February 2019: Adroit Market Research launched a report on, “Global Aramid Fibers Market Size 2017 Product (Meta-aramid, Para-aramid, Others), Application (Aerospace, Frictional Materials, Security & Protection, Electrical Insulation, Tire Reinforcement, Optical Fiber, Rubber Reinforcement, and Others), By Region and Forecast 2018 to 2025”. The study covers the global aramid fiber market demand, in terms of revenue and volume, for a period ranging between 2015 and 2025. The report includes the global aramid fibers market analysis, such as Porter’s Five Forces, and key market trends (drivers, opportunities, and restraints) along with the value chain. The global aramid fiber market share for different products and applications for key regions and countries.
The global aramid fibers market size to reach USD 5.33 billion by 2025 augmented primarily by its use in high-end applications such as protective clothing in military, firefighting, aerospace, manufacturing, and construction. Furthermore, growing demand for these fibers for structural composite applications, such as marine, automobile, aircraft, and ropes for oil rigs in the offshore application is projected to aid in the growth of the global aramid fiber market over the foreseeable future.
Involvement of key players in product stewardship is projected to transform the aramid fiber industry and take it to the level of sustainability. For instance, a new radial tire has been developed by AkzoNobel and Dunlop that uses aramid fibers instead of conventional steel belt. This new design eradicates expensive cryogenic crushing and is 30% lighter in weight. Besides, it also provides better traction and improves gas mileage.
Pollution control and clean technology coupled with product stewardship will move a company towards sustainability. Such initiatives by multinational companies are likely to transform the aramid fibers market in terms of raw material and product’s end-applications. For instance, E.I. du Pont de Nemours para-aramid fiber under the brand name Kevlar is manufactured through rigorous product stewardship.
Key players present in the global aramid fibers market are partaking continuous research and development in order to come up with high-value fibers. For instance, Kolon Industries, a Korean company developed a super para-aramid fiber that is expected to be six times stronger than steel. Kolon’s groundbreaking new para-amid fiber can be used in cable, hard hats, and armor.
The Asia Pacific dominates the global aramid fiber market share owing to the presence of potential economies, such as China, South Korea, and India. South Korea’s aramid fiber industry is anticipated to grow at a CAGR of more than 7% over the forecast period to reach more than USD 150 million by 2025.
Local players in Asian fiber market include Hyosung, TK, Kolon Industries, Huvis, Dong Yang Rope, and SK Chemicals. These local manufacturers are receiving tough competition from foreign players such as DuPont and Teijin, in the field of aramid fibers. The market is getting competitive in nature with China alone accounting nearly 70% of the total synthetic textiles production across the globe. However, a free trade agreement between China and Korea is anticipated to hinder the potential of the fiber industry in the Asia Pacific and hence would drive the global aramid fiber market demand.
Key segments of the global aramid fibers market
Product Overview, 2015-2025 (USD Million) (Tons)
Application Overview, 2015-2025 (USD Million) (Tons)
- Security & protection
- Frictional materials
- Optical fiber
- Tire reinforcement
- Rubber reinforcement
- Electrical insulation
Regional Overview, 2015-2025 (USD Million) (Tons)
- North America
- Asia Pacific
- South Korea
- Central and South America
- Middle East and Africa