Aramid Fiber Market is Expected to be Valued at USD 4,536.7 Million in 2022, Increase in the R&D activities For Better Application

According to Precision Business Insights (PBI), the latest report, the market value of the aramid fiber market size is expected to be valued at USD 4,536.7 million in 2022 which is expected to grow at a CAGR of 10.2% over 2022-2028. The primary factors that drive the market are the growing product demand from numerous industries, such as oil and gas, manufacturing, healthcare, and others due to the strict government regulations connected to workplace safety.

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Para-Aramid to Dominate the Aramid Fiber Market:
Based on product type, para-aramid holds the highest market share. The major factor for the rise of this segment is its exceptional physical properties such as outstanding strength-to-weight ratio along with high ductile strength and modulus behavior. Higher properties such as the low extension to break, good resistance to chemicals, good resistance to heat and flame, and brilliant ballistic properties can drive the global aramid fiber market growth. Apart from this, its application n various industries such as aerospace, frictional materials, and security and protection can also drive the growth of the market.

Europe Aramid Fiber Market:
Europe leads the global aramid fiber market growth due to the severe safety regulations within businesses such as construction, oil and gas, steel, and aluminum which require protective covering cloth. Europe leads the global market due to entrenched research infrastructure, increasing funding from public and private sectors, and rising collaborations among global key players that have contributed to increasing the sales of aramid Fiber in this region. Apart from this, the major factor that drives the market in this region is the need for friction material in high-end automotive along with in other industrial sectors.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global aramid fiber market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share.In September 2022, PITAKA launched, aerospace-grade aramid fiber cases which is sustainably made for iPhone 14 series

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The aramid fiber market is segmented based on, product type, application, and region.
Based on the product type, the market is segmented into the following:
• Para-Aramid
• Meta-Aramid

Based on the application type, the market is segmented into the following:
• Security & Protection
• Frictional Materials
• Rubber Reinforcement
• Optical Fibers
• Tire Reinforcement
• Electrical Insulation
• Aerospace
• Others

Based on the region, the market is segmented into the following:
• Europe
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key players' profiles in the aramid fiber market report are Teijin Ltd., Yantai Tayho Advanced Materials Co, E. I. du Pont de Nemours and Company (DowDuPont), Hyosung Corp., Toray Chemicals South Korea, Inc., Kermel S.A., Kolon Industries, Inc., Huvis Corp., and SRO Aramid (Jiangzu) Co., Ltd.

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