Increasing demand for protective clothing from the military & defense, and industrial sectors are key factors driving market revenue growth
NEW YORK CITY, NY, UNITED STATES, May 9, 2022 /EINPresswire.com/ — According to the latest report by Reports and Data, the global Aramid Fibers Market size is expected to reach USD 8,569.4 Million in 2030 and register a revenue CAGR of 6.0% over the forecast period. Growing automotive, aerospace, defense, and construction industries are among the key factors driving the market revenue growth. In addition, the growing need for lightweight materials for personnel protection equipment that protects the wearer from thermal, physical, electrical, and biological dangers is fueling the market revenue growth. Aramid fiber is also used for the production of stab-resistant and bullet-proof products, including gloves, helmets, and clothing materials. It is also widely used in the production of products such as fishing and golf rods, bows, skis, and airplane wall materials. Another factor promoting market growth is the growing industrialization and urbanization around the world. The need for aramid fiber as an asbestos and steel substitute is being catalyzed by rising urban migration, which is increasing the construction of new infrastructure projects. Other factors such as significant research and development (R&D) and growing applications in the optical fiber industry are expected to drive the market revenue growth over the forecast period.
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Aramid fibers can be utilized for structural applications in various types of aircraft, including spacecraft, hot air balloons, passenger airlines, fighter planes, and space shuttles. Commercial flights are always innovating to improve performance and increase fuel efficiency as fuel prices increase. As aramid fiber is lightweight, it has been proposed as the best option for improving fuel efficiency. Consequently, the use of aramid fiber in airplanes is growing, as it provides both corrosion and impact resistance. It also offers temperature stability, as well as improved vision systems.
The global Aramid Fibers markets are projected to register robust revenue CAGR during the forecast period between 2022 and 2030. Increasing awareness about green energy and eco-friendly biodegradable products and the environmental impact due to carbon emissions are a few key factors supporting market growth. High demand for various chemicals and raw materials in various industrial sectors such as food and technology, pharmaceutical and biotechnology, manufacturing, paint and coating, paper, and plastic among others. In addition, increasing research and development activities, growing demand for products like perfumes, soaps, and detergents for daily usage along with rising disposable income across the globe are further boosting the market growth.
Companies profiled in the market report are DuPont, Toray Industries, Inc., Hyosung Corporation, Kolon Industries Inc., and China National Bluestar (Group) Co. Ltd, Teijin Limited, Kermel, Ibiden Co., Ltd., SRO Aramid (Jiangsu) Co., Ltd., and Yantai Tayho Advanced Materials Co., Ltd.
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Some Key Highlights From the Report
Para-aramid fiber segment is expected to register a considerable revenue growth rate over the forecast period. Para-aramid fiber is high-performance aramid fiber, with molecules that are characterized by relatively rigid polymer chains. It is produced by p-phthaloyl chloride (TPC) and p-phenylenediamine (PPD) and is used for protective apparel, tires, rubber goods, fiber-optic cable tension members, friction material, and construction reinforcement among others.
The security & protection segment is expected to register a significant revenue growth rate over the forecast period, due to the unique set of qualities that cause these fibers to thicken when exposed to extreme heat, such as flashover. They are widely used in security & protection applications. This fiber also increases the protective shield between the heat source and the skin when firefighters need it the most. This tough barrier remains supple and flexible until it cools, providing extra minutes of protection without impairing mobility.
The automotive segment accounted for the largest revenue share in the aramid fibers market in 2020. Aramid fibers are utilized in the production of tires reinforcement materials, powertrain components, turbocharger hoses, brake pads, belts, gaskets, seat textiles, clutches, electronics, seat sensors, and hybrid motor materials in the automobile industry. Moreover, aramid fibers’ exceptional thermal resistance makes them perfect for use in heat shields and under bonnet applications.
The market in Europe is expected to register the highest revenue share in the global aramid fibers market during the forecast period. Europe is a hub for the world’s largest automotive manufacturers, which influences the tires market, which in turn influences the aramid fibers market. Government health and safety standards, low loan rates, the presence of large manufacturing organizations, expanding end-use industries, and the rise of the automotive industries are all driving market growth in this region.
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For the purpose of this report, Reports and Data has segmented the global aramid fibers market based on type, spinning process, application, end-use, and region:
Type Outlook (Revenue, USD Million; 2018-2030)
Spinning Process Outlook (Revenue, USD Million; 2018-2030)
Application Outlook (Revenue, USD Million; 2018-2030)
Security & Protection
End-Use Outlook (Revenue, USD Million; 2018-2030)
Aerospace & Defense
Electronics & Telecommunication
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Regional Outlook (Revenue, USD Million; 2018-2030)
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