The global aramid fiber market size is projected to touch USD 6.8 billion by the end of 2027, as per the report released by Million Insights. It is projected to ascend with a CAGR of 8.2% from 2020 to 2027.Excellent properties such as high strength, superior resistance to chemical and heat, and stability of aramid fiber are predicted to bode well for the market growth over the estimated duration.
Growing requirements for protection and security measures across several industries such as oil & gas, mining, building & construction, and medical/healthcare are expected to drive the product demand in the upcoming years. Moreover, strict norms in developing nations such as India and China related to workplace safety are also anticipated to accelerate the growth of the aramid fibers market over the estimated duration.
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Aramid fibers are extensively preferred over organic fiber and metal wires in various composite applications in the marine and aerospace segment, and oil rigs in offshore activities. Further, various benefits of the product such as tear on drums, non-aggressive wear and fade and discs resistance is projected to drive the product usage.
The production process requires numerous expensive chemicals, which increases the overall production cost. Further, high capital investment in the manufacturing process and machinery is predicted to plummet the market growth over the estimated period. However, the introduction of cost-effective manufacturing facilities is projected to support market growth in the upcoming years.
Asia Pacific is valued at USD 811.4 million in 2019 and is predicted to foresee noticeable growth from 2020 to 2027. Factors such as increasing preference for security, growing penetration of the internet, and expansion of the telecom industry are expected to fuel the market growth over the estimated duration. Further, increasing spending on military and defense due to rising geopolitical tensions in emerging nations such as India and China are also expected to accelerate the product demand. North America is projected to expand with a revenue-based CAGR of 8.8% from 2020 to 2027 and touch USD 2.1 billion by the end of 2027.
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Further key findings from the report suggest:
• Para-aramid division occupied for 75.6% market share in 2019, due to its several properties such as high tensile strength and excellent chemical resistance.
• The security and protection segment led the aramid fiber market in 2019 and is expected to touch USD 2.6 billion by the end of 2027, due to growing awareness relating to the safety of personnel in the industrial and military sectors.
• The Asia Pacific is predicted to ascend with a revenue-based CAGR of 9.1% over the forecast period owing to the increasing requirement for security measures across defense and military industry.
• The U.S. market is expected to foresee substantial growth and touch USD 1.4 billion by the end of 2027 owing to the growing demand for personal safety equipment.
• China was the leading market in the Asia Pacific in 2018 owing to the growth of automotive industries and surging demand for personal safety equipment.
Million Insights has segmented the global aramid fiber market on the basis of product, application, and region:
Aramid Fiber Product Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2027)
• Para-aramid
• Meta-aramid
Aramid Fiber Application Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2027)
• Security & Protection
• Frictional Materials
• Rubber Reinforcement
• Optical Fibers
• Tire Reinforcement
• Electrical Insulation
• Aerospace
• Others
Aramid Fiber Regional Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2027)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• Italy
• U.K.
• Russia
• Asia Pacific
• China
• India
• Japan
• South America
• Central & South America
• Brazil
• Middle East & Africa
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