New York, NY, Dec. 06, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Aramid Fiber Market by Type (Meta-Aramid Fiber, Para-Aramid Fiber and Co-Polyamide), by Application (Security & Protection, Industrial Filtration, Frictional Materials, Rubber Reinforcement, Optical Fibers, Tire Reinforcement, and Other Applications), by End-Use Industry (Automotive, Aerospace & Defense, Electronics & Telecommunications, Electrical, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global aramid fiber market was valued at USD 2.91 billion in 2017 and is expected to reach USD 5.62 billion by 2024, growing at a CAGR of 9.9% between 2018 and 2024.
Currently, aramid fiber is being progressively utilized in the aerospace and defense, electronics and telecommunications, and electrical, among other industries, because of its varied uses.
Browse through 88 Tables & 42 Figures spread over 110 Pages and in-depth TOC on “Global Aramid Fiber Market Share 2017: Industry Size, Trends, Growth, Segments, Analysis, and Forecast to 2024”.
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Aramid fiber is a versatile product with low volatile emission and flexibility that makes it suitable for building, paints, and textile industries. The increasing demand from aerospace and defense applications for aramid fiber is expected to drive this market’s growth globally. Growing automotive industry, which uses aramid fiber, is further expected to be a key growth driver for the aramid fiber market. Besides, it is the higher raw material accessibility that is further expected to contribute toward the overall market growth. The high raw material costs and the shift in the application market from developed to emerging countries are among the major restraints for this market’s growth. Moreover, the increasing cost of production might also act as another key restraint in the aramid fiber market globally. The manufacturing companies are focusing on making innovative products, which is likely to open new opportunities for the aramid fiber market in the next few years.
By type, the global aramid fiber market includes meta-aramid fiber, para-aramid fiber, and co-polyamide. The para-aramid fiber is anticipated to grow at the highest CAGR in the upcoming years. Polymer and copolymer aramid fibers are more preferable for manufacturing ballistic protection, wire and cables, hose reinforcement, race cars, and protective gloves for varied applications. In 2017, the polymer and copolymer segment accounted for the largest share of the total aramid fiber market. In 2017, the security and protection segment formed the largest application, due to the rise in the application of personal protection tools across various end-use markets. It accounted for more than 35% market share in 2017, owing to its different mechanical properties, such as good resistance to organic solvents, high strength, resistance to abrasion, and non-conductivity. By end-use industry, the automotive industry accounted for the largest share. Furthermore, it is the increasing demand for aramid fiber in the paper industry that is also expected to propel the market growth of aramid fiber in the upcoming years.
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In 2017, Europe held the largest share of aramid fibers market and accounted for more than 37% share. Germany, France, and UK are the major markets for aramid fiber in the region. Due to strict safety and protection regulations across various industries, such as construction, automotive, and oil and gas, is further fueling demand for the aramid fiber. Additionally, government policies are also expected to support the uses of aramid fibers, and thus contributing to this market growth in Europe.
In 2017, North America was the second largest market for aramid fiber and held around 29% share. The growth of the aramid fiber market in this region can be attributed to the rising demand for various applications, such as security and protection applications and tire reinforcement, among others.
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Asia Pacific region is expected to witness sustainable growth in the aramid fiber market in the forecast timeframe. Rapid industrialization and urbanization in China and India are contributing toward the increasing end-user industries of aramid fiber market. This is likely to fuel this market’s growth in the upcoming years.
In Latin America, the aramid fiber market is anticipated to register a moderate CAGR during the forecasted timeframe. The aramid fiber market is majorly driven by strict government regulations regarding emissions. Growing population, increasing disposable income, and rising construction activities in Brazil and Colombia are driving the demand for aramid fiber in this region.
Browse the full "Aramid Fiber Market by Type (Meta-Aramid Fiber, Para-Aramid Fiber and Co-Polyamide), by Application (Security & Protection, Industrial Filtration, Frictional Materials, Rubber Reinforcement, Optical Fibers, Tire Reinforcement, and Other Applications), by End-Use Industry (Automotive, Aerospace & Defense, Electronics & Telecommunications, Electrical, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/aramid-fiber-market
The Middle East and Africa is predicted to experience the moderate growth of aramid fibers in the forecast timeframe, owing to huge investments made by international aramid fiber companies for their projects in these regions, which, in turn, is projected to contribute to this market’s growth in the upcoming years.
Some of the major players of the global aramid fiber market include Kermel Toray Chemical Korea Inc., E.I. du Pont de Nemours & Co., Kolon Industries Inc., Yantai Tayho Advanced Materials Co., Hyosung Corporation, Teijin Limited, and SRO Aramid Co. Ltd., among others.
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This report segments the global aramid fiber market as follows:
Global Aramid Fiber Market: Type Analysis
- Meta-Aramid Fiber
- Para-Aramid Fiber
- Co-Polyamide
Global Aramid Fiber Market: Application Analysis
- Security & Protection
- Industrial Filtration
- Frictional Materials
- Rubber Reinforcement
- Optical Fibers
- Tire Reinforcement
- Other Applications
Global Aramid Fiber Market: End-Use Industry Analysis
- Automotive
- Aerospace & Defense
- Electronics & Telecommunications
- Electrical
- Others
Global Aramid Fiber Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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