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Global Aramid Fiber Market was valued at USD 4.11 billion in 2021 and projected to grow at a CAGR of 9.42% during the forecast period 2022-2028: GreyViews

The significant players operating in the global aramid fiber market are Teijin Ltd., DuPont De Numerous Inc., Hyosung Corporation, Kolon Industries, Kermel, SRO Aramid Co. Ltd., Yantai Tayho Advanced Materials Co. Ltd., Toray Industries, Huvis Corporation, China National Bluestar, X-FIPER New Material Co. Ltd. and Toyobo Co. Ltd. and others.

/EIN News/ -- Pune, India, April 01, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the aramid fiber market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the aramid fiber market is present across various countries in the above-mentioned regions.

The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the product category, application, technology, end-users and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.

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Global Aramid Fiber Market Size by Type (Meta Aramid, Para Aramid and Copolyamide), Application (Friction Materials, Industrial Filtration, Security and Protection, Rubber Reinforcement, Optical Fibers, Tire Reinforcement, Electrical Insulation and Others), End-user (Aerospace, Automotive, Electronics and Telecommunication, Industrial and Others), Distribution Channel (Online and Offline) Regions, Segmentation, and forecast till 2028.

The significant players operating in the global aramid fiber market are Teijin Ltd., DuPont De Numerous Inc., Hyosung Corporation, Kolon Industries, Kermel, SRO Aramid Co. Ltd., Yantai Tayho Advanced Materials Co. Ltd., Toray Industries, Huvis Corporation, China National Bluestar, X-FIPER New Material Co. Ltd. and Toyobo Co. Ltd. and others. To achieve a substantial market share in the worldwide aramid fiber market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Toray Industries and Teijin Ltd. are one of the most significant manufacturers and distributors present in the global aramid fiber market.

Aramid fibers are well-known material in the aerospace and automobile industry. The aramid fibers are manufactured using long chain synthetic polyamide which consists of two aromatic rings. These aromatic rings are directly attached with the amide linkages. The commercialization of aramid dates back to 1960. These fibers came in limelight due to their exceptional properties, which suited many applications in various industry verticals. Aramid fibers have monomers which consist of teraphthaloyl chloride and 1,4-phenyl-diamine. These materials are yellowish in colour and are light weight. Aramid fibers are known by different trade names all over the world, however, they are identified by their superior properties.

The increasing demand for lightweight, high tensile strength, resistant and durable raw material in applications such as automobile, aerospace and defense, etc. is one of the most promising drivers of the aramid fiber market. Both, aerospace and automobile industries are inclined towards the adoption of materials which are suitable for the construction of the components. Further, the use of such fibers is also required in defense applications, as it is cut resistant, flame resistant and consists of high strength to weight ratio.

The developing regions are adopting the low wight materials for use in different end-users. The regional government has imposed strict regulations for reduction in greenhouse gas emissions especially the vehicle emissions. The use of aramid fiber has thus gained popularity among the countries present in both developed and developing regions. Also, the uprise trend of automotive and transportation industry, is providing lucrative opportunities to the aramid fibers market. The commercialization of newly launched aramid fibers portfolio is attracting many end-user industries. However, the fluctuating in prices of raw materials is a major restraint to the market. Further, various issues regarding the manufacturing cost and increasing use of different alternative fiber is a challenge for the market growth.

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Segmentation Analysis

Meta aramid segment is expected to be the fastest growing segment in 2021.

The type segment includes meta aramid, para aramid and copolyamide. Among these, meta aramid is expected to be the fastest growing type segment. Meta aramid fibers are manufactured by wet spinning technology in which the fiber is spined inside a chemical solution. This process provides with a semi-crystalline product which can be used in safety and protection applications. This particular type of aramid fiber has the tendency to withstand extreme stress even in harsh conditions. It can sustain in temperatures ranging upto 400 degree Celsius. Thus, it is the most suitable type of aramid fiber to be used in applications which deals with high temperatures.

Frictional materials segment is expected to be the fastest growing segment in 2021.

The application segment includes friction materials, industrial filtration, security and protection, rubber reinforcement, optical fibers, tire reinforcement, electrical insulation and others. Among these, friction material is expected to be the fastest growing application segment. Aramid fibers have gained tremendous popularity as a friction material especially for automotive components. It is widely used as a replacement for conventional materials in such applications. As aramid fiber can withstand high temperatures, the manufacturers present in automobile industry is opting it to be used in components that are responsible for friction creation.

Automotive segment is expected to be the fastest growing segment in 2021.

The end-user segment includes aerospace, automotive, electronics and telecommunication, industrial and others. Out of the end-users, automotive is expected to be the most lucratively growing segment. Automotive manufacturers are required to adhere to the vehicle emissions imposed by the regional and global agencies. Aramid fibers have been found to increase the fuel efficiency of the passenger and commercial cars. Further, their superior resistant properties against chemical and especially thermal degradation, are the primary reasons for their adoption in automobile industry.

The offline segment led the aramid fiber market with a market share of around 78.43% in 2021.

The distribution channel segment includes online and offline. The offline segment is the dominant distribution channel segment. Offline distribution channel includes retail shops, specialized shops and hardware stores. The aramid fiber market operates in a B2B setting. Thus, the end-users mostly buy in large quantities for the manufacturing of different products.

Regional Analysis

The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the aramid fiber include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.

Europe region dominated the aramid fiber market and held the 37.09% share of the market revenue in 2021. The growth of the market in the region can be attributed to various factors, such as presence of many global and regional manufacturers, availability of the required technology and abundance of raw materials. The higher pace of defense spending has brought tremendous growth in the regional aramid fiber market. However, North America is projected to register higher growth rate during the forecast period of 2022-2028. The rising investment in automobile industry along with technological developments is the significant factor behind the growing market.

Covid-19 Impact

Covid-19 had a major impact on almost all of the industries such as construction, manufacturing, oil and gas, automobile, etc. The demand for aramid fiber has decreased during the period owing to the regulations on social distancing and increasing focus on safety and hygiene. In most of the regions, the manufacturing facilities of aramid fiber were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for aramid fiber significantly decreased.

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