Researchstore.biz launched a study titled “Global Aramid Fiber Market by Type (Para-Aramid Fiber, Meta-Aramid Fiber), Application (Security & Protection, Industrial Filtration, Optical Fibers, Frictional Materials, Rubber Reinforcement, Electrical Insulation, Tire Reinforcement, Others), Region (North America, Europe, Asia Pacific, South America and Middle East and Africa)” and Global Forecast 2018-2025.
The global aramid fiber market is expected to grow from USD 2.97 Billion in 2017 to USD 6.74 Billion by 2025 at a CAGR of 11.03% during the forecast period from 2018-2025. Major drivers that fuel the growth of aramid fiber market are:
- Expanded interest for security and protection applications that use lightweight materials
- Rising requirement for lightweight materials offering less emissions in vehicles
- Demand for substitute of steel and asbestos materials
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Aramid fiber are heat resistant, light weight, and synthetic fibers with molecules of rigid polymer chains. It consist of chains that are connected by hydrogen bonds enabling to transfer mechanical stress. The aramid fibers have high abrasion impact and damage resistivity. These fibers can be used to make golf clubs, gloves, helmets, rods, floor, and wall materials. The aramid fiber has high
strength that is several times greater of steel, aluminium, and e-glass, as well as are light in weight than fiberglass.
Expanded interest for security and protection applications that use lightweight materials and demand for substitute of steel and asbestos materials is anticipated to drive aramid fiber market:
Expanded interest for security and protection applications that use lightweight materials and demand for substitute of steel and asbestos materials are the key driving factors for the aramid fiber market. In addition, rising requirement for lightweight materials offering less emissions in vehicles will lead the growth of aramid fiber market in couple of years. High research & development costs and non- decomposable feature of aramid fibers may limit the growth of market. However, increasing demand for home security and new technological innovations in aramid materials manufacturing is expected to boost the aramid fiber market over the forecast period.
The global aramid fiber market is segmented on the basis of type, application, and regions.
Optical fibers segment is anticipated to grow with CAGR of 12.01% during the forecast period
Application segment includes security & protection, industrial filtration, optical fibers, frictional materials, rubber reinforcement, electrical insulation, tire reinforcement, and others. Optical fibers segment is anticipated to grow with highest CAGR over the forecast period. The increasing interest for fiber optic cables is driving the requirement for reinforcement materials, of which aramid fibers are one of the favoured choice. Additionally, the growing need for better performing optical cables and increasing web applications are driving the demand of optical fibers segment.
Meta-aramid fiber segment valued around USD 1.62 Billion in 2017
Type segment is divided into para-aramid fiber and meta-aramid fiber. Meta-aramid fiber segment is anticipated to grow with highest CAGR and is acting as catalyst for business modernization. The increase in demand of meta-aramid fiber due to rise in the use of aramid fiber for various purposes such as fire fighters’ uniforms, electrical, and high-temperature working applications.
Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely Europe, Asia Pacific, North America, South America, and Middle East and Africa. Europe held the largest market share of approximately 29.34% in 2017. The government regulations for safety in automotive and defence verticals and demand for lightweight materials for reducing the carbon dioxide emissions will led to the growth of aramid fiber market in this region.
The major players for aramid fiber market include DowDuPont, Hyosung Corp., Kolon Industries Inc., Taekwang Industrial Co., Ltd., SRO Aramid Co. Ltd., Toray Industries Inc., Huvis Corp., Yantai Tayho Advanced Material Co., Teijin Ltd., China National Bluestar, and among others.
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Aramid Fiber market is segmented into the following submarkets:
Aramid Fiber Market by Type:
- Para-Aramid Fiber
- Meta-Aramid Fiber
Aramid Fiber Market by Application:
- Security & Protection
- Industrial Filtration
- Optical Fibers
- Frictional Materials
- Rubber Reinforcement
- Electrical Insulation
- Tire Reinforcement
Aramid Fiber Market by Regions:
- NORTH AMERICA
- SOUTH AMERICA
- MIDDLE EAST AND AFRICA
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