The aramid fiber market is projected to grow from USD 3.28 billion in 2018 to USD 5.78 billion by 2024, at a CAGR of 9.9%. Stringent government regulations regarding greenhouse gas emissions have triggered the development of lightweight components for various automobiles, which, in turn, has increased the demand for aramid fibers. In addition, the increasing need for security & protective measures and technological advancements in the military & defense industry are expected to drive the aramid fiber market, globally.
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Based on type, the aramid fiber market has been segmented into para-aramid fiber and meta-aramid fiber. The meta-aramid fiber market is projected to register the highest CAGR, in terms of value, between 2018 and 2024. The growth of the meta-aramid fiber market is attributed to its high thermal and chemical resistance as compared to para-aramid fiber. Meta-aramid fiber is being increasingly used in electrical insulation owing to its dielectric properties.
Based on application, the aramid fiber market has been segmented into security & protection, frictional materials, optical fibers, rubber reinforcement, industrial filtration, electrical insulation, tire reinforcement, and others (composites, aerospace, recreational goods, and ropes & cables). The aramid fiber market in the optical fibers segment is projected to register the highest CAGR, in terms of value, between 2018 and 2024. This growth is attributed to advancements in technology that demands better telecommunication infrastructure.
Asia Pacific is projected to lead the aramid fiber market during the forecast period due to the increasing demand from the growing automotive, telecommunication, and military & defense industries. Globally, the Indian aramid fiber market is projected to register the highest CAGR, in terms of value, during the forecast period. In Asia Pacific, the demand for aramid fiber has been increasing due to the ongoing urbanization and industrialization. The demand from emerging economies, such as China, India, and South Korea, is expected to drive the demand for optical fibers due to the increasing need for better connectivity and telecommunication infrastructure. APAC is also the world’s leading manufacturing hub for the automotive industry due to the rising passenger vehicle production in China and India. These factors are anticipated to fuel the growth of the aramid fiber market in the region. The key players such as Yantai Tayho Advanced Materials Co., Teijin Ltd. and Kolon Industries Inc. are expanding their production capacities to take advantage of the high growth markets in the region. For instance, Yantai Tayho Advanced Materials Co. (China) invested USD 89 million for the expansion of para-aramid manufacturing facility in China. In addition, Kolon Industries Inc. (South Korea) is aiming at expanding its aramid fiber production capacity by 50%, from 5 kilotons to 7.5 kilotons by the first quarter of 2020. This expansion is expected to cater to increasing demand from optical fibers, rubber reinforcement, and tire reinforcement manufacturers in the telecommunication and automotive industries.
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