Surge in demand for industrial protective clothing, coupled with the expanding automotive sector, propels the global aramid fiber market. Known for their heat-resistant properties, aramid fibers are obtained from the reaction between carboxylic acid halide group and amines. These fibers are widely used in industrial applications and in the manufacture of body armor, electrical components, automotive components, and protective clothing. Considering the diverse industrial applications of aramid fiber, a majority of the companies in the aramid fiber market are engaged in the manufacture of meta-aramid and para-aramid fibers.
Aramid fiber exhibits characteristics such as high impact resistance, high strength, high chemical resistance, high heat and abrasion resistance, and low density. Typically composed of polyamides, this category of fiber has been the key material used in industries such as aerospace and defense, electrical, automotive, electronics and telecommunications, and others. Some of the current applications of aramid fiber include electrical insulation, safety and protection, frictional materials, filtration, optical fiber cables, and tire and rubber reinforcements.
Browse The Market Research Report of Aramid Fiber Market:
The increasing usage of aramid fiber owing to its diverse applications has garnered the attention of leading research and intelligence agencies. In a report published on the global aramid fiber market, Transparency Market Research forecasts a 7.8% CAGR for the market between 2015 and 2023. In terms of revenue, the global aramid fiber market stood at US$2,598.2 million in 2014 and is projected to reach an estimated valuation US$5,099.1 million in 2023.
Automotive and Electrical Segments Lead Aramid Fiber Market as the Most Prominent End Users
Among the key end users of aramid fiber, the automotive industry registered maximum demand in 2014, accounting for 35% of the global aramid fiber market. While considerable growth is forecast for the automotive industry as a prominent end user of aramid fiber market, it is the electrical industry that, according to market experts, would register the fastest growth. Application of aramid fiber in the electrical industry is expected to increase at an 8.3% CAGR between 2015 and 2023.
Among the key segments of the market, para-aramid fiber finds extensive use in aerospace and defense and in automotive industries. The para-aramid fiber market led the global aramid fiber market in 2014, accounting for more than 70% of the market. Since the segment has chalked a rising demand curve, industry veterans predict it to sustain its lead in the market, registering the fastest growth in the foreseeable future.
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Rapid Commercialization and Technological Advances to Boost Aramid Fiber Market
The global aramid fiber market is foreseeing momentous growth in the forthcoming years. Some of the most prominent factors accountable for the expansion of the market are listed below:
- Escalating demand for aramid fiber across rapidly expanding end-use industries such as aerospace and defense, electrical, and automotive will drive the global aramid fiber market in the next couple of years.
- Rapid commercialization of aramid nano-fiber will create significant opportunities for the market in the next five to eight years.
- Technological advances introduced by leading manufactures such as Teijin Aramid, Kolon Industries Inc., Yantai Tayho Advanced Materials Co., Ltd., and HYOSUNG Corporation will also fuel the aramid fiber market.