Aramid Fiber Market outlook to 2024 Global Key Players Hyosung Corporation, Toray Plastics (America), Inc., DowDuPont, DowDuPont, W. Barnet GmbH, Tejin Aramid, Hyosung, JSC Kamenskvolokno, Yantai Tayho

North America aramid fiber market generated revenue over USD 700 million in 2016. The region is estimated to witness fastest growth over the forecast timeframe. In 2014, the military spending in the region was close to USD 1.8 trillion. In 2015, the U.S. House of Representatives allocated a defense budget of USD 585 billion, through the National Defense Authorization Act (NDAA), which accounts for 54% of the total federal discretionary spending.

Europe led the global aramid fiber market with a market share over 30% in 2016. However, the region will exhibit comparatively moderate growth rate in the coming years. Asia Pacific aramid fiber market will witness promising growth close to 9% by 2024. Rising automotive industry and infrastructural development will be the key factors boosting the regional growth. Total automotive sales in Asia Pacific region including: China, India, Japan, Australia, Indonesia, Thailand and Malaysia were over 40 million units in 2016 and shall escalate by 2024.

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Apart from the protective apparels, aramid fibers are likely to find vast applications in the fields including automotive, aviation, marine, electrical & electronics, etc. by 2024, for their low flammability, non-conductivity, light weight and substantial thermal & chemicals resistance.

Aramid fibers market will be driven by the sectors where weight savings are critical, for instance, automotive, space vehicles, aircraft components, helicopters and missiles. Rising demand from the escalating automotive industry will propel global aramid fiber market in the near future.

For instance, Total automotive sales in the North America including: U.S. and Canada were over 19 million units in 2016 and is likely to witness 4% growth by 2024. Aramid fibers find extensive automotive applications in tire reinforcement (in racing automobiles, off-road, buses, and trucks), power transmission belts, industrial and automotive hoses, brake, clutch, and gasket uses etc.

Manufacturing sector has been observing product demand with utmost importance to smaller ecological footprint, enhanced safety and cost-efficiency. Aramid fibers have been gaining the prominent preference in the area of ballistic protection for their high tensile strength, high modulus and resistive physical properties to bullets, shrapnel & bomb fragments, stabbing, etc.

Apart from the protective apparels, aramid fibers are likely to find vast applications in the fields including automotive, aviation, marine, electrical & electronics, etc. by 2024, for their low flammability, non-conductivity, light weight and substantial thermal & chemicals resistance.

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Aramid Fiber Market size was more than USD 2.5 billion in 2016 and will witness over 8% CAGR during the projected timespan. Aramid fibers are synthetic fibers made from aromatic polyamides. Aramid have high modulus low weight and high tensile strength. The density of aramid is 0.052 lb/in3 (1.44 gm/cm3). This is about 20% lesser than regularly used carbon and about 40% lesser than glass. These fibers withstand exceptional toughness, substantial fire resistance, thermal resistance and resistance to organic solvents.

Manufacturing sector has been observing product demand with utmost importance to smaller ecological footprint, enhanced safety and cost-efficiency. Aramid fibers have been gaining the prominent preference in the area of ballistic protection for their high tensile strength, high modulus and resistive physical properties to bullets, shrapnel & bomb fragments, stabbing, etc.
Aramid fibers market will be driven by the sectors where weight savings are critical, for instance, automotive, space vehicles, aircraft components, helicopters and missiles. Rising demand from the escalating automotive industry will propel global aramid fiber market in the near future. For instance, Total automotive sales in the North America including: U.S. and Canada were over 19 million units in 2016 and is likely to witness 4% growth by 2024.

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Aramid fibers market will observe significant demand from electrical insulation, sporting goods, marine applications in the foreseeable timeframe. Characteristics such stiffness, light weight, damage tolerance, vibration damping, etc. which are essential in marine recreational industries will drive their demand in the hulls of canoes, kayaks, and sail & power boats.

Aramid fiber market is highly consolidated with key players including: DowDuPont, W. Barnet GmbH, Tejin Aramid, Hyosung, JSC Kamenskvolokno, Yantai Tayho, Huvis Corporation, Kolon Industries, Kermel, etc. contributing over 60% market share. Industry participants have been investing heavily in R&D in response to the upward demand for the high-performance aramid fibers.

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