Aramid Fiber Market Insights | Key Players: 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),

The aramid fiber market 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 advanced and lightweight plastic materials in the military & defense, automotive, and telecommunication industries is majorly driving the market.

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The key players operating in the aramid fiber market include 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), and Taekwang Industrial Co., Ltd. (South Korea). These players have adopted various growth strategies, such as expansions & investments, acquisitions, new product launches, partnerships & collaborations, to expand their presence and increase their share in the aramid fiber market.

The growth of the aramid fiber market has been largely influenced by expansions and new product launches that took place between 2014 and 2018. Companies such as Teijin Ltd. (Japan), Yantai Tayho Advanced Materials Co. (China), DowDuPont Inc. (US), Hyosung Corp. (South Korea), and China National Bluestar (Group) Co., Ltd. (China) have adopted the abovementioned strategies to expand their regional presence and enhance their product offerings.

DowDuPont and Teijin are the two leading players in the aramid fiber market. These companies focus on new product launches to meet the requirement of their consumers. The growing applications of aramid fiber in various industries demand technological developments as well. Thus, the players are concentrating their efforts on R&D and developing advanced manufacturing technologies.

Teijin is the leading player in the aramid fiber market. The company is taking various initiatives to expand and develop its aramid fiber business. For the para-aramid business, the company is focusing on the continuous expansion of production capacities to meet the increasing demand for aramid fibers. For instance, in December 2017, the company announced the expansion of its para-aramid fiber Twaron production capacity by more than 25% in the next five years. This expansion will help the company to meet the increasing consumer demand and capture a bigger market share in the near future.

DowDuPont is one of the leading manufacturers of aramid fibers, globally. The company produces para-aramid and meta-aramid fibers mainly for protective clothing and high-performance sporting apparel applications. The company, through partnerships & collaborations, strives to expand its market competitiveness as well as regional presence. For instance, in March 2017, the company entered into an agreement with Nitro Circus (US), an action sports company for its Kevlar brand. This agreement helped the company to expand its application areas into high-performance sports apparel and equipment.

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