Aramid Fiber Market Size, Share, Industry, Forecast and outlook (2023-2030)

Aramid Fiber Market is segmented By Type (Para-aramid, Meta-aramid), By Application-Based Analysis (Aerospace & Defense, Sporting goods, Automotive, Electronics, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030.

Aramid Fiber Market Overview

A report by DataM Intelligence estimates the Global Aramid Fiber market to grow at a high CAGR Of 5.2% during the forecast period 2023- 2030. The market is expected to grow because it becomes important in different industries like Aerospace & Defense, Sporting goods, Automotive, Electronics. The competitive rivalry intensifies with DowDuPont Inc., Teijin Aramid B.V., Huvis Corp., and others operating in the market.

Aramid fiber is the generic name of a group of synthetic fibers. The fibers offer a set of properties that make them particularly useful in clothing armor and a wide range of other applications.

Aramid Fiber Market Scope

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Aramid Fiber Market Dynamics

• Increasing demand for protective clothing from various applications such as the industrial and defense sector is the major driving factor for the market growth.
• Growing investment in the production plants of aramid fibers would propel the market further meeting the demand for aramid fibers.
• For instance, in March 2018, DowDuPont Inc. is invested USD 50 million in its global operations that make Kevlar, a high-strength fiber that’s manufactured at a Virginia plant, among other locations.
• On the other side, the high cost of materials and competition from substitute products can pose as barriers to the growth of the global aramid fiber market.

Aramid Fiber Market Segmentation Analysis

• Global aramid fiber market is segmented into types such as Para-aramid and Meta-aramid. By application, the market is segmented into Aerospace & Defense, Sporting goods, Automotive, Electronics, and Others. Aerospace & Defense Industry dominates the market due to multiple strong properties associated with the fiber material such as the ability to sustain high pressures and temperatures, resistance to the effects of heat, cold, and humidity, high strength and, and lightweight character.
• These properties make the aramid fiber find various applications in sports sectors. For instance, In March 2017, DuPont Protection Solutions (DuPont) announced that it had entered a two-year global agreement for DuPont Kevlar with Nitro Circus, an action sports company dedicated to expanding its application areas into high-performance sports apparel and equipment.

Aramid Fiber Market Geographical Share

• By geography, the global aramid fiber market is segmented into – North America, South America, Europe, Asia Pacific, and the Middle East and Africa.
• Among all, Europe dominates the market due to strict regulations pertaining to the protection of workers in transportation (automotive and commercial vehicle), metal (steel & aluminium), energy (oil & gas), 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.
• New technological innovation in Europe will further propel the market growth for Aramid Fiber market in Europe. For instance, in July 2017, Teijin Aramid announced it is going to expand its aramid production capacity for its Twaron super fiber. It will invest in new spinning technology at the Twaron facility in Emmen, the Netherlands.

Aramid Fiber Market Companies and Competitive Landscape

• Global aramid fiber market is fragmented with the presence of many local and international players. However, DowDuPont Inc., Teijin Aramid B.V., Huvis Corp., Kolon Industries Inc., and Hexcel Corporation are prominent players in the global aramid fiber market.
• Teijin Aramid B.V. is one of the major companies in aramid fiber and is enhancing the market through business partnerships. For instance in September 2018, Snow Peak and Teijin Limited announced that they had co-developed a new material fabric for outdoor apparel, utilizing Teijin’s dyeable and flame-retardant meta-aramid fiber Teijinconex neo. The new fabric is used for a new product for TAKIBI series, Snow Peak’s high-performance outdoor clothing.