Aramid Fibers Market Size – USD 3.6 billion in 2019, CAGR of 8.5%, Trends – Global rise of the automotive industry.

NEW YORK CITY, NEW YORK, UNITED STATES, March 5, 2020 /EINPresswire.com/ -- The Global Aramid Fibers Market is expected to reach USD 7.16 billion by 2027, according to a new report by Reports and Data. This can be mainly associated with enhanced demand for lightweight materials in security & protection applications in various industries globally. Based on statistics, the increased need for emission reduction in vehicles is expected to become the most common growth interest in the global sector in the forecast years. High customer requirements and rising demand from aerospace and automotive industries are also significant factors stimulating market demand.

Europe has the largest regional market for aramid fiber and held 40% of the global industry in 2019, and is expected to surpass the value of USD 2.77 billion by 2027, owing to the increasing stringency of government regulations and environmental conditions in the defense and automotive industries.

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Further key findings from the report suggest

• Due to its hard molecular structure and high strength, the para-aramid fiber segment is projected to grow at a CAGR of 8.4% during the forecast period, which will drive its usage in security and protection applications. The growing demand for safety goggles, protective headgear, protective footwear, gloves, earplugs, safety harnesses, and others is anticipated to increase product demand over the forecast period.
• With a significant yellow color, aramid fibers are frequently used in exceptional composite products that need lightweight and high-strength properties. Aramid fibers have very high tensile strength, which is why they are mostly used in ballistic and armor protection applications.
• High tensile strength segment is estimated to register the highest share of 61% in 2018 and is widely used for this property.
• The meta-aramid fibers have excellent chemical, thermal, and radiation resistance. Some examples of this fiber are teijiconex and nomex.
• Dry spinning is the most commonly used technology for manufacturing aramid fibers.
• Para-aramids are mainly used for bullet-proof body armor fabric in various high-tech applications, such as military and aerospace applications. Both para-aramid and meta-aramid fiber can be used to make aramid paper.
• The meta-aramid fiber segment is expected to grow by 8.8% during the forecasted period.
• The security and protection segment is estimated to register the highest growth rate in North America of nearly 10.2% through the forecast period. Due to technological advancements and rising market demand, the aramid fibers market is growing at a rapid rate.
• In the year 2019, over 34% of aramid fiber produced was used for security and protection applications in various industries such as military and law enforcement, pharmaceuticals, building and construction, and firefighting.
• The property outlook segment of high melting point is estimated to grow at a rate of 9.2% during the forecast period.
• Europe is the largest market for aramid fiber with a share of 40% in 2018, owing to the increasing government regulations and environmental conditions in defense and automotive industries. APAC is estimated to register the highest CAGR of 9.7% during the forecasted period.
• The aerospace segment in Europe accounted for the largest share of the market in 2019 at around 40% and is expected to reach USD 1.16 billion by 2027.
• Key participants include DowDuPont, Toray Industries Inc., Hyosung Corp., Kolon Industries Inc., China National Bluestar (Group) Co. Ltd., Huvis Corp., Yantai Tayho Advanced Material Co., Teijin Ltd., and Kermel, Taekwang Industrial Co., Ltd.

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For the purpose of this report, Reports and Data segments the Global Aramid Fibers Market on the basis of Product, Technology, Application, Property, and Region:

• Product Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2017-2027)
o Para-aramid Fiber
o Meta-aramid Fiber

• Technology Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2017-2027)
o Wet spinning
o Dry spinning

• Application Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2017-2027)
o Aerospace
o Security and protection
o Aerospace
o Automotive
o Telecommunication
o Optical fibers

• Property Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2017-2027)
o High tensile strength
o High melting point
o Non-conductive

To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/aramid-fibers-market

• Regional Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2017-2027)
o North America
1. U.S.
o Europe
1. Germany
2. U.K.
o Asia Pacific
1. China
2. India
3. South-east Asia
o Latin America
1. Brazil
o Middle East & Africa

About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power, and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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