Aramid Fiber Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Para-Aramid, Meta-Aramid), By End-User (Aerospace And Defense, Automotive, Electronics And Telecommunication, Safety And Protection, Others), And By Geography - Forecasts From 2022 To 2027
- Published : Sep 2022
- Report Code : KSI061612064
- Pages : 96
The global aramid fiber market is expected to grow at a CAGR of 4.84% over the forecast period to reach a total market size of US$5.200 billion by 2027, increasing from US$3.735 billion in 2020.
Aramid fiber is a type of strong synthetic fiber which is majorly used in ballistic-rated body armor fabric and composites. The growing acceptance of aramid in the aerospace industry is one of the primary factors for the growth of the market during the forecast period. Also, with the increasing fuel prices, the aviation industry is under pressure to upgrade its performance with the adoption of lightweight technology, which provides a key solution for lightweight and also promotes fuel efficiency. However, high research and development costs coupled with the complexity in the production process of aramid fiber are expected to restrain the growth of the market in the coming years.
Increasing demand for protective clothing is expected to drive the market
The growing demand for protective clothing in various industries like construction, aerospace, and the military is considered a driving factor for the growth of the market. Besides, there is an increasing demand for lightweight and strong materials that offer protection against situations such as extreme temperatures and threats, which further drives the market for aramid fibre. In addition, expanding the ballistic protection equipment market is also expected to boost the demand for aramid fiber in the production of equipment in the coming years. For example, the ballistic protection equipment market is expected to grow at a CAGR of more than 4% to $12.688 billion by 2024 (Source: Knowledge Sourcing Intelligence).
Expanding aerospace and defense industry will propel the market in the forecast period
Protective clothing is prominent equipment when it comes to protecting the first line of defense and the increasing investment in aerospace and defence around the globe is anticipated to propel the market growth opportunities in the coming years. Also, as governments around the globe modernize their military platforms and systems and chase advanced technologies and capabilities, the projected spending on military aircraft, satellites, and spacecraft, among other products, is expected to increase which is driving the growth of the aramid fiber market. According to the World Bank, military expenditure in current USD in China and India has increased from US$240.33 and US$ 71.47 billion in 2019 to US$252.3 and US$72.89 billion in 2020 respectively.
The North American region is estimated to hold a significant share of the market.
By geography, the global aramid fiber market has been segmented as North America, South America, Europe, the Middle East and Africa, and Asia Pacific (APAC) regions. North America accounts for a significant share of the global aramid fiber market in 2020 and is projected to grow at a healthy rate throughout the forecast period. This growth is accredited to the early adoption of technology along with the presence of big market players. The aramid fiber market in the Asia Pacific region is anticipated to witness exponential growth owing to expanding the automotive and aerospace industry in developing countries like China and India. For instance, automotive production in India has increased by 30%, the number of from 3,394,446 thousand units in 2020 to 4,399,112 in 2021. (Source: International Organization of Motor Vehicle Manufacturers). Though, the European aramid fiber market will witness considerable growth during the anticipated period owing to the rising manufacturing and automotive industry in the region. Besides, the region is the home of major aerospace players, and the favourable government initiative towards the adoption of lightweight and advanced, materials is further expected to boost the market in the region.
- DuPont De offers aramid fiber, Kevlar®. The Aramid fiber offered by DuPont De is extremely strong and lightweight and durable that can provide the user a perfect balance for function. It also allows the user to redefine performance. The company claims that Kelvar® can be used for automotive, aerospace, and consumer products.
- Twaron® is a product offered by Teijin Limited, a technology-driven global group that offers a wide range of innovative solutions. Twaron® is strong, light, and more resistant. It can deliver a huge range of performance improvements with an exceptionally wide range of high-performance applications. For instance, ballistic protection heat and chemical protection, and applications for oil and gas industries.
COVID-19 Impact on Aramid Fiber Market
The Aramid fiber market witnessed a declining trend during the pandemic, owing to the investment decrease in the aerospace and defense industry. Furthermore, the construction industry also experienced a temporary pause due to government-imposed restrictions, disruptions in supply chain mechanisms, etc. For instance, the Hindustan construction company reported a loss of Rs 409 crore in the first quarter starting in 2020. Thus, the demand for aramid fiber in several sectors experienced a declining trend during the pandemic.
Aramid Fiber Market Scope:
|Market Size Value in 2020||US$3.735 billion|
|Market Size Value in 2027||US$5.200 billion|
|Growth Rate||CAGR of 4.84% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Type, End-User, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Du Pont de Nemours and Company, Teijin Ltd, Huvis Corp, Toray Industries, Inc., Kolon Industries, Inc., Yantai Tayho Advanced Materials Co, Hyosung Corp, Aramid Hpm, LLC., X-FIPER NEW MATERIAL CO., LTD|
|Customization Scope||Free report customization with purchase|
- By Type
- By End-User
- Aerospace and Defense
- Electronics and Telecommunication
- Safety and Protection
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
Q1. What will be the aramid fiber market size by 2027?
A1. The global aramid fiber market is expected to reach a total market size of US$5.200 billion in 2027.
Q2. What are the growth prospects for the aramid fiber market?
A2. The aramid fiber market is expected to grow at a CAGR of 4.84% during the forecast period.
Q3. What is the size of the global aramid fiber market?
A3. Aramid Fiber Market was valued at US$3.735 billion in 2020.
Q4. Which region holds the largest market share in the aramid fiber market?
A4. North America accounts for a significant share of the global aramid fiber market and is projected to grow at a healthy rate throughout the forecast period.
Q5. What factors are anticipated to drive the aramid fiber market growth?
A5. The growing adoption of aramid in the aerospace industry is expected to be one of the prime drivers of the aramid fiber market growth.
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Aramid Fiber Market Analysis, By Type
6. Aramid Fiber Market Analysis, By End-User
6.2. Aerospace and Defense
6.4. Electronics and Telecommunication
6.5. Safety and Protection
7. Aramid Fiber Market Analysis, By Geography
7.2. North America
7.3. South America
7.4.1. United Kingdom
7.5. The Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Du Pont de Nemours and Company
9.2. Teijin Ltd
9.3. Huvis Corp
9.4. Toray Industries, Inc.
9.5. Kolon Industries, Inc.
9.6. Yantai Tayho Advanced Materials Co
9.7. Hyosung Corp
9.8. Aramid Hpm, LLC.
9.9. X-FIPER NEW MATERIAL CO., LTD
Du Pont de Nemours and Company
Toray Industries, Inc.
Yantai Tayho Advanced Materials Co
Aramid Hpm, LLC.
X-FIPER NEW MATERIAL CO., LTD
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