Aramid Fiber Market Growth Drivers and Restraints:
The growing demand for lightweight materials for automotive components, owing to severe environmental and emission regulations is anticipated to drive the market in the automotive industry. In extension, the demand for lightweight and flexible elements for body armor, firefighting tools, bulletproof vests, helmets, and vehicle armor is encouraging the market for high-performing materials such as aramid fibers and its composites.
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On the other hand, the high cost of production is expected to limit market growth. Nevertheless, these fibers are lightweight, heat resistant, non-flammable, and extremely durable. These properties are increasing their demand, thereby augmenting, the market expansion. A large part of every country’s annual budget is occupied by the security sector due to various factors such as political diversity and rising tension across borders. Thus, increased government investment in the aerospace, defense and security industries is expected to drive the market.
The growing need for security and protective standards in various end-use industries is likely to drive the aramid fibermarket till 2025. The growing demand for lightweight materials for automotive components, owing to severe environmental and emission regulations is anticipated to drive the market further. In addition, growing usage of aramid fibers as a substitute for asbestos and steel will serve market demand over the coming years. North America region is expected to witness the fastest growth over the projected timeframe.
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The global aramid fiber market is mainly divided into various segments depending on few divisions such as product type, end users, and region. Under product kind, para-aramid fiber and meta-aramid fiber are two notable sections present in the global market. Whereas in end-user analysis, the market consists of fragments such as aerospace & defense, automotive, electrical, microelectronics & telecommunication, and others. Under product kind, para-aramid fibers observed maximum growth owing to extensive use in the automotive and aerospace, as well as support and security industries. In 2014, this section accounted for about 70% of the total market shares. And even though the next few years, para-aramid fibers are expected to continue with a similar growth pace.
Aramid Fiber Market Geographical Insights:
North America aramid fiber market produced revenue of over USD 700 million in 2016. The region is expected to witness the fastest growth over the projected timeframe. The enormous defense budget in the U.S. will increase this region’s high market share during the forecastperiod. China and India are likely to support the aramid fiber market growth in the defense industry in the coming years in Asia Pacific. New procurements for armed forces, microelectronics and vehicles are on the rise and the possibility of new opponents in the private sector could play a key role for business growth in the region.
KeyPlayers of the Aramid Fiber Market:
- Teijin Aramid
- Hyosung Corporation
- Toray Chemical Korea Inc.
- Kolon Industries Inc.
- HUVIS Corporation
- China National Bluestar (Group) Co. Ltd
- Yantai Tayho Advanced Materials Co., Ltd
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