Market Insights
Aramid paper, also known as aramid insulating paper, is made by processing aramid fibers into a paper-like form. Aramid fibers are synthetic fibers known for their various outstanding properties, such as high tensile strength, high stiffness, good resistance to abrasion, good resistance to organic solvents, low flammability, electrically non-conductive nature, high dimensional stability, high cut resistance, and resistance to high temperatures.
Aramid paper's remarkable combination of strength, lightweight nature, and thermal resistance makes it suitable for various industries. This versatility broadens its market potential and is anticipated to foster substantial growth. It is employed in two prominent applications: electrical insulation and as a vital element in the creation of honeycomb structures. Its remarkable dielectric strength, capacity to endure electrical stress, and thermal stability render it an optimal choice for insulating and safeguarding electrical elements against potential breakdowns and short circuits. Moreover, aramid paper plays a pivotal role in the production of honeycomb structures utilized across diverse industries, primarily aerospace.
The COVID-19 pandemic had an adverse effect on the electrical and aerospace industries, consequently, the trajectory of aramid paper also followed these patterns, facing a significant downturn with a remarkable decline of 20% in 2020. Mainly, the aerospace industry played a significant role in this decline. The market recovered in 2021, followed by a rebound in growth in 2022.
Increasing application of honeycomb structures, an expected rebound in commercial and regional aircraft deliveries, growing investment in the electrical & electronics industry, and increasing application of aramid paper in the wake of their properties, such as excellent electrical insulation, lightweight, high strength, high modulus, strong structural stability, sound insulation, heat insulation, and flame retardancy, are key factors fueling the growth of the market. Overall, with a promising CAGR of 5.9% (2023-2028) over the long term, the market is projected to attain a value of US$ 968.6 million by 2028.
Recent Market JVs and Acquisitions: In recent years, some JVs have been performed by companies in the market to expand their product portfolio, regional presence, and leadership in the aramid paper market. For instance, in 2020, DuPont Specialty Products, a subsidiary of DuPont de Nemours, Inc., and Nippon Paper Papylia, a subsidiary of Nippon Paper, created a joint venture as DuPont Nippon Paper Papylia Godo Kaisha (DPNP). It utilizes part of the Hokkaido mill at Nippon Paper Industries' Yufutsu production site for the manufacturing of Nomex® Paper.
Segments Analysis
|
Segmentations
|
List of Sub-Segments
|
Dominant and Fastest-Growing Segments
|
|
Application-Type Analysis
|
Electrical Insulation and Honeycomb
|
Electrical insulation is likely to remain the dominant application, whereas honeycomb is likely to experience faster growth.
|
|
Paper-Type Analysis
|
Meta-Aramid Paper and Para-Aramid Paper
|
Meta-aramid paper holds a predominant position in the market, whereas para-aramid is anticipated to experience faster growth.
|
|
Regional Analysis
|
North America, Europe, Asia-Pacific, and The Rest of the World
|
Asia-Pacific is expected to remain the largest market over the next five years and is also likely to grow at the fastest rate during the same period.
|
Based on the application type, the aramid paper market is segmented into electrical insulation and honeycomb. Electrical insulation is projected to maintain its position as the larger application type in the market during the forecast period owing to the excellent insulation properties of aramid paper. Electrical industrial equipment, advanced rail transit equipment, new energy vehicles, and wind power generation equipment are key applications of aramid paper for electrical insulation. However, Honeycomb is likely to experience faster growth in the wake of rebounding commercial aircraft deliveries. Also, the aerospace industry's significant emphasis on reducing weight paired with aramid paper’s outstanding strength-to-weight ratio is giving an additional push to its demand in the industry.
Based on the paper type, the market is segmented into meta-aramid paper and para-aramid paper. Meta-Aramid paper is projected to maintain its dominance within the market during the forecast period. With its outstanding properties, such as heat resistance, flame retardancy, and thermal stability, meta-aramid paper becomes well-suited for high-temperature applications like fire-resistant apparel, automotive gaskets, and insulation for electrical components. Para-aramid paper is poised to demonstrate accelerated growth, primarily due to its utilization in aerospace and rail transit applications as a key material for honeycomb core structures.
In terms of regions, Asia-Pacific and North America are likely to hold massive chunks of the market in the foreseen future. The leading aerospace & defense and automotive industries are likely to hugely influence the region's demand in the long term. Asia-Pacific is also expected to experience the fastest growth during the forecast period owing to rapid industrialization and economic growth in key countries such as China and India. This growth leads to increased demand for aramid papers in various industries, including aerospace, automotive, protective clothing, and electronics.
Key Players
The market landscape is characterized by a limited number of players, with a significant portion of the market share being dominated by a few players. 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 aramid paper market:
- DuPont
- Yantai Minshida Special Paper Co., Ltd.
- Zhuzhou Times Fiber Pioneer Material Technology Co., Ltd.
- Chaomeisi New Material Co., Ltd.
- Ganzhou Longpont Material Technology Co., Ltd.
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aramid paper market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate 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 in the most comprehensive way. 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
The aramid paper market is segmented into the following categories.
Aramid Paper Market, by Application Type
- Electrical Insulation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Honeycomb (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aramid Paper Market, by Paper Type
- Meta-Aramid Paper (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Para-Aramid Paper (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aramid Paper Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil and Others)
Customization Options
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
