Aramid Fiber Market Analysis and Segment Forecasts to 2024

Posted on Updated on

The global aramid fiber market is projected to register a size of USD 6.51 billion by 2024, according to a new report by Grand View Research, Inc. The market will be driven by increasing demand for protective clothing from various sectors such as industrial and defense. The growth of these end-user industries is projected to propel market expansion further over the forecast period.

Aramid fibers were extensively used for manufacturing frictional materials which accounted for 25.8% of the global revenue share in 2015. It is used for producing a broad range of materials including pig iron, steel, clutches, automotive brakes, shoes, fabricated discs with a superior braking power to reduce judder, noise, vibration and fading.

U.S. aramid fibers market, by application, 2013 – 2024 (Tons)

aramid-fiber-market

View summary of “Aramid Fiber Market Analysis Report” @ http://www.grandviewresearch.com/industry-analysis/aramid-fiber-market

Further key findings from the report suggest:

  • The global demand for aramid fiber was 78.22 kilo tones in 2015. High strength, resistance to abrasion & organic solvents and low flammability makes it a viable option across a wide array of applications including textiles, aviation, automotive and electronic applications. Rising demand for textiles and vehicles is expected to drive market growth over the forecast period.
  • Growing requirement for protective clothing from defense & industrial sectors for security & protection will result in high growth over the forecast period. Furthermore, stringent regulations implemented by the U.S. OSHA regarding the safety of workers are fueling consumption of protective clothing.
  • Para-aramid fiber market was estimated as the largest market in 2015 accounting for 66.2% of the volume share, owing to its high strength and insulation property which makes it an essential material for use in electronics, automotive and aviation applications
  • Europe accounted for 34.7% of the volume share in 2015 and is projected to experience significant growth owing to the increasing penetration of the product in various industries such as aerospace, security and protection and electrical insulation in several countries including Germany, France and UK. The growth of the automotive sector will further influence demand for the product over the next eight years. Moreover, the presence of a stringent regulatory framework for the protection of workers is expected to propel the demand for protective clothing, thereby, driving demand for aramid fibers.
  • Key industry players include HYOSUNG Corporation, E. I. du Pont de Nemours and Company, Teijin Aramid, Ibiden Co., Ltd., Toray Chemical Korea Inc., Yantai Tayho Advanced Materials Co. Ltd. and Huvis Corporation. These companies have a strong emphasis on R&D activities to introduce new products and strengthen their aramid fiber product portfolio.

Request for free sample of “Aramid Fiber Market Analysis Report” @ http://www.grandviewresearch.com/industry-analysis/aramid-fiber-market/request

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s