Aramid Fiber Market (Para-Aramid Fiber, Meta-Aramid Fiber) by Type, Application & 2023 Forecast

The aramid fiber market (http://www.rnrmarketresearch.com/aramid-fiber-market-by-type-para-aramid-fiber-meta-aramid-fiber-and-application-security-protection-frictional-material-tire-rubber-reinforcement-optical-fiber-electrical-insulation-aeros-market-report.html) is projected to grow from USD 3.28 billion in 2018 to USD 5.78 billion by 2024, at a CAGR of 9.9%. The increasing demand for lightweight materials for automotive components owing to stringent environmental and emission regulations is expected to drive the market in the automotive industry. In addition, the demand for lightweight and flexible materials for body armor, firefighting equipment, bulletproof vests, helmets, and vehicle armor is driving the demand for high-performing materials, such as aramid fibers and composites of aramid fibers.

Key companies supplying aramid fibers are: DowDuPont (US), Teijin Ltd. (Japan), Toray Industries Inc. (South Korea), Hyosung Corp. (South Korea), Kolon Industries Inc. (South Korea), Huvis Corp. (South Korea), Yantai Tayho Advanced Material Co. (China), Kermel (France), China National Bluestar (Group) Co. Ltd. (China), SRO Aramid (Jiangsu) Co. Ltd. (China) & Taekwang Industrial Co., Ltd. (South Korea)

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Market Dynamics:

Drivers
1. Increased demand for lightweight materials in security & protection applications
2. Rising need for lightweight materials offering significant emission reduction in vehicles
3. Potential substitute for steel and asbestos

Restraints
1. High R&D costs
2. Non- biodegradable nature of aramid fibers
3. Barriers for new entrants

Opportunities
1. Increasing demand for homeland security and higher defense spending
2. Advancements in aramid materials manufacturing technology

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The ecosystem of the aramid fiber market comprises raw material suppliers, manufacturers, and end users of aramid fibers. The aramid fiber value chain starts with the selection of appropriate raw materials. Raw materials play a significant role in determining the final properties of aramid fiber products and thereby their usage and the application in which they can be utilized. The technology for producing aramid is patented by manufacturers but is more or less the same with some modifications. The basic aramid fiber which is manufactured by the above-mentioned raw materials is an intermediate through which other products are manufactured.

“The security & protection application segment is expected to lead the aramid fiber market during the forecast period, in terms of value.”

By application, the security & protection segment is expected to lead the market during the forecast period. The stringent regulations enforced by the government and other agencies in developed economies, such as the European countries and the US, play a pivotal role in driving the aramid fiber market. Aramid fibers are used to make fire-, cut-, and stab-proof protective clothing such as helmets, footwear, coveralls, and gloves. They are used for military, industrial, and civil purposes. The need for thermal and ballistic protection is rising in civil law enforcement and armed forces owing to increasing insurgency and terrorism.

Target Audience:
• Aramid fiber manufacturers
• Chemical suppliers
• Raw material suppliers
• Government and research organizations
• Textile traders, distributors, and suppliers
• Industry associations
• Research and consulting firms

Breakdown of Primaries:

Primary interviews have been conducted with a number of industry experts to obtain information related to the aramid fiber market.

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The breakdown of primary interviews has been depicted below:
1. By Company Type: Tier 1–30%, Tier 2–43%, and Tier 3–27%
2. By Designation: C-Level Executives - 21%, Directors - 23%, and Others - 56%
3. By Region: Asia Pacific - 41%, North America – 30%, Europe - 18%, and South America and Middle East & Africa- 11%

Reasons to Buy Aramid Fiber Market Report:

This report is expected to help leaders/new entrants in the aramid fiber market in the following ways:

Provide a better understanding of the aramid fiber market.

Provide information on the drivers, restraints, challenges, and opportunities influencing the growth of the aramid fiber market.

Gain insights regarding competitors and their positions in the aramid fiber market.

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