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Kevlar Fiber Market Research Report 2023 | InsightAce Analytic
The global kevlar fiber market is estimated to reach over USD 682.65 billion by 2031, exhibiting a CAGR of 4.92% during the forecast period.
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Kevlar is a fibrous material with a unique chemical makeup that is a member of the aramid family. Among kevlar's unique qualities are strong tensile strength, low thermal, lightweight, specific stiffness, and tenacity. Due to these qualities, it is utilized to create a variety of cut-resistant and secure accessories and garments.
The main factor driving the growth of the worldwide kevlar market is the usage of kevlar in a broad range of products, from consumer items to industrial equipment and body armor. The development of the worldwide kevlar market will be aided by DuPont's cutting-edge technology and ongoing innovation in applying kevlar on a diverse and new range of opportunities in partnership with industrial producers, governments, and communities. An increase in the usage of body armor fiber in a wide range of applications, including electrical insulation, industrial filtration, optical fibers, and frictional materials, drives the global market. The COVID-19 pandemic outbreak had a catastrophic effect on the global electronic industry and resulted in immeasurable business losses.
However, to reduce their chance of contracting the coronavirus, more individuals are selecting airplanes over other modes of transportation and demonstrating a higher preference for nonstop travel. As a result, this is likely to increase the production of airplanes and fuel the market for kevlar fiber. Other driving forces for the worldwide kevlar market's expansion include strict laws enacted on protective gear like body armor, bulletproof vests, gloves, etc.
List of Prominent Players in the Kevlar Fiber Market:
• Aramid Hpm LLC
• C.S.R. Inc.
• China National Bluestar (Group) Co., Ltd.
• CTech LLC
• DuPont De Numerous Inc.
• Final Advance Materials
• GAB Neumann Gmbh
• Hexcel Corporation
• Huvis Corporation
• Hyosung Advanced Materials
• Kermel
• Kermel S.A.
• Kolon Industries Inc.
• MiniFIBERS Inc.
• SRO Aramid (Jiangzu) Co., Ltd.
• Stern EWS
• Teijin Ltd.
• Toray Industries Inc.
• Yantai Tayho Advanced Materials Co. Ltd
Market Dynamics:
Drivers-
The market is anticipated that increasing product demand from various industries, including oil & gas, healthcare, manufacturing, and others, will propel the market's expansion. The epidemic also caused significant financial losses for several manufacturers, leading some to delay the deployment of new automation systems. However, the market benefited from a large increase in product demand from the medical business. Demand for the product is anticipated to be driven by a growth in onshore and offshore drilling activities as well as the expansion of the shale oil and gas sector.
Challenges:
Due to the absence of interest from the manufacturing sector during the COVID-19 crisis, the market saw a sharp fall in growth. Governmental limitations led to the temporary closure of many different industries, reducing the product market. The development of competing products like the carbon nanotube- and recycled polymer-based A.B.C. Matrix by Novana and Miralon by Nanocomp Technologies Inc. could impede the expansion of the global kevlar market.
Regional Trends:
The North America kevlar fiber market is expected to register a major market share. The region's developed automotive industry and strict laws to enhance industrial workers' safety are expected to increase the regional market share for kevlar. This region's contribution to the global kevlar market is anticipated to come from the rising demand for the material in the automotive sector and the production of optical fibers used in telephone networks. Besides, the Asia Pacific region had a substantial share of the market. Due to the increased use of security and protection solutions across several businesses, growth is anticipated. The demand for products in APAC is also projected to be influenced by growing internet usage in emerging economies, fast industrialization, and strong expansion in the telecom sector.
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Recent Developments:
• In November 2020-A deal for delivering 38 new Eurofighter aircraft, including 30 single-seaters and eight twin-seaters, to the German Air Force was signed by Airbus.
• In March, 2019-German airline Lufthansa placed orders for 20 brand-new Boeing 787-9 aircraft and 20 Airbus A350-900 long-haul airplanes, which will be delivered between late 2022 and 2027.
Segmentation of Kevlar Fiber Market-
By Application
• Safety and Protection
• Aerospace
• Industrial Filtration
• Frictional Materials
• Rubber and Tire Reinforcement
• Optical Fibers
• Electronics and Telecommunication
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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