcement, Rubber Reinforcement, Friction Materials, Composites, and Others), by End Use Industry (Aerospace & Defense, Automotive, Electrical, Electronics & Telecommunications, and Others), by Region (NA, Europe, APAC, ROW)
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The global aramid fiber market offers very strong growth opportunity and is foreseen to grow at >8% CAGR during the forecast period of 2020 to 2025. Increasing automotive production, rising concerns of military personnel protection, stringent regulations such as OSHA regarding safety of workers, and need for strong and durable cables in the telecommunication industry are the major drivers of growth for aramid fiber market.
Para-aramid fiber is expected to remain the largest fiber type during the forecast period, driven by increasing demand in aerospace & defense and automotive industries. Para-aramid fiber offers high strength to weight ratio and better insulation properties that makes it a suitable fiber for use in electronics, automotive and aerospace & defense industries. It is the best suited material for protective fabrics based applications, such as helmets, bullet proof jacket vests, and vehicle armor.
Meta-aramid fiber is also expected to witness healthy growth during the forecast period driven by increasing penetration of honeycomb panel based composite structures in aerospace & defense industry and growing demand for thermal protective apparels.
Protective fabrics is the most dominant application of aramid fiber globally. Aramid fiber is highly suitable for fire-resistant and stab-resistant protective fabrics and is mainly used to manufacture helmets, bullet proof jacket vests, vehicle armor, footwear, and gloves for various industries, such as military and industrial. Strict regulations in developed countries such as the US, Germany, and the UK and rising concerns for protection of military personnel and industrial workers are some of the factors driving the aramid fiber demand in the protective fabrics market.
Optical fiber segment is expected to exhibit the highest growth during the forecast period, driven by increasing demand for strong and durable cables in the telecommunication industry. Reasonably good growth is also expected in the composites applications driven by increasing usage of aramid fiber in structural applications in the aerospace & defense and automotive industries.
Automotive and aerospace & defense are expected to remain the key end use industries in the global aramid fiber market during the forecast period. Increasing vehicle production, increasing usage of composites, and rising concern of protection of military personnel are fueling aramid fiber growth in the automotive and aerospace & defense industries.
Europe was estimated to be the largest aramid fiber market in 2019 and is expected to witness healthy growth in the next five years. Increasing automotive production and strict regulations regarding protection of workers in metal (steel & aluminum), energy (oil & gas), transportation (automotive and commercial vehicle), and building & construction industries in developed European countries, such as Germany, France and the UK are major growth drivers of aramid fiber in the region. The rising demand of aramid fibers in electrical insulation purpose and growing composites market are some of the additional growth drivers in the market.
Asia-Pacific region is likely to witness fastest growth during the forecast period. The increasing automotive production and rising demand of strong and durable cables in the telecommunication industry, mainly in China and India, are the major growth drivers in Asia-Pacific region. Additionally, the upcoming commercial, regional, and military aircraft in China, Japan, and India are likely to substantiate the growth of aramid fiber in coming years.
The supply chain of this market comprises raw material suppliers, aramid fiber manufacturers, product manufacturers, distributors, and OEMs. The key aramid fiber manufacturers are E. I. DuPont Nemours & Co., Teijin Limited, Hyosung, Yantai Tayho Advanced Materials Co., and Toray Chemical South Korea Inc.
New product development, regional expansion, and strategic alliances are the key strategies adopted by the major players to gain competitive edge in the market.
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. Our reports offer high-quality insights and are the outcome of 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. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.
Trend & Forecast Period
North America, Europe, Asia-Pacific, Rest of the World
>8% CAGR during 2020-2025
The USA, Canada, Mexico, Germany, France, UK, Italy, Russia, China, Japan, India, Middle East, Latin America and others
Figures & Tables
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The market is segmented in the following ways:
Aramid Fiber Market Size, Share & Forecast by Fiber Type:
Aramid Fiber Market Size, Share & Forecast by Application Type:
Aramid Fiber Market Size, Share & Forecast by End-Use Industry Type:
Aramid Fiber Market Size, Share & Forecast by Region:
This report, from Stratview Research, studies the global aramid fiber market over the period 2014 to 2025. The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
The following are the key features of the report:
The global aramid fiber market is segmented into the following categories.
Global Aramid Fiber Market, By Fiber Type
Global Aramid Fiber Market, By Application Type
Global Aramid Fiber Market, By End Use Industries Type
Global Aramid Fiber Market, By Region
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Driven by no. of factors like Increasing automotive production & rising concerns of military personnel protection, the aramid fiber market is expected to witness an impressive growth of >8% CAGR during the forecast period of 2020 to 2025.
E. I. DuPont Nemours & Co., Teijin Limited, Hyosung, Yantai Tayho Advanced Materials Co., and Toray Chemical South Korea Inc. are among the key players in the aramid fiber market.
Asia-Pacific region is likely to witness fastest growth in the aramid fiber market during the forecast period of 2020-25.
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