Aramid Fiber Market by Type (Para-Aramid Fiber, Meta-Aramid Fiber), by Application (Safety and Protection, Optical Fibers, Electrical Insulation, Friction Material, Industrial Filtration, Tire Reinforcement and Others), Regions, and Global Forecast to 2027
Newark, NJ, May 30, 2022 (GLOBE NEWSWIRE) — According to a report by Fior Markets, The global aramid fiber market It is expected to increase from US$3.69 billion in 2019 to US$7.04 billion by 2027, with a CAGR of 8.4% over the 2020-2027 forecast period. The North American market is expected to have a CAGR of 8.7%, exceeding USD 2 billion in the projected year. The increasing number of redevelopment operations in the region, along with strict regulations for the safety and protection of workers in different industries, are expected to fuel the growth of the industry. The Asia-Pacific region market value was over 800 million in 2019. The market is expected to grow in the future due to rapid industrialization, burgeoning internet economies, and increased military spending in countries like India and China. The European market dominates the global market and is expected to take a significant share in the future due to the increase in automotive, aerospace and defense in countries such as the UK and Germany.
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Some of the key players in the aramid fiber market are Toray Chemicals, China national blue star, Huvis Corporations, FIPRE New Materials, DuPont, Kolon Industries, Hyosung, Yantai Tayho, Tenjin aramids, etc. new technologies and devices; expands from its territory to take a significant share of the global market.
Spectra fiber, an extremely strong yet light weight fiber spun together from UHMWP, is digested with Honeywell’s Spectra Shield technology for use in advanced Armor. This fiber expansion demonstrates Honeywell’s commitment to stimulate supply to meet the growing global demand for premium protective gear.
According to aramid fiber type, the market is segmented into para-aramid fiber, meta-aramid fiber and copolyimide. In all product types, the para-aramid segment has the highest market share accredited in the production of Bulletproof Armor with its increasing use in high-tech applications such as military and aerospace. In addition, meta-aramid is used in making aramid papers. This product has numerous purposes, such as safety and protection, optical fibers, electrical insulation, friction material, industrial filtration, rubber forcing and others. The security and protection segment accounts for the most significant market share due to increased defense spending.. Another application that is expected to grow rapidly in the future is the electrical insulation segment. Aramid fibers are used in traction motors, electric motors and electric heating devices.
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About the report:
The global aramid fiber market is analyzed by value (Billion USD). All segments are analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each segment. The report offers in-depth analysis of drivers, opportunities, constraints and challenges to gain market fundamentals. The study includes the five force model of the porter, attractiveness analysis, raw material analysis, supply and demand analysis, competitor location grid analysis, distribution and marketing channels analysis.
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