Global Aramid Fiber Market to Grow at 8.2% CAGR during 2016-2021
The Global Aramid Fiber Market: Highlights
The global aramid fiber market offers very strong growth
opportunity and is foreseen to grow at 8.2% CAGR during the forecast period of
2016 to 2021. Increasing automotive production, rising concerns of military
personnel protection, stringent regulations such as OSHA regarding safety of
workers, and need for strong and durable cables in the telecommunication
industry are the major drivers of growth for aramid fiber market.
Global Aramid Fiber
Market: By Fiber Type
Para-aramid fiber is expected to remain the largest fiber
type during the forecast period, driven by increasing demand in aerospace &
defense and automotive industries. Para-aramid fiber offers high strength to
weight ratio and better insulation properties that makes it a suitable fiber
for use in electronics, automotive and aerospace & defense industries. It
is the best suited material for protective fabrics based applications, such as
helmets, bullet proof jacket vests, and vehicle armor.
Meta-aramid fiber is also expected to witness healthy growth
during the forecast period driven by increasing penetration of honeycomb panel
based composite structures in aerospace & defense industry and growing
demand for thermal protective apparels.
Global Aramid Fiber Market: By Application Type
Protective fabrics is the most dominant application of aramid
fiber globally. Aramid fiber is highly suitable for fire-resistant and
stab-resistant protective fabrics and is mainly used to manufacture helmets,
bullet proof jacket vests, vehicle armor, footwear, and gloves for various
industries, such as military and industrial. Strict regulations in developed
countries such as the US, Germany, and the UK and rising concerns for
protection of military personnel and industrial workers are some of the factors
driving the aramid fiber demand in the protective fabrics market.
Optical fiber segment is expected to exhibit the highest
growth during the forecast period, driven by increasing demand for strong and
durable cables in the telecommunication industry. Reasonably good growth is
also expected in the composites applications driven by increasing usage of
aramid fiber in structural applications in the aerospace & defense and
automotive industries.
Global Aramid Fiber
Market: By End Use Industries Type
Automotive and aerospace & defense are expected to remain
the key end use industries in the global aramid fiber market during the
forecast period. Increasing vehicle production, increasing usage of composites,
and rising concern of protection of military personnel are fueling aramid fiber
growth in the automotive and aerospace & defense industries.
Global Aramid Fiber
Market: By Region
Europe was estimated to be the largest aramid fiber market in
2015 and is expected to witness healthy growth in the next five years.
Increasing automotive production and strict regulations regarding protection of
workers in metal (steel & aluminum), energy (oil & gas), transportation
(automotive and commercial vehicle), and building & construction industries
in developed European countries, such as Germany, France and the UK are major
growth drivers of aramid fiber in the region. The rising demand of aramid
fibers in electrical insulation purpose and growing composites market are some
of the additional growth drivers in the market.
Asia-Pacific region is likely to witness fastest growth
during the forecast period. The increasing automotive production and rising
demand of strong and durable cables in the telecommunication industry, mainly
in China and India, are the major growth drivers in Asia-Pacific region.
Additionally, the upcoming commercial, regional, and military aircraft in
China, Japan, and India are likely to substantiate the growth of aramid fiber
in coming years.
The supply chain of this market comprises raw material
suppliers, aramid fiber manufacturers, product manufacturers, distributors, and
OEMs. The key aramid fiber manufacturers are E. I. DuPont Nemours & Co.,
Teijin Limited, Hyosung, Yantai Tayho Advanced Materials Co., and Toray
Chemical South Korea Inc.
New product development, regional expansion, and strategic
alliances are the key strategies adopted by the major players to gain
competitive edge in the market.
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