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Aramid Fiber Market Size, Opportunities, Top Manufacturers, Growth, Trends, Regional Graph, Key Segments, and Forecast to 2028

06-20-2024 09:34 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: ABNewswire

Browse 252 market data Tables and 49 Figures spread through 233 Pages and in-depth TOC on "Aramid Fiber Market"

Browse 252 market data Tables and 49 Figures spread through 233 Pages and in-depth TOC on "Aramid Fiber Market"

The global Aramid Fiber market is projected to grow significantly, driven by its increasing use in aerospace, defense, and automotive industries. Asia-Pacific is expected to lead regional growth due to rapid industrialization and urbanization.
The Aramid fiber market [https://www.marketsandmarkets.com/Market-Reports/aramid-fibers-market-112849061.html] is estimated to grow from USD 4.7 billion in 2023 to USD 7.6 billion by 2028, at a CAGR of 9.9% in terms of value. The growing demand for aramid fibers as a substitute for steel and asbestos in the building & construction industry in ceiling/structural composites is driving the market. Additionally, the increasing aerospace and defence sector is expected to grow aramid fiber market during the forecast period. In contrast, non-biodegradable nature of aramid fibers and the high R&D expenditures can limit the market growth.

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Based on type, the aramid fiber market is segmented as para-aramid fiber and meta-aramid fiber. para-aramid fiber stands out as the largest segment in terms of value, globally. This dominance is attributed to the rising demand for para-aramid fiber, particularly in security and protection applications. Its exceptional strength and highly structured molecular composition make it a preferred choice for protective gear like bulletproof vests, helmets, and vehicle armor. On the other hand, the meta-aramid fiber segment is experiencing rapid growth and is considered the fastest-growing type. These fibers deliver impressive performance and can be blended with materials like wood and carbon to enhance their strength. The increasing investment in protective clothing, particularly for military purposes, is expected to be a key driver propelling the growth of the meta-aramid fiber market in the forecast period.

Based on application, the aramid fiber industry [https://www.marketsandmarkets.com/Market-Reports/aramid-fibers-market-112849061.html] has been categorized into various segments, including security & protection, frictional materials, industrial filtration, optical fibers, rubber reinforcement, electrical insulation, tire reinforcement, and others. Notably, the security & protection segment emerged as the market leader in 2022 and is anticipated to maintain its dominant position through 2028. This is primarily attributed to the rising demand observed in emerging economies like China, Brazil, and India. Furthermore, the optical fibers segment is forecasted to exhibit the highest CAGR in terms of value between 2023 and 2028. This remarkable growth is driven by the unique properties of aramid fiber, which offer protection against mechanical stress and moisture, making it increasingly sought-after in the fiber optic cable sector within the telecommunications industry.

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On the basis of region, Europe stands out as the largest market for aramid fiber. This is primarily attributed to the stringent safety regulations prevalent in key industries such as oil & gas, construction, aluminum, and steel. These regulations have generated a substantial demand for protective clothing, thereby propelling the growth of the aramid fiber market in the European region.

The key players in this market are Teijin Limited (Japan), DuPont de Numerous, Inc. (US), Yantai Tayho Advanced Materials Co., Ltd. (China), Hyosung Corporation (South Korea), Toray Industries, Inc. (Japan), Kolon Industries Inc. (South Korea), Huvis Corp. (South Korea), Kermel (France), China National Bluestar (Group) Co., Ltd. (China), and X-FIPER New Material Co., Ltd. (China). They have implemented strategies such as and new product launch, acquisition, and collaboration in order to enhance their competitors.

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