Aramid Fiber Market worth $6.3 billion by 2026 | Key players Teijin Ltd., DuPont De Numerous, Inc., Hyosung Corp., Toray Industries, Inc., Kermel.

According to recent market research the "Aramid Fiber Market by Type (Para-Aramid Fiber, Meta-Aramid Fiber), Application (Security & Protection, Frictional Materials, Industrial Filtration, Optical Fibers, Rubber Reinforcement, Tire Reinforcement), Region - Global Forecast to 2026", The aramid fiber market is projected to reach USD 6.3 billion by 2026, at a CAGR of 9.7% from USD 3.9 billion in 2021. The increased demand for lightweight and flexible materials from the automotive and military & defense industries for various applications is driving the market. Furthermore, the regulations relating to reducing carbon emissions compel several industry players to look for alternative materials that are lightweight, strong, and fuel-efficient. This is expected to drive the aramid fiber market further during the forecast period. On the contrary, the high R&D costs and the non-biodegradable nature of aramid fibers are restraining the market growth.

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Meta-aramid fiber offers higher thermal and chemical resistance than para-aramid fiber and has dielectric properties, making it preferable for fire-resistant clothing as well as electrical insulation. This fiber is also combined with other high-performance fibers for enhanced properties. The meta-aramid fiber market is also driven by the increased demand from the telecommunication and automotive industries, where the demand for frictional materials and growth in optical fibers are going to support the market growth, respectively.

The increasing use of the Internet and telecommunication applications has triggered the need for faster connectivity and flexibility in cable design. Aramid fibers find application as reinforcements in fiber optic cables as they offer better protection against mechanical stress, environmental moisture, salt water, and temperature fluctuations and provide longer life and reduction in weight of the fiber. The growing demand for fiber optic cables has been driving the need for reinforcement materials, of which aramid fibers are one of the preferred choices.

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APAC is an attractive aramid fiber market globally and has huge growth potential in the future due to increasing demand from the industrial, construction, marine, and automotive industries. China is the largest aramid fiber market in APAC due to the presence of major automobile companies in the region. The key factors such as the growing middle-class population, industrialization, rising disposable income, and changing lifestyles are expected to increase the demand for automotive and optical fibers, providing various growth prospects to the aramid fiber market in China.

The key market players profiled in the report Teijin Ltd. (Japan), DuPont De Numerous, Inc. (US), Yantai Tayho Advanced Materials Co., Ltd. (China), Hyosung Corp. (South Korea), Toray Industries, Inc. (Japan), Kolon Industries Inc. (South Korea), Huvis Corporation (South Korea), Kermel (France), China National Bluestar (Group) Co., Ltd. (China), and SRO Aramid (Jiangsu) Co. Ltd. (China).

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DuPont De Numerous, Inc. is a global leader with technology-based materials and solutions. It offers expertise and delivers essential innovations to a broad range of markets, including electronics, transportation, building and construction, healthcare, and worker safety. The company has a presence in about 60 countries worldwide and manufacturing operations in about 40 countries. As a part of its growth strategy, the company is engaged in partnerships and collaborations in various regions, owing to the growing demand for aramid fibers in the protective clothing and high-performance clothing industries. It is concentrating on growing its Safety & Construction business segment-it is the biggest supplier of aramid fibers for the US Department of Defense. Recently, it also collaborated with VF Workwear to develop a heat-resistant garment line.

On the other hand, Teijin Ltd. offers services to the transportation, information & electronics, safety & protection, environment & energy, and healthcare industries. It manages its business through six segments, namely, High Performance, Composites, Healthcare, Fibres & Products Converting, IT and Others. Teijin Ltd. offers a wide range of aramid fibers, which helps the company maintain its position in the market. Apart from this, the company is expanding its production operations rapidly to cater to the increasing demand for high-quality products; increased product supply would help the company increase its revenue. Moreover, the company is aggressively partnering with various relevant companies to develop innovative solutions. Additionally, it expanded in various regions to take advantage of high-growth markets. For instance, in November 2019, the company announced a capacity increase of para-aramid fiber for the Netherlands' facilities. It is also focusing on innovation and research and development (R&D) through the identification and development of future potential products.

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