Newark, NJ, May 30, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global aramid fibre market was expected to grow from USD 3.69 billion in 2019 to USD 7.04 billion by 2027, at a CAGR of 8.4% during the forecast period 2020-2027. The North American market have the CAGR of 8.7% would be expected to cross USD 2 billion in forecasted year. The growing number of redeveloping operations in the area along with firm regulations for the security and protection of workers all over different industries is anticipated to fuel sector’s growth. The Asia-Pacific region market was valued at over 800 million in 2019. Due to rapid industrialization, due to developing internet economies, rising military expenditure in countries like India & China, the market expected to grow in future. The European market dominates the global market and expected to capture significant share in the future due to a rise in automotive, aerospace & defence in countries such as the UK & Germany.
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Some of the key players of the aramid fibre market are Toray Chemicals, China national blue star, Huvis Corporations, FIPRE New Materials, DuPont, Kolon Industries, Hyosung, Yantai Tayho, Tenjin aramids, etc. These companies are mainly concentrated on the advancement of new technologies & devices; expand from their territories to grab the substantial share of the global market.
Spectra fibre, an extreme-strong, but light in weight fibre assemble from UHMWP, is assimilate into Honeywell’s Spectra Shield technology for use in advanced Armor. This fibre expansion demonstrates Honeywell’s assurance to encourage the supply to meet the growing demand for superior protective gear globally.
According to the aramid fibre type, the market divided as para-aramid fibre, meta-aramid fibre & copolyimide. From all the product types, the para-aramid segment has the highest market share, which is accredited to its increasing use in high-tech applications such as military and aerospace in manufacturing bulletproof Armor. Also, the meta-aramid is used in making the aramid papers. This product has numerous purposes such as security & protection, optical fibres, electrical insulation, frictional material, industrial filtration, tyre enforcement & others. The security & protection segment accounts most significant market share, as the rising expenditure in defence. Another application expected to grow at a pace in future is electrical insulation segment. Aramid fibres are used in traction motors, electric motors and electric heating device.
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About the report:
The global aramid fibre market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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