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Aramid Fiber Global Market Report 2024 - By Size, Key Trends, Share And Report, Forecast To 2033
Aramid Fiber Market
As per the report, the aramid fiber market size has grown rapidly in recent years. It will grow from $4.78 billion in 2023 to $5.29 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The aramid fiber market size is expected to see rapid growth in the next few years. It will grow to $7.98 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%.
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Growing Automotive Emphasis On Lightweight Materials Boosts Aramid Fibre Market
The rising need for lightweight materials offering significant emission reduction in vehicles is contributing to the growth of the aramid fiber market. The use of lightweight materials in automobiles helps in reducing weight, fuel consumption, and greenhouse gas emissions. Aramid fibers are used as reinforced materials in the manufacturing of tires, turbocharger hoses, powertrain components, belts, brake pads, gaskets, clutches, seat textiles, electronics, and seat sensors in automobiles due to their lightweight and high-strength capabilities. For instance, according to the Electronic Specifier, a UK-based publisher of global electronics sector information resources, lightweight material in the automobile industry is predicted to expand at a CAGR of 5% by 2028. Therefore, the rising demand for lightweight materials offering significant emission reductions in vehicles will drive the growth of the aramid fiber market.
Major Players Boost Production Capacities With Significant Investments In Aramid Fiber Market
Major players in the aramid fiber market are increasingly raising their investments to increase production capacities. For example, in June 2021, Kolon Industries, a South Korea-based chemical and textile manufacturing company, announced a 236.9 billion won ($208.6 million) investment to double the annual production capacity of aramid, a key raw material for fifth-generation network cables and electric vehicles, from the current 7,500 metric tons to 15,000 tons by 2023. Further, in February 2021, Teijin Aramids, a Netherlands-based producer of high-strength fibers, installed the latest equipment to meet the global demand for high-performance aramids. The program enables both an increase in production capacity and sustainability at Teijin Aramid locations.
The aramid fiber market covered in this report is segmented -
1) By Type: Para-Aramid Fiber, Meta-Aramid Fiber
2) By Application: Protective Fabrics, Frictional Materials, Optical Fibers, Tire Reinforcement, Rubber Reinforcement, Composites, Other Applications
3) By End Use Industry: Aerospace And Defense, Automotive, Electronics And Telecommunication, Sports Goods, Other End-Use Industries
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Major companies operating in the aramid fiber market report are DuPont, Teijin Ltd, Taekwang Industrial, Toray Industries Inc, Hyosung, Kolon Industries Inc, Huvis Corp, Yantai Tayho Advanced Materials Co. Ltd., X-FIPER New Material Co. Ltd, China National Bluestar Co. ltd, Indorama Corporation Pte Ltd, Bhor Chemicals and Plastics Private Limited, Kishco Enterprises Private Limited, Weiqiao Textile Company Limited, Gold Star Fabrics Private Limited, Nisshinbo Textile Inc, Marubeni Corporation, Far Eastern New Century, Kermel, Coats Group plc, AMANN Group, Solvay, Kamenskvolokno JSC, Special Textile Group, Dexcraft, Texel Inc, EIS Fabrication Solutions, Dunmore Corp, Maples Industries Inc, Hanesbrands Inc, Mohawk Industries Inc, Wallace Workwear Inc, Lenrod Industries, Bermatex, Saint Gobain Tape Solutions, Trelleborg Engineered Coated Fabrics, Albany International Corp., WORK PROTEC SA, Texiglass Industria e Comercio Textil Ltda., A MARSHALL MOFFAT SA, Geotex SRL, BCA Textil Ltd., Omar Kassem Alesayi Textiles Co.Ltd, United Textiles, Aratex Group, Saudi Spinning & Textile Mill, Da Gama Textiles, African Textiles Manufacturers ltd, AlSaraTex Co, Integrated Fibers Limited.
Contents of the report:
1. Executive Summary
2. Aramid Fiber Market Report Structure
3. Aramid Fiber Market Trends And Strategies
4. Aramid Fiber Market - Macro Economic Scenario
5. Aramid Fiber Market Size And Growth
…..
27. Aramid Fiber Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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