The global aramid fiber market size is projected to touch USD 6.8 billion by the end of 2027, as per the report released by Million Insights. It is projected to ascend with a CAGR of 8.2% from 2020 to 2027.Excellent properties such as high strength, superior resistance to chemical and heat, and stability of aramid fiber are predicted to bode well for the market growth over the estimated duration.
Growing requirements for protection and security measures across several industries such as oil & gas, mining, building & construction, and medical/healthcare are expected to drive the product demand in the upcoming years. Moreover, strict norms in developing nations such as India and China related to workplace safety are also anticipated to accelerate the growth of the aramid fibers market over the estimated duration.
To download the sample PDF of “Aramid Fiber Market Report” please click here:
Aramid fibers are extensively preferred over organic fiber and metal wires in various composite applications in the marine and aerospace segment, and oil rigs in offshore activities. Further, various benefits of the product such as tear on drums, non-aggressive wear and fade and discs resistance is projected to drive the product usage.
The production process requires numerous expensive chemicals, which increases the overall production cost. Further, high capital investment in the manufacturing process and machinery is predicted to plummet the market growth over the estimated period. However, the introduction of cost-effective manufacturing facilities is projected to support market growth in the upcoming years.
Asia Pacific is valued at USD 811.4 million in 2019 and is predicted to foresee noticeable growth from 2020 to 2027. Factors such as increasing preference for security, growing penetration of the internet, and expansion of the telecom industry are expected to fuel the market growth over the estimated duration. Further, increasing spending on military and defense due to rising geopolitical tensions in emerging nations such as India and China are also expected to accelerate the product demand. North America is projected to expand with a revenue-based CAGR of 8.8% from 2020 to 2027 and touch USD 2.1 billion by the end of 2027.
To browse report summary & detailed TOC, please click the link below:
Further key findings from the report suggest:
• Para-aramid division occupied for 75.6% market share in 2019, due to its several properties such as high tensile strength and excellent chemical resistance.
• The security and protection segment led the aramid fiber market in 2019 and is expected to touch USD 2.6 billion by the end of 2027, due to growing awareness relating to the safety of personnel in the industrial and military sectors.
• The Asia Pacific is predicted to ascend with a revenue-based CAGR of 9.1% over the forecast period owing to the increasing requirement for security measures across defense and military industry.
• The U.S. market is expected to foresee substantial growth and touch USD 1.4 billion by the end of 2027 owing to the growing demand for personal safety equipment.
• China was the leading market in the Asia Pacific in 2018 owing to the growth of automotive industries and surging demand for personal safety equipment.
Million Insights has segmented the global aramid fiber market on the basis of product, application, and region:
Aramid Fiber Product Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2027)
Aramid Fiber Application Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2027)
• Security & Protection
• Frictional Materials
• Rubber Reinforcement
• Optical Fibers
• Tire Reinforcement
• Electrical Insulation
Aramid Fiber Regional Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2027)
• North America
• Asia Pacific
• South America
• Central & South America
• Middle East & Africa
Browse the Latest Market Research Reports with Million Insights:
• Window Covering Market – The global window covering market is projected to touch USD 36.8 billion by the end of 2025. The market is estimated to grow at a CAGR of 4.2% during the forecast years.
• Shoe Care Market – The global shoe care market is estimated to reach USD 6.0 billion, by 2025, and is projected to grow at a CAGR of 3.9% from 2019 to 2025. The growing demand of premium footwear such as Blucher, and Oxford shoes among consumers is expected to propel the demand of cleaners, and polishes.
About Million Insights
Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive market place that will enable you to compare data points, before you make a purchase. Enabling informed buying is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store, includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.
Company Name: Million Insights
Contact Person: Ryan Manuel
Email: Send Email
Address:Office No. 302, 3rd Floor, Manikchand Galleria, Model Colony, Shivaji Nagar