Aramid Fiber Market Size, 2020 Industry Share and Global Demand | 2027 Forecast by Fortune Business Insights™
The global Aramid FiberMarket is expected to gain momentum owing to increasing demand for theproduct in military applications across the globe.
Fortune Business Insights, in itslatest report, titled “Aramid Fiber Market Size,Share & Industry Analysis, By Type (Para, Meta and Others), By Application(Security & Protection, Frictional Materials, Rubber reinforcement, Opticalfiber, Tire reinforcement, Electrical insulation, Aerospace and Others), andRegional Forecast, 2019-2026.”, Observes that the market is likelyto reach USD 7.28 billion by 2026 while exhibiting a CAGR of 7.0% between 2019and 2026. The report further mentions that market was worth USD 4.25 billion in2018 and is anticipated to grow during the forecast period.
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List of the Leading Companies Operatingin the Aramid Fiber Market are:
- DuPont
- Teijin Limited
- Kolon Industries Inc.
- Yantai Tayho Advanced Materials Co., Ltd.
- X-FIPER New Material Co., Ltd.
- HUVIS CORPORATION
- Hyosung Corporation
- China National Bluestar (Group) Co, Ltd.
- Toyobo Co., Ltd.
- Aramid Hpm, LLC.
- Among others
Aramid fiber was first commercializedin the year 1960. It offers several properties that are useful for clothing,armor, and other applications. The properties include good abrasion resistance,high tensile strength, low flammability, and no melting points, among others.The breaking tenacity of an aramid yarn is about 3045 MPa, which is 5 timesmore than that of steel and twice that of nylon or glass fiber.
What does the Report Include?
The market report includes quantitativeand qualitative analysis of several factors such as the key drivers andrestraints that will affect market growth. The report provides insights intothe regional analysis that covers the different regions, which are contributingto the growth of the market. It includes the competitive landscape thatinvolves leading companies and adoption of strategies by them to introduce newproducts, announce partnerships, and collaboration that will contribute to thegrowth of the market between 2019 and 2026. Moreover, the research analyst hasadopted several research methodologies such as PESTEL and SWOT analysis toextract information about the current trends and industry developments thatwill drive the market growth in the forthcoming years.
DRIVING FACTORS
Increasing Adoption in MilitaryApplications to Aid Growth
Aramid fibers are strong syntheticfibers that are heat-resistant and possess strong tensile strength. They arewidely adopted in several military applications that include the manufacturingof ballistic-grade body armor fabric and composites. The popular Kevlar used byseveral militaries across the globe is a para-aramid fiber. Increasing focus onupgrading the military by several countries is expected to bode well for thegrowth of the global aramid fiber market in the forthcoming years. Forinstance, in November 2019, China announced its development of a light, strongpara-aramid fiber, golden silk that is resistant to corrosion and heat. Thefiber will be adopted to produce bullet-proof and fire-proof military equipment.
REGIONAL INSIGHTS
Europe to Remain at the Forefront;Technological Advancement in Automotive Sector to Bolster Growth
Among all regions, the market in Europeis expected to witness significant demand and register high global aramid fibermarket revenue during the forecast period. This is ascribable to factors suchas growing technological advancement in the automotive and electronics industryin the region. North America, on the other hand, is anticipated to witnesssteady growth in the forthcoming years. This is attributable to factors such asincreasing demand for ballistic armor owing to the possibility of warfarethreats in countries such as the US between 2019 and 2026.
COMPETITIVE LANDSCAPE
Product Expansion Strategies by MajorCompanies to Augur Growth
In November 2019, Teijin Aramid B.V., aNetherland-based aramid fiber manufacturer, announced its plan to expand itsproduction capability by 25% at its factories located in Emmen and Delfzijl.According to the company, the expansion is aimed at leveraging the opportunityto cater to the increasing demand for the product and invest in developing newtechnologies that will aid to reduce CO2 emissions. Adoption ofstrategies such as product expansion offerings, collaboration, and merger andacquisition by the companies is anticipated to boost the global aramid fibermarket share during the forecast period.
Browse Detailed Research Insights withTable of Content:
https://www.fortunebusinessinsights.com/aramid-fiber-market-102183
Table of Contents
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Trends
4.2. Overview of Global Aramid Fiber Production
5. Global Aramid Fiber Market Analysis, Insights and Forecast,2015-2026
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – ByType
5.2.1.Para
5.2.2.Meta
5.2.3.Others
5.3. Market Analysis, Insights and Forecast – ByApplication
5.3.1.Security & protection
5.3.2.Frictionalmaterials
5.3.3.Rubber reinforcement
5.3.4.Optical fiber
5.3.5.Tirereinforcement
5.3.6.Electrical insulation
5.3.7.Aerospace
5.3.8.Others
5.4. Market Analysis, Insights andForecast – By Region
5.4.1.North America
5.4.2.Europe
5.4.3.Asia pacific
5.4.4.Latin America
5.4.5.Middle East & Africa
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