Aramid Fiber Market size was more than USD 2.5 billion in 2015 with growth forecast of over 5% between 2016 and 2024. This growth is judged by the development in the industries including safety equipment industry, boat manufacturing industry, aircraft and automotive parts industry and the adhesives and sealants industry.
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The safety equipment industry was recorded as the major avenue, with more than 30% global aramid fiber market share in 2015. Application ranges from the manufacture of bulletproof vests and helmets to motorcycle and hunting apparels. With growing military expenditure and awareness about civilian safety, the market will see a positive influence.
Another major driver for the global aramid fiber market is the aerospace industry where it is used in the body parts of several aircrafts. The use of Kevlar 49 and Kevlar 29 for high impact parts of the aircraft body has seen a steady growth in the past years. Aramid fiber adhesive tapes is also finding a great deal of application in the aircraft assembly. Boeing has predicted a stable growth in terms of the numbers of their airplane fleet till 2024. This will drive the aramid fiber market in the upward direction.
The use of aramid fibers in the manufacture of boat hulls and sails will lead to a definite growth to the aramid fiber market in the forecast period from 2016 to 2024. The boat manufacturing industry market will remain positive according to Thom Dammrich, the President of National Marine Manufacturers Association owing to low fuel prices and interest rates.
Meta Aramid or M-Aramid and Para Aramid or P-Aramid are the two types of aramid fibers. M-Aramid (such as Nomex) are used in protective clothing for firefighters and other first responders, hunters, auto racers and the military personnel and even for electrical insulation; along with heat shields for automobiles and in the aerospace industry. P-Aramid (such as Kevlar) find a wide range of application in ballistics protection for the military, protective gloves for first responders or hunters, race car bodies, manufacturing of wire and cable, and hose reinforcement. With growth in the industry of protective gears, the market for both types of fibers will expand from 2016-2024. The strict regulations associated with acquisition of P-Aramid by the Department of Defense will, however, pose a hindrance over the market.
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This latest Aramid Fiber Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Aramid Fiber industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
On the basis of application, the industry can be classified into safety equipment, boat parts, aircraft parts, automotive parts and high resistance tapes. The safety equipment industry consists of almost one-third of the aramid fiber market and will continue to grow based on the growth in the military expenditure. A healthy growth in the aircraft industry for a period of 2016 to 2024 will also affect the aramid industry positively.
Browse key industry insights spread across market data tables, figures & charts from the report, “Aramid Fiber Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key Insights in this Report
- Global Aramid Fiber Market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Aramid Fiber Market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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