The worldwide aramid fibres market is expanding as the automotive, military, and aerospace sectors expand. Another element driving market expansion is the increasing need for lightweight materials for personal protective equipment. Aramid fibres are frequently utilised in bullet-resistant and stab-resistant devices. Increasing defence spending by various countries is propelling the aramid fibres industry forward. Another significant driver projected to propel market expansion is rising demand from the aerospace industry. The availability of alternatives with better features is projected to limit market growth. In some applications, LCP fibres, glass fibres, and carbon fibres outperform aramid fibres. Unfavourable conditions resulting from Covid-19's influence on the world economy are another key issue to be anticipated to limit the market growth. Industrial activity and plant development projects have been impacted globally as a result of the imposed shutdown to avoid the spread of virus. This has had a detrimental influence on the aramid fibre market.
According to Coherent Market Insights, The global Aramid Fibers Market size was valued at USD 4122.31 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 3.87% from 2022 to 2030.
Top Companies in the Aramid fibres industry:
1. China National Bluestar (Group) Co. Ltd
Manufacturer of chemical products and animal nutrition based in Beijing, China. The company's products include oil products, organic chemicals, silicone series, inorganic chemicals and fine chemicals, thereby serving the livestock industry. The company was founded in 1984, headquartered in Beijing, China.
2. DuPont
DuPont de Nemours, Inc. provides technology-based materials and solutions in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through Electronics & Industrial, Water & Protection, and Corporate & Other segments. DuPont de Nemours, Inc. is headquartered in Wilmington, Delaware. The comp any was founded in 1802. In February 2020, Dupont announced its plans to expand the global capacity of Nomex® Paper. This capacity expansion will be created through a joint venture partnership with Nippon Paper Papylia. The Papylia manufacturing facility will be located in Yufutsu, Japan, with commercial production beginning in 2021.
3. Hyosung
Hyosung Chemical Corporation produces and sells a range of chemical products in South Korea and internationally. Hyosung Chemical Corporation is headquartered in Seoul, South Korea. The company was founded in 1966. In February 2020, Hyosung Advanced Materials announces that they signed an MOU for investment in the expansion of the latter′s Aramid factory in Ulsan City. Under this MOU, Hyosung plans to invest a total of KRW 61.3 billion in its Aramid factory in Ulsan, finish the expansion by the first half of 2021, and expand the factory′s production capacity from 1,200 ton to 3,700 ton a year.