Aramid Fiber Market | Top Key Players - Teijin Aramid B.V., DowDuPont, Hyosung, Yantai Tayho Advanced Materials Co, W. Barnet GmbH & Co. Kg, Kermel, Kolon Industries Inc

Aramid fiber market size is slated to witness substantial gains owing to high performance uses of the material for aircraft, automobile, and marine sectors. This material is mainly used for components that are subjected to high stress such as making gliders and manufacturing components. From passenger cars to lightweight trucks, aramid fiber is used everywhere to improve safety, performance and maintains durability in a wide range of automotive components.

It has been observed that in 2017, the production of aircraft had increased globally as a result of growing demand from the commercial segment for single aisle and narrow body aircraft. The expansion of defense and aerospace worldwide sector will certainly drive aramid fiber industry trends. Aramid fibers nowadays are gaining immense momentum in defense sector due to advantageous features such as excellent stability over a wide range of temperatures for prolonged periods.

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In addition, the implementation of stringent policies regarding safety and protection of workers in mines and construction sites is propelling the product demand in manufacturing equipment. Emerging threats globally and a constantly compromised security environment will expedite the defense budget from countries like India, China, and Japan, likely to generate high demand for aramid fiber.

Para aramid fibers are projected to play a vital role in increasing the growth of the overall aramid fiber market share owing to its exceptional properties which makes it appropriate to use in a broad range of products such as vehicle armor, fireproof apparels, and bulletproof vests. In 2016, para aramid fibers had accounted for a large share of aramid fiber industry and are projected to witness a notable 9% CAGR between 2016-2024.

Owing to the exponential growth of the commercial aircraft sector from emerging economies like Brazil, Japan, China, and India, Asia Pacific aramid fiber industry has shown a considerable growth potential. A continuous increase in defense budget attributed to the surge in geopolitical tensions has increased the demand for aramid fibers in the region.

In 2017, Government of India had unveiled a strategic partnership policy in which Indian organizations will be allowed to enter into an agreement with foreign OEMs to improve nation's self-governance in defense sector. Upsurge in the quality of defense equipment required by military agencies will outline aramid fiber market outlook. Increasing investments in the military and other defense activities will further drive the product demand over the years ahead.

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It is a known fact that this product has numerous advantages in many fields, however, safety application segment holds a substantial market share and is projected to witness nearly 8% CAGR over the forecast period. Owing to their high tensile strength, flexibility, and resistance to abrasion and piercing they are widely used to prevent against mechanical stress. Aramids are usually applied to optical cables to provide complete protection and their ultra-high strength will make them the prominent choice of industry participants for safety applications in the near future.

Given that aramid fibers are widely deployed in the manufacture of safety clothing, the application of stringent safety regulations is anticipated to have a positive impact on the revenue graph of aramid fiber industry. Due to several advancements and novel developments in aerospace and automobile sector, global aramid fabrics market size is expected to surpass a valuation of USD 5 billion by 2024.

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