Aramid Fibre : Global Market Snapshot by 2021
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The global aramid fibre market is increasing rapidly due to its increasing usage across various industries such as automobile and apparels. Some of the major factor identified are increasing demand for aramid fibres for optical fibre reinforcement and security & protection application. Also, macroeconomic factors such as growing GDP, rising income level are fuelling the growth of the global aramid fibre market. However high cost of material and competition from substitute product can pose a major challenge towards the growth of the global aramid fibre market to some extent.
The global aramid fibre market is expected to grow at significant rate over the forecast period from 2015 to 2025. Emerging economies such as India and China are forecast to surge the demand for aramid fibre market due to increasing manufacturing of various products such as automotive components and sports wears. Among the product type segment, para-aramid segment dominated the global aramid fibre market in 2014, and is projected to expand at highest CAGR over the forecast period. Growing communication infrastructure is anticipated to fuel the optical fibres end-use segment at higher rate when compare to other remaining end-use application.
The global aramid fibre market is geographically segmented into seven key regions which are, North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan and Middle East & Africa. As of 2014, Asia Pacific dominated the global aramid fibre market followed by North America and Europe. On the other hand BRIC countries are expected to grow at higher CAGR when compared to other countries in their respective regions.
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Some of the key players identified in global aramid fibre market are E.I Dupont de Nemours, Yantai Tayho Advanced Materials Co. Ltd., Teijin Limited, Hyosung Corporation, Kolon Industries (Republic of Korea), and Toray Chemical Korea Inc.
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