Aramid Fiber Market Size, Global Opportunities, Share, Growth, Industry Trends to 2027

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Aramid Fiber Market Size, Global Opportunities, Share, Growth, Industry Trends to 2027

The global ''aramidfibres'' market size is projected to reach USD 7,243.3 million by theend of 2027. The presence of several large-scale companies will contribute tothe growth of the market in the coming years. According to a report publishedby Fortune Business Insights, titled “Aramid Fiber Market Size,Share & COVID-19 Impact Analysis, By Product Type (Para, Meta and Others),By Application (Security & Protection, Frictional Materials, Rubber &Tire Reinforcement, Optical Fiber, Electrical Insulation, Aerospace andOthers), and Regional Forecast, 2020-2027” the market was worthUSD 4,522.6 million in 2019 and will exhibit a CAGR of 6.5% during the forecastperiod, 2020-2027.

Aramid fibers are widely used across diverse industryapplications, mainly due to their exceptional physical properties. The productis characterized by mechanical strength and excellent resistance to externalfactors including pressure and humidity. As this is a manmade fiber,availability is not an issue. The increasing demand for the product has led tothe presence of several large scale manufacturing units across the world. Thepresence of several large scale manufacturers will have a direct impact on thegrowth of the overall market in the forthcoming years. Besides this, propertiessuch as low flammability and good fabric integrity will contribute to thegrowing adoption of these fibers across diverse industry verticals in severalcountries.

Covid-19 Pandemic has Limited Product Adoption in End-useIndustries

The recent coronavirus outbreak has had a massive impact onseveral economies across the globe. The efforts taken to curb the spread of thedisease have limited the growth of businesses across the world. Due to therapid spread of the disease, several countries are looking to implement strictmeasures with a view to controlling the spread of the disease. The measures aretaken to curb the spread of the disease, including lockdown and social distancingpractices have resulted in a shortfall of manpower and workforce. As a result,several production units have either been put on hold or being operated withlimited resources. The demand for aramid fiber has gone down drastically in thepast few months; a factor that will have a considerable impact on the overallmarket in the coming years.

Study Period: 2016-2027
Base Year: 2019
Forecast Period: 2020-2027
Historical Period: 2016-2018

List of the Leading Companies Profiled in the Global AramidFiber Market are:

DuPont (U.S.)
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.

Increasing Number of Product Innovations will Emerge in Favor ofMarket Growth

The report encompasses several factors that have contributed tothe growth of the overall market in recent years. Accounting to theincreasing demand for the product, there is healthy market competition acrossthe world. Among all factors, the increasing number of product innovations hashad the highest impact on the growth of the overall aramid fiber market inrecent years. In September 2018, Snow Peak announced the launch of a newproduct through the integration of aramid fiber. The company introduced a newmaterial fabric that is directed for use in outdoor apparel. The applicationsof aramid fiber are not limited to a single domain and this has been a majorcontributor to market growth. The increasing number of such productinnovations will have a huge impact on the growth of the overall market in theforthcoming years.

Drivers & Restraints

Growing Demand from Safety & Protection Industry to DriveMarket Growth

A huge amount of aramid fiber is used in safety & protectionapplications such as military, private security, municipal law enforcement, andprivate contractors involved in government projects. The regulations regardingthe health and safety of employees are very stringent in North America andEuropean countries, and thus driving the market. Also, not only militarypersonnel are getting safer by using this fiber, but also the demand forprotective clothing is increasing due to the demand from industrialorganizations.

Regional Analysis

Europe to Emerge Dominant; Increasing Applications in AutomotiveIndustry will Aid Growth

The report analyzes the ongoing market trends across NorthAmerica, Asia Pacific, Europe, the Middle East & Africa, and Latin America.Among all regions, the market in Europe is projected to emerge dominant in thecoming years. The increasing applications of the product across diverseindustry verticals by large scale companies based in this region will emerge infavor of market growth. The increasing demand for efficient fuel sources hasgiven the platform for companies operating in this region. As of 2019, themarket in Europe was worth USD 1615.7 million and this value is projected torise at a considerable pace in the coming years. The market in Asia Pacific isprojected to rise at the highest CAGR during the forecast period driven by theinitiatives taken by government organizations for industrial safety incountries such as India and China.

Aramid Fiber Market Focus on:

Extensive product offerings
Customer research services
Robust research methodology
Comprehensive reports
Latest technological developments
Value chain analysis
Potential Market opportunities
Growth dynamics
Quality assurance
Post-sales support
Regular report updates

Reasons to Purchase this Report:

Comprehensive analysis of the market growth drivers, obstacles, opportunities, and other related challenges.
Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
Identifies market restraints and boosters.
Identifies all the possible segments present in the market to aid organizations in strategic business planning.

Key Questions Answered:

Why Choose Fortune Business Insights?
What are the key demands and trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?
What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?

Browse Detailed Summary of Research Report :

https://www.fortunebusinessinsights.com/aramid-fiber-market-102183

Industry Development:

November 2019: Teijin Aramid B.V., announced that it willbe increasing its production capacity by 25%.

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