Aramid Fibers Market Expecting Huge Demand in Upcoming Years 2024 - 2031 | DuPont de Nemours Inc., Teijin Limited

Market Overview:

The global aramid fibers market is estimated to be valued at USD 3.79 Bn in 2024 and is expected to reach USD 6.97 Bn by 2031, growing at a compound annual growth rate (CAGR) of 9.1% from 2024 to 2031.

Market Dynamics:

The growth of the aramid fibers market is majorly driven by increasing demand from the aerospace industry and replacing traditional materials. Aramid fibers are increasingly used in brakes, seals, bearings, and gaskets in aircraft and aircraft engines owing to their superior properties such as high durability and heat resistance. Additionally, these fibers find usage in aircraft seat belts, curtains, and cockpit components due to their lightweight and flame-retardant properties. Stringent aviation safety regulations are further promoting the use of aramid fibers in aircraft applications. Moreover, growing demand for aramid fibers as substitute for steel and glass fibers in applications such as ballistic protective clothing and optical fiber cables is expected to fuel the market growth over the forecast period.

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Major Growth Drivers for Global Aramid Fibers Market: Rising Demand from High-performance Protective Application

Aramid fibers are increasingly used in bulletproof vests, cut-resistant gloves, and heat resistant clothing due to their high strength, heat resistance as well as cut protection properties. With growing safety concerns across industries such as defense, construction and automotive, the demand for personal protective equipment is rising globally which is driving the demand for aramid fibers. Some key facts supporting the growth include:

- According to United Nations Industrial Development Organization, the global personal protective equipment market was valued at USD 51.7 billion in 2019 and is projected to grow at 5.7% CAGR between 2020-2027 to reach over USD 79 billion by 2027.

- Countries like United states, China and India have implemented strict regulations mandating the use of protective gloves and clothing in industries like construction, manufacturing which is fueling the sales of protective wear using aramid fibers.

- In 2021, crude oil prices surged over 60% from 2020 levels putting pressure on aramid fiber manufacturers' margins due to increasing production costs.

- Supply chain bottlenecks caused raw material shortage pushing up their prices further. This pricing volatility discourages new investments and capacity additions in aramid fiber industry.

Major Opportunity for Global Aramid Fibers Market: Growing Electric Vehicles Industry

Electric vehicles offer an attractive opportunity for aramid fibers owing to the material ability to provide durability and heat resistance without adding weight. Some statistics pointing atEV marketprospect:

- Global EV sales are projected to grow at 31% CAGR from 6.6 million units in 2021 to over 33 million units by 2028 according to Reportlinker.

- Aramid papers and non-wovens are used for battery separators and cases, while twisted yarns and ropes find applications in wiring, electric connectors and battery packs where heat and impact protection is crucial.

- With auto manufacturers aggressively pushing for electrification goals, demand for lightweight high-performance materials like aramid fibers from EV ecosystem will experience robust growth over the next decade.

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Top Companies Featured in This Report:

★ DuPont de Nemours Inc.
★ Teijin Limited
★ Kolon Industries Inc.
★ Yantai Tayho Advanced Materials Co. Ltd.
★ Hyosung Corporation
★ Huvis Corporation
★ Aramid Hpm Co., Ltd.,
★ Toray Industries Inc.
★ SRO Group
★ Honeywell International Inc.
★ Taekwang Industrial Co., Ltd.,
★ Kolon Global Corporation
★ SRO Group

Market Segmentation:

By Product Type:

★ By Type: Para-aramid and Meta-aramid

By Applications:

★ By Application: Security & Protection, Frictional Materials, Rubber Reinforcement, Optical Fibers, Tire Reinforcement, Electrical Insulation, Aerospace, and Others

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

Key Inquiries Addressed in this Report include:

📈 What was the size of the Aramid Fibers Market in 2024, and what is the projected value by 2031?

📈 What is the present global market landscape for the Aramid Fibers Market?

📈 What strategies offer optimal opportunities for growth maximization in the business?

📈 What recent trends are shaping the Aramid Fibers Market?

📈 How does the market share of Aramid Fibers Market revenue, sales, and size vary across specific geographical regions?

📈 Who are the prominent industry players in the Aramid Fibers Market?

📈 Which segment of the Aramid Fibers Market is experiencing heightened demand?

The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.

In summary, whether you're engaged in manufacturing, distribution, or investment within the Aramid Fibers sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.

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Author Bio:

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)

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