Aramid Fiber Reinforcement Materials Market is Predicted to Expand at $4,813 Million by 2022
According to a new report published by Allied Market Research, titled, Aramid Fiber Reinforcement Materials Market by Type and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 20142022," the global aramid fiber reinforcement materials market was valued at $2,680 million in 2015, and is projected to reach $4,813 million by 2022, growing at a CAGR of 8.8% from 2016 to 2022. The para-aramid fiber accounted for over three-fourths share in the aramid fiber market in 2015, and is expected to maintain its lead throughout the forecast period.
Aramid fibers are synthetic fibers with exceptional heat-resistance and strength. Due to their high strength and heat resistant properties, aramid fibers are widely used in the aerospace & defense industry and safety equipment industry for making ballistic body armors, helmets, sporting goods, and other protective clothing. Aramid fiber were first developed and commercialized by DuPont in 1960s, under the brand name Nomex.
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The factors that drive the global aramid fiber reinforcement materials market include growth in demand from the consumer goods & defense sector and exceptional properties of aramid fiber such as heat resistance (more than 500C) and strength (five times stronger than steel on an equal weight basis). However, the high production & investment costs and non-biodegradability of aramid fiber, are expected to hamper the market growth during the forecast period. The aramid fiber reinforcement materials market is highly consolidated with Teijin Limited and Du Pont having major market share, which hinders the entry of new market players. Moreover, growth opportunities exist in the market for the use of aramid fiber in safety applications in consumer goods & defense and ongoing R&D activities to bring innovation.
The para-aramid fiber segment accounted for the highest market share in 2015, owing to the high tenacity, high tensile modulus, and high heat resistance of para-aramid fibers. Increase in concern for health and safety of defense personnel & industrial employees, and demand from industries such as automotive, rubber reinforcement, telecommunication, and advanced material composites drive the market growth for para-aramid fibers. Meta-aramid fibers segment is anticipated to grow at the highest CAGR throughout the forecast period.
The automotive segment dominated the aramid fiber reinforcement materials market in 2015, attributed to the adoption of materials that provide higher strength, durability, and fuel efficiency. R&D activities to develop new reinforcements for tires and demand for use in brake pads and other friction materials is expected to drive the demand for aramid fiber from automotive sector during the forecast period.
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Asia-Pacific is anticipated to grow with the highest rate during the analysis period, owing to the growth in industrialization and rise in infrastructure developmental activities, especially in developing economies, such as China, Korea, and Japan.
Key players operating in the aramid fiber reinforcement materials market include E. I. du Pont de Nemours and Company, Kolon Industries, Inc., Teijin Limited, Honeywell International Inc., Hyosung Corporation, Toray Industries, Inc., SRO Aramid (Jiangsu) Co., Ltd., Yantai Tayho Advanced materials Co., Ltd, Huvis Corporation, and Ibiden Co., Ltd.
Key findings of the Aramid Fiber Reinforcement Materials Market
• The marine segment is expected to witness the highest growth rate from 2016 to 2022, in terms of both value and volume.
• In 2015, North America generated maximum revenue, with over one-third share of the global market.
• Argentina is expected to grow at the highest CAGR of 13.3% during the forecast period.
• The para-aramid fibers segment dominated the market in 2015, and is expected to maintain its lead throughout the forecast period.
• In terms of both value and volume, the Asia-Pacific region is expected to witness highest growth rate in the aramid fiber market from 2016 to 2022.
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