The global aramid fiber market was estimated at USD 2.84 billion in the year 2015 and is expected to register a significant growth over the forecast period on account of its increasing demand from numerous end-use applications which consist of rubber and tire strengthening, security & protection, optical fiber and electrical insulation. The cumulative increase in the use of armors on account of rising concerns regarding security among civilians is driving the growth. These armors consist of helmets, vehicle armors, body armors and bulletproof vests used in defense industry. The product is also used as a substitute to asbestos which is considered injurious to the environment.
The participants in the market have been focusing on R&D activities to develop new products that fulfil the norms and regulations enforced by regulatory bodies. It is an appropriate material for applications in aerospace on account of its properties such as lightweight and fuel efficiency. Developing nations such as India and China are estimated to witness a rapid growth due to the rise in the consumption of electrical devices and automotive in the recent past.
The major participants in this market are emphasizing on mergers & acquisitions, collaborations with consumers and suppliers coupled with new product launches to upsurge their business presence and strengthen their foothold in the market. In addition, players are also focusing on advancements in protective clothing industry in order to address the safety concerns.
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In terms of global market revenue, security and protection accounted for over 33.60% in the year 2015. Aramid fibers are broadly used in the manufacturing of stab resistant and fire resistant protective clothing which consist of gloves, helmets and footwear. These products are widely used for industrial, civilian and military purposes. Strict norms and regulations in the North American and European countries such as the U.S., Germany, France, and UK are fueling the regional market growth.
The rising demand for optical fibers and electrical insulation coupled with the expansion of the IT industry has resulted in endorsing demand for aramid fiber. Increasing demand from the aerospace industry for lightweight products is anticipated to enhance the expansion on account of its safety qualities and fuel efficiency.
The demand for para-aramid fibers in 2015 was 51.87 kilo tons. They possess high potential, owing to properties such as high tenacity, low elongation and strength-to-weight property, resulting in its rising requirement from numerous industries such as aerospace, defense and automotive.
Meta-aramid fiber is an aromatic polyamide which possesses superior physical and mechanical properties. It is widely applied in honeycombed structured products, thermal protective clothing and filtration on account of its flameproof and heat resisting properties.
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In terms of global revenue share, Europe was the largest market accounting for 35.10% share in the year 2015. The market is majorly determined by countries such as Germany, France and U.K. Strict regulatory norms in various industries such as oil & gas, steel & aluminum, construction and automotive has been fueling the growth and this trend is expected to continue over the next eight years.
Asia Pacific is presumed to observe a rapid growth at a CAGR of 9.60% for aramid fibers in the near future. The expansion of aramid fibers market is primarily driven by rising demand from optical fiber and automotive sector in this region. Rising consumption of electrical devices and increasing vehicle manufacture in India and China are expected to drive the demand over the forecast period.
The global market for aramid fiber is competitive in nature, with major players engaged in R&D for constant innovation in the product. The major players in the market consist of Hyosung Corp., Kolon Industries Inc., SRO Aramid Co. Ltd., Yantai Tayho Advanced Materials Co., and E.I. du Pont de Nemours & Co.
The major participants are also involved in partnerships and collaborations. There are numerous end-use applications which consist of filtration, composites, recreational good, and ropes & cables, which is anticipated to offer a competitive edge to the major participants along with an opportunity to strengthen their business presence.
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/plastics
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