Aramid fibers are often used in ropes and cables because of their high strength/weight ratio. They are also suitable for reinforcing in composite materials. They are also used in airplane wings and other structural applications. Aramid fibers are also used to moor ships. They have high strength and are able to withstand impact. Their strength and stiffness far exceeds steel and glass fibers. They are also flame and heat resistant. This material is made up of a type of polyamide known as aramid. It contains about 85% of amide bonds that are connected directly to two aromatic rings.
Market Statistics:
The Global Aramid Fibers Market is estimated to account for US$ 4122.31 Mn in terms of value by the end of 2021.
Global Aramid Fibers Market: Drivers
Aramid fibers have high tensile strength and are lightweight. These qualities make them ideal for aerospace and defense applications. Their resistance to heat and abrasion is another reason that propels demand for aramid fibers. As more vehicles are manufactured with this material, the market is expected to grow at a steady pace. The growth of the aramid fibers market is attributed to increasing applications in automotive and aerospace industries. Increasing use of aramid fiber in these applications will further boost the industry.
Global Aramid Fibers Market: Opportunities
Growing number of partnership and agreement among key players for geographical expansion is projected to provide significant growth opportunities over the forecast period. For instance, in February 2018, the French aircraft manufacturer, Dassault Aviation, signed a pact of partnership with Reliance Defense to produce 126 multirole fighter aircraft. Reliance Defense has about 51% holding in the company, and the aircraft is expected to be produced in the country itself.
Global Aramid Fibers Market: Restraints
High cost of synthetic fibers is projected to hinder the market growth of the global aramid fibers market.
Global Aramid Fibers Market - Impact of Coronavirus (Covid-19) Pandemic:
The outbreak of COVID-19 pandemic had an adverse effect on the global economy, further disrupting industrial investments and activities at present. Moreover, the virus has hit parts of Asia, North America, Europe, and the Middle East very hard. Some states or regions have been under complete lockdown. Several factories are running on very limited staffing, or even closed temporarily. This had negatively impacted the market of aramid fibers.
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Key Takeaways:
The Global Aramid Fibers Market was valued at US$ 4122.31 Mn in 2021 and is forecast to reach a value of US$ 5748.01 Mn by 2030 at a CAGR of 3.87% between 2022 and 2030.
Para-aramid segment held dominant position in the global aramid fibers market in 2021, accounting for 66.84 % share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Aramid Fibers Market Trends:
Growing awareness of eco-friendly and biodegradable products is a rising trend, this is boosting market growth. This is attributed to the rising awareness of the environmental impact of carbon emissions. Other factors driving the growth of the Aramid fibers market are growing demand for raw materials and chemicals and rising research and development activities.
Para-aramid fiber is gaining traction in the market due to growing demand from security and protection applications. The increasing demand for protective clothing in the military and industrial sectors.
Global Aramid Fibers Market: Competitive Landscape
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
Global Aramid Fibers Market: Recent Developments
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.
In November 2019, Teijin moved into the second phase of the planned 25% capacity expansion for its Twaron aramid fiber (which was announced in 2017). The capacity increase is expected to take place in two of its factories located in the Netherlands, at Delfzijl and Emmen.