A rising demand for industrial protective clothing is majorly expected to drive the global aramid fiber market during the forecast period. This is mainly due the key properties associated with these fibers such as high durability, immense strength, and resistance to wear and tear. Aramid fibers are also used as key composite materials in body, floor, and wall materials of airplanes, fishing rods, golf clubs, bows, skis, and other commodities.
Thus, a rising demand for such commodities too has increased the need of using aramid fibers in different industries. Additionally, these fibers are used as a substitute for reinforced concrete for curtain walls for multistoried building. Meta-aramid fibers are used in clothing for fire-fighters, filter cloth for high-temperature, uniforms for high-temperature workings, car racing suits, and heat insulating materials, among several others.
As per expert analysts, the global aramid fiber market is foretold to register revenue valuation of US$5099.1 mn by 2023, which is a decent increase from the initial revenue of US$2598.2 mn clocked in 2014. This growth is prophesized to occur at a splendid CAGR of 7.8% from 2015 to 2023.
Automotive Segment Comes Out As Winner under Product Type Analysis
The global aramid fiber market is mainly segregated into various segments depending on few categories such as product type, end users, and region. Under product type, para-aramid fiber and meta-aramid fiber are two prominent segments present in the global aramid fiber market. Whereas in terms of end-user analysis, the market consists of segments such as aerospace & defense, automotive, electrical, electronics & telecommunication, and others.
Under product type, para-aramid fibers witnessed maximum growth owing to an extensive use in the automotive and aerospace, as well as defense and security industries. In 2014, this segment accounted for about 70% of the total market shares. And even during the next few years, para-aramid fibers are anticipated to continue with a similar, if not better growth pace.
Under the end-users category, the automotive segment has emerged as a leading sector of the aramid fiber market with a share of more than 35% achieved in 2014. The segment is likely to witness considerable growth during the forecast period too. However, the electrical sector is expected to be the topmost growing end-user segment of the aramid fiber market, and is expanding at a CAGR of 8.3% in terms of revenue from 2015 to 2023.
Europe Bags the Top Spot Thanks to Rising Demand for Protective Clothing
Geography-wise, the global aramid fiber market is spread across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Of these, Europe had constituting over 35% shares in 2014, the maximum value among all. Increase in demand for protective clothing and personal armor is anticipated to boost the aramid fiber market in Europe in the next few years.
This rise in demand can be primarily attributed to an increase in fiber exports to developing countries. However, Asia Pacific is projected to be the topmost growth region in the global aramid fiber market during the forecast period. Increasing requirement for aramid fibers in automotive, electrical, and construction end-user industries in emerging economies such as China and India, is likely to drive the aramid fiber market in Asia Pacific in the next few years. Lastly, the market is expected to gradually rise in North America mainly due to a steadily improving economy in the region.
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E. I. du Pont de Nemours and Company, Teijin Aramid, Kolon Industries Inc., HYOSUNG Corporation, Yantai Tayho Advanced Materials Co. Ltd. Kermel, Alchemie Group, SRO Group Ltd., China National Bluestar Co. Ltd., and Guangdong Charming Co., Ltd., are key players operating in the global aramid fiber market.