Aramid Fiber Market to Cross USD 5bn by 2024
Manufacturing sector has been observing product demand with utmost importance to smaller ecological footprint, enhanced safety and cost-efficiency. Aramid fibers have been gaining the prominent preference in the area of ballistic protection for their high tensile strength, high modulus and resistive physical properties to bullets, shrapnel & bomb fragments, stabbing, etc. Apart from the protective apparels, aramid fibers are likely to find vast applications in the fields including automotive, aviation, marine, electrical & electronics, etc. by 2024, for their low flammability, non-conductivity, light weight and substantial thermal & chemicals resistance.
Aramid fibers market will be driven by the sectors where weight savings are critical, for instance, automotive, space vehicles, aircraft components, helicopters and missiles. Rising demand from the escalating automotive industry will propel global aramid fiber market in the near future.
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For instance, Total automotive sales in the North America including: U.S. and Canada were over 19 million units in 2016 and is likely to witness 4% growth by 2024. Aramid fibers find extensive automotive applications in tire reinforcement (in racing automobiles, off-road, buses, and trucks), power transmission belts, industrial and automotive hoses, brake, clutch, and gasket uses etc.
Aramid fibers market will observe significant demand from electrical insulation, sporting goods, marine applications in the foreseeable timeframe. Characteristics such stiffness, light weight, damage tolerance, vibration damping, etc. which are essential in marine recreational industries will drive their demand in the hulls of canoes, kayaks, and sail & power boats. In 2016, safety applications led the aramid fiber market and generated revenue over USD 900 million. Rising investment by various nations to bolster their defense sectors amidst rising uneven warfare will augment the demand for aramid fibers from safety applications.
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Frictional material segment held share close to 25% in 2016. Usage of aramid fiber in this area include asbestos replacements, automotive & industrial gaskets, brake pads, linings, etc. Regulations prohibiting the asbestos usage for various industrial applications will boost the demand for aramid fiber market by 2024.
Europe led the global aramid fiber market with a market share over 30% in 2016. However, the region will exhibit comparatively moderate growth rate in the coming years. Asia Pacific aramid fiber market will witness promising growth close to 9% by 2024. Rising automotive industry and infrastructural development will be the key factors boosting the regional growth. Total automotive sales in Asia Pacific region including: China, India, Japan, Australia, Indonesia, Thailand and Malaysia were over 40 million units in 2016 and shall escalate by 2024. Recent regulations by the Government of Japan for reinforcing the evacuation facilities situated near volcano prone areas, for instance, Ebino Eco Museum Center, will be another factor contributing to the growth of aramid fiber market in the region. Protecting structures from large airborne fragments is an important issue in Japan, one of the world's more active volcanic regions, where aramid fibers play vital role in construction owing to their airborne fragment-resistive nature.
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Aramid fiber market is highly consolidated with key players including: DowDuPont, W. Barnet GmbH, Tejin Aramid, Hyosung, JSC Kamenskvolokno, Yantai Tayho, Huvis Corporation, Kolon Industries, Kermel, etc. contributing over 60% market share. Industry participants have been investing heavily in R&D in response to the upward demand for the high-performance aramid fibers. In July 2017, Teijin expanded the capacity for the Twaron aramid at its manufacturing facility in Emmen, Netherlands. Company made a substantial investment in the new spinning technology at the plant, to achieve enhanced automation of the spinning process, thereby reducing the physical efforts by operators.
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