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. The global aramid fibers market is growing on the account of strong growth in the automotive, defense, and aerospace industries. The growing need for lightweight materials for personal protective equipment is another factor contributing to the growth of the market. Aramid fibers are commonly used in bullet-proof and stab-resistant products.
Global Aramid Fibers Market: Regional Insights
Regionally, Asia Pacific is expected to dominate the global aramid fibers market over the forecast period owing to the development of automotive sector in the region. According to the Automobiles’ India Brand Equity Foundation (IBEF), the Indian auto industry became the 4th largest in the world with sales increasing 9.5 per cent year-on-year to, 4.02 million units (excluding two wheelers) in 2017. It was the seventh largest manufacturer of commercial vehicles in 2018.
North America is also projected to witness fastest growth in the global market owing to the strong presence of aerospace sector. According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037, owing to the growth in air cargo. Also, the United States mainliner carrier fleet is expected to grow at a rate of 54 aircraft per year, due to the existing fleet getting older.
Figure 1. Global Aramid Fibers Market Value Share (%), By Region, 2021
Global Aramid Fibers Market Drivers:
Growing spending in defense sector by several countries is driving growth of the aramid fibers market. Total global military expenditure increased by 0.7 per cent in real terms in 2021, to reach $2113 billion. The five largest spenders in 2021 were the United States, China, India, the United Kingdom and Russia, together accounting for 62 per cent of expenditure, according to the Stockholm International Peace Research Institute (SIPRI).
Increasing demand from aerospace sector is another key factor expected to propel market growth. According to Boeing, the market value for commercial airplanes is expected to reach USD 3.1 trillion by 2028, as operators replace older jets with more fuel-efficient models and expand their fleets to accommodate the steady rise in air travel across the emerging and established markets.
Global Aramid Fibers Market Opportunities:
Expanding application in aerospace industry is projected to bring major growth opportunities over the forecast period. Aramid fibers are used in passenger airliners, fighter planes, space shuttles, and hot air balloons. Their corrosion resistance, impact resistance, and temperature stability properties make them an ideal material for structural parts in aircraft. Additionally, they are also a popular choice in the manufacturing of seat propellers, enclosures, and more. These fibers also promote fuel efficiency.
Growth of Unmanned Aerial Vehicles (UAV) market is again anticipated to present significant market growth opportunities over the forecast period. Moreover, expansion of automotive and oil &gas industry are other major industries that hold opportunities for the aramid fiber market.
|Base Year:||2021||Market Size in 2021:||US$ 4122.31 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||3.87%||2030 Value Projection:||US$ 5748.01 Mn|
China National Bluestar (Group) Co. Ltd, DuPont, Hebei Silicon Valley Chemical Co Ltd, Huvis, Hyosung, Kermel, Kolon Industries Inc., Shenma Industrial Co. Ltd, Sinopec Yizheng Chemical Fibre Limited Liability Company, Suzhou Zhaoda Specially Fiber Technical Co.,Ltd., Teijin Limited, Toray Industries Inc., Wuxi, Heshengyuan Carbon Fiber Technology Co. Ltd, X-FIPER New Material Co. Ltd, Xiamen Chao Yu Environmental Protection Technology Co. Ltd, and Yantai Tayho Advanced Materials Co. Ltd
|Restraints & Challenges:||
Global Aramid Fibers Market Trends:
New product launch due to continuous innovation by key players in the field of aramid fibers is observed as a major trend for the market. For instance, in February 2019, Kermel launched a new thermostable and strengthened textile solution, called Kermel Code C7. The high content of aramid fibers in the textile gives it high thermal resistance. The product is majorly suitable for camouflage purposes in desert and woodland.
Growing application from internet applications such as the over-the-top content, internet of things, and video streaming is propelling growth of the market. Thus, penetration of internet will favor the market growth over the forecast period.
Global Aramid Fibers Market Restraints:
Availability of alternative with improved properties is expected to restrict the market growth. LCP fibers, glass fibers, and carbon fibers have better properties than aramid fibers in some applications.
Unfavorable conditions arising due to Covid-19 impact on the global economy is another major factor expected to hamper the market growth. Due to impose of lockdown in order to prevent spread of infection, industrial activities and plant construction projects have been affected worldwide. Such situation has created negative impacts on the aramid fiber market.
Figure 2. Global Aramid Fibers Market Value Share (%), By Product Type, 2021
Global Aramid Fibers Market Segmentation:
The global aramid fibers market report is segmented into end-user industry, product type, and region
Based on end-user industry, the market is segmented into safety and protection equipment, aerospace, automotive, electronics and telecommunication, and other end-user industries. Out of which, aerospace is expected to dominate the global market over the forecast period and this is attributed growing use of aramid fibers in the manufacturing of seat propellers, components of gliders, helicopter rotor blades, and jet engine enclosures. Increasing number of aircraft deliverables is also projected to fuel segment growth.
Safety and protection equipment segment is also expected to witness significant growth in the near future and this is owing to the growing spending in military sector. It is widely used to fabricate body armor, and firefighters.
Based on product type, the market is segmented into Para-aramid and Meta-aramid. Out of which, Para-aramid is expected to dominate the global market over the forecast period and this is attributed to their high strength and are suitable for applications like cables, ballistics protection, and hose reinforcement.
Meta-aramid segment is also expected to witness significant growth in the near future and this is owing to their chemical resistance, thermal resistance, and abrasive resistance properties.
Global Aramid Fibers Market: Key Developments
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.
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.
Global Aramid Fibers Market: Key Companies Insights
The global aramid fibers market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global aramid fibers market are China National Bluestar (Group) Co. Ltd, DuPont, Hebei Silicon Valley Chemical Co Ltd, Huvis, Hyosung, Kermel, Kolon Industries Inc., Shenma Industrial Co. Ltd, Sinopec Yizheng Chemical Fibre Limited Liability Company, Suzhou Zhaoda Specially Fiber Technical Co.,Ltd., Teijin Limited, Toray Industries Inc., Wuxi, Heshengyuan Carbon Fiber Technology Co. Ltd, X-FIPER New Material Co. Ltd, Xiamen Chao Yu Environmental Protection Technology Co. Ltd, and Yantai Tayho Advanced Materials Co. Ltd
*Definition: Aramid fibers has excellent thermal properties and can withstand temperatures up to 900 degrees Fahrenheit. It also has excellent resistance to cuts and abrasion, and it is a durable fabric. It comes in many different versions, including woven fabrics and coated fabrics. It is particularly useful in protective clothing due to its high temperature resistance.
Aramid fibers are used in military applications, such as helmets and spall liners. In addition, aramid fibers are used to reinforce nonmilitary vehicles. Aramid fiber composites are lightweight and secure and can reduce the weight of shielded vehicles by 30 to 60 percent, compared to steel. These materials are also ideal for high-performance protective coatings, such as those that are used in pipelines. Aramid fibers are also used in clothing and other products that need high strength and high comfort. For example, these fibers are commonly used in bulletproof police vests and military ballistic-rated body armor. They are also used in cut-resistant gloves made by MCR Safety.
The global aramid fibers market is expected to witness a rapid growth due to growing refurbishment activities and stringent government regulations for worker security. In addition, the market is likely to witness increased demand for lightweight materials from the automotive industry which is further projected to foster market growth. However, the development of new products in the aramid fibers market is hindered by the high R&D cost. Aramid fibers are a high-performance material used in composites and safety applications. As a result, they require a high level of R&D. The costs associated with R&D are high in terms of man-hours and materials. Furthermore, the technologically advanced manufacturing methods of these materials require high costs, which limits their market growth.
Key features of the study: