New York, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The global aramid fiber market size is projected to grow at a CAGR of over ~ 6 % from 2023 to 2035. The market is expected to garner a revenue of USD 9 billion by the end of 2035, up from a revenue of ~USD 4 billion in the year 2022. The major element driving the market expansion is the growth in demand for lightweight vehicles such as electric vehicle or hybrid vehicles. For instance, the total number of EVs sold globally at the end of 2021 was about 17 million, an upsurge of approximately 57% from the end of 2020. About 94 percent of these cars were LDVs, while only approximately 4% were HDVs. Aramid fiber has high resistivity to great temperatures hence it is the most suitable fiber being used in electric vehicles.
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Additionally, since they are lightweight their demand is growing in electric vehicles. Moreover, government all over the world are initiating various policies in order to influence the growth of the electric vehicles. This could be owing to rising emission levels from the automotive. Hence, this could be another major factor to boost the market demand.
Aramid Fiber: Key Takeaways
- Market in Europe to propel highest growth
- The frictional materials segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Increasing Demand for Protective Clothing across the Globe to Boost Market Growth
Protective clothing demand is growing from the military in order to protect their body from bullets and armor. Additionally, their growth is also high among firefighters. Firefighters require protective gear that allows them to protect their bodies and lives from the effects of heat and flame. Since aramid fibers are heat and flame resistive, it is high in demand among them. Commercial aviation is under constant strain to increase performance due to rising fuel prices and environmental activism, and weight reduction is a crucial component of the equation. Hence, the use of aramid fiber in aircraft is growing since all the issues could be resolved with the use of this composite material. Some of the numerous applications for which they might be able to offer prospective solutions include rollers, mobile phones, LCD panels, projectors, wearable electronics, gasket optics, lighting, and many others.
Stricter regulations and standards related to worker safety have led to an increased demand for protective clothing in various industries. Employers are required to provide their workers with appropriate protective gear to ensure their safety and well-being. According to the U.S. Occupational Safety and Health Administration (OSHA), in 2020, there were approximately 2.8 million nonfatal workplace injuries and illnesses reported by private industry employers.
Aramid Fiber Market: Regional Overview
The global aramid fiber market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding units of luxury cars to Drive the Market Growth in Europe Region
The aramid fiber market in Europe region is estimated to garner the largest revenue by the end of 2035. The aramid fiber market in Europe is estimated to generate the largest revenue of USD 4 Billion by the end of 2035, backed by growing demand for luxury cars. It is estimated that, by 2027, about 60,000 units of luxury cars would be sold in Europe. Also, manufacturers of these luxury cars are making use of frictional material which is why the market in this region is set to grow. Additionally, the concern for workers' safety in factories growing. Hence, the workers are increasingly equipped with safety gear manufactured from aramid fiber.
Growing Cancer Cases to Propel the Growth in the Asia Pacific Region
The Asia Pacific aramid fiber market is estimated to garner the highest CAGR by the end of 2035. Aramid fibers are widely used in the production of protective clothing, such as flame-resistant suits for industrial workers, military personnel, and emergency responders. As workplace safety regulations become more stringent, the demand for high-performance protective apparel is likely to increase. The Asia Pacific region is experiencing rapid urbanization and infrastructure development, driving the demand for construction materials, including those that enhance structural integrity and fire resistance. Aramid fibers are used in construction materials such as reinforcing fabrics and cables. The Asian Development Bank estimated that the infrastructure investment needs in Asia and the Pacific will reach USD 26 trillion from 2016 to 2030.
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Aramid Fiber, Segmentation by Application
- Security & Protection
- Frictional Materials
- Rubber Reinforcement
- Optical Fibers
- Tire Reinforcement
- Electrical Insulation
- Aerospace
Amongst these segments, the frictional materials segment is anticipated to hold the largest share over the forecast period. The frictional materials segment in the aramid fiber market is set to garner the highest revenue of about USD 5 Billion by the end of 2035. Due to their characteristics including thermal stability, superior wear qualities, and stable coefficient of friction, these fibers are in higher demand as frictional materials. This fiber is favored above others including glass, cellulose, and carbon because it is most successful at boosting resistance. These fibers are widely employed in the production of brake pads and other equipment because they tend to cause less harm to surfaces when they are used.
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Aramid Fiber, Segmentation by Product Type
- Para-Aramid
- Meta-Aramid
Amongst these segments, the para-aramid segment is anticipated to hold a significant share over the forecast period. These fibers are widely used in the defense, security, and automotive industries. Para-aramid fibers are used for reinforcement in wire and cable, hoses, race vehicles, protective gloves, wire and cable, and ballistic protection. They are also employed as tire reinforcement, brake pad friction material, optic fiber cables, rope, deep-sea oil drilling, ballistic protection, and protective materials. Features including improved rust, humidity, and heat resistance in harsh environments are going to propel this market segment.
Additionally, the segment is driven by its use in defense, aerospace, and military for bulletproof body armor. Para-aramid fibers are renowned for their remarkable tensile strength, making them suitable for high-strength applications in various industries such as aerospace, defense, and automotive. The tensile strength of para-aramid fibers can range from 2.8 to 5.5 GPa (gigapascals).
Few of the well-known market leaders in the global aramid fiber market that are profiled by Research Nester are DuPont de Nemours Inc., Yantai Tayho Advanced Materials Co, Ltd., and Hyosung Corporation Kermel, and other key market players.
Recent Development in the Market
- Using its bio-inspired poly(catechol-styrene) (PCS) catechol-containing polymer, Mussel Polymers Inc., a specialty materials and coatings startup company from Purdue University, successfully coated carbon and aramid fibres, marking a significant advancement in the development of lighter, stronger fiber-reinforced composites.
- Kolon Industries Inc., the leading producer of textiles and chemical materials in South Korea, was anticipated to invest around USD 212 million to increase the production capacity of its domestic aramid factory.
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