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Aramid Fiber Market Growth And Overview Report 2024-2033
Aramid Fiber Market Growth
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According to The Business Research Company's, 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 growth in the historic period can be attributed to strong economic growth in emerging markets, government spending on military and defense industries, rising need for lightweight materials offering significant emission reduction in vehicles, and government initiatives for the textile industry.
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%. The growth in the forecast period can be attributed to increasing population and urbanization, increasing demand from the automotive sector, and growing adoption of 5g technology. Major trends in the forecast period include focus on increasing investments, production of sustainable and eco-friendly fabrics, use of blockchain technology, and partnerships and collaborations to improve their financial strength and product portfolio.
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Market Drivers and Trends:
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 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.
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Major Key Players of the Market:
Gasum Ltd, Korea Gas Corporation, Shell plc, TotalEnergies, Harvey Gulf International Marine LLC,Suzuki Motor Corporation, Hisun Motors Corporation, Kubota Corporation, Honda Motors Co Ltd, Textron Inc., TGB, Daeshin Metal Mfg Co. Ltd, LINHAI, Tao Motor, Jiangsu Jinjie Motorcycle Manufacture Co. Ltd, Zhejiang FeiDu Vehicle Co. Ltd, Minghui Brother International Co Ltd, BAE Systems, Kässbohrer All Terrain Vehicles Inc, Mandrill Automotive GmbH, Beckside Machinery Ltd, SHERP, John Deere, Nikola Motor Company, Bobcat Company, American Honda Motor Co. Inc, Potential Motors, SellyourATV.ae, Taiwan Golden Bee, Petrobras, Golar Power, YPF, Qatar Petroleum, ADNOC LNG, RasGas Company Limited, The Spanish Egyptian Gas Company, Damietta LNG Co, Petroliam Nasional Berhad, Sonatrach
Aramid Fiber Market 2024 Key Insights:
• 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%.
• Growing Automotive Emphasis On Lightweight Materials Boosts Aramid Fibre Market
• Major Players Boost Production Capacities With Significant Investments In Aramid Fiber Market
• Europe was the largest region in the aramid fiber market in 2023
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