Increasing demand for aramid fiber in sectors like petroleum, healthcare, and fabrication is projected to drive market growth from 2023 to 2033

NEWARK, DELAWARE, UNITED STATES OF AMERICA, September 25, 2023 /EINPresswire.com/ -- The market is expected to be worth US$ 6.8 billion by 2023. The market is estimated to experience a CAGR of 5.5% through 2033. The aramid fiber market size is assumed to be worth US$ 4 billion in 2023.

Growing remodeling efforts, as well as stringent rules governing workplace security and health in a variety of industries, are expected to boost the United States aramid fiber market opportunities. Such measures are also projected to contribute to the expansion of global aramid fiber adoption trends in Latin American countries.

Aramid fibers are important in sustainable energy usage, especially wind turbine blades. The requirement for durable and lightweight materials grows in tandem with the growth of the renewable energy sector.

The automobile and aerospace sectors in the United States are still looking for lightweight materials to increase fuel efficiency while lowering pollution. Aramid fibers are employed in a variety of components, which contributes to market growth.

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Aramid fibers are also employed in the construction industry for purposes such as strengthening concrete. Infrastructure projects in the United States may increase demand for these materials.

In areas such as aircraft and automotive, the United States maintains high regulatory expectations for safety and quality. Compliance with these criteria is expected to remain a top priority for aramid fiber makers.

There are over 2,300 businesses in the German aerospace industry, most of which are concentrated in northern Germany. As a result, during the predicted period, aramid fiber consumption is expected to rise along with the growth in aircraft production. It is predicted that the market in this country is assumed to expand over the coming years due to the increasing demand from various end-user sectors.

Key Takeaways

The United States is predicted to reach US$ 900 million by 2033.

Germany’s aramid fiber market size is expected to reach US$ 780 million by the end of this forecast period.

China’s aramid fiber market is anticipated to be worth US$ 850 million.

China's market is expected to exhibit a 5.2% CAGR until 2033.

The aramid fiber market in Japan is expected to develop significantly, reaching US$ 610 million by 2033.

The market for aramid fiber in South Korea is projected to develop at a CAGR of 4.1% from 2023 to 2033.

A market valuation of US$ 530 million is anticipated in South Korea at the conclusion of the forecasted period.

Based on application, the security and protection category is expected to lead sales and experience a CAGR of 4.8% through 2033.

“The increasing demand for aramid fiber from a wide range of industries, including the petroleum industry, healthcare services, manufacturing, and others, is predicted to fuel the target market's growth from 2023 to 2033,” says an FMI analyst.

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Competitive Landscape

The top companies in the global aramid fiber market are using tactics such as collaboration contracts, technological collaboration, and resource mobilization to strengthen their positions in this industry. Many global aramid fiber firms are likewise aiming to launch products that are both affordable and of high quality to increase market penetration.

In June 2022, Teijin Aramid B.V. launched the Woven Matrix concept to allow the creation of different ballistic protection choices. The woven matrix is made from Twaron, the organization's efficient para-aramid.

Taekwang Industry announced a US$ 112 million budget proposal in May 2022 to enhance aromatic polyamide (aramid) production from 1,500 tons per year to 5,000 tons by 2025.

Top Key Players in the Global Market

Teijin Ltd.
Yantai Tayho Advanced Materials Co
E. I. du Pont de Nemours and Company (DowDuPont)
Hyosung & Hyosung Corp.
Toray Chemicals South Korea, Inc.
Kermel S.A.
Kolon Industries, Inc.
Huvis Corp.
China National Bluestar (Group) Co., Ltd.
SRO Aramid (Jiangzu) Co., Ltd.

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Valuable Insights

Future Market Insights, in its new offering, presents an unbiased analysis of the global aramid fiber market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.

The study reveals essential insights by Product Type (Para-Aramid, Meta-Aramid), Application (Security & Protection, Frictional Materials, Rubber Reinforcement, Optical Fibers, Tire Reinforcement, Electrical Insulation, Aerospace, Others), and Region.

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Future Market Insights, Inc.
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