Aramid Fibers Market Expected to Reach USD 6.76 Billion By 2032
According to the latest report by Reports and Data, the global aramid fibers market is expected to reach a size of USD 6.76 Billion by 2032, with a revenue CAGR of 6% over the forecast period. The growth is being driven by several factors, including the increasing demand for lightweight materials for personnel protection equipment and the production of stab-resistant and bullet-proof products such as gloves, helmets, and clothing material. The market is also being fueled by the growing industrialization and urbanization worldwide, as aramid fiber is being used as an asbestos and steel substitute for new infrastructure projects.
The use of aramid fibers is also increasing in the aerospace, defense, automotive, and construction industries, as it provides both corrosion and impact resistance. It also offers temperature stability and improved vision systems. The report highlights the para-aramid fiber segment as a significant revenue growth rate over the forecast period, due to its use in protective apparel, tires, rubber goods, fiber-optic cable tension members, friction material, and construction reinforcement among others. The security and protection segment is also expected to register a significant revenue growth rate due to its unique set of qualities that cause these fibers to thicken when exposed to extreme heat.
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The report notes that the automotive segment accounted for the largest revenue share in the aramid fibers market in 2020. Aramid fibers are utilized in the production of tires reinforcement materials, powertrain components, turbocharger hoses, brake pads, belts, gaskets, seat textiles, clutches, electronics, seat sensors, and hybrid motor materials in the automobile industry. The market in Europe is expected to register the highest revenue share in the global aramid fibers market during the forecast period, driven by the presence of large manufacturing organizations, expanding end-use industries, and the rise of the automotive industries.
Companies profiled in the market report include DuPont, Toray Industries, Inc., Hyosung Corporation, Kolon Industries Inc., China National Bluestar (Group) Co. Ltd, Teijin Limited, Kermel, Ibiden Co., Ltd., SRO Aramid (Jiangsu) Co., Ltd., and Yantai Tayho Advanced Materials Co., Ltd.
The report segments the global aramid fibers market based on type, spinning process, application, end-use, and region, with para-aramid fiber, wet spinning, security and protection, aerospace and defense, and North America being some of the key highlights.
Aramid Fibers Market: Drive Factors
The aramid fibers market is being driven by several factors. One of the key drivers is the growing demand from industries such as automotive, aerospace, defense, and construction. Another factor is the increasing need for lightweight materials for protective equipment that can safeguard people from thermal, physical, electrical, and biological dangers. Aramid fibers are also widely used for the production of stab-resistant and bullet-proof products such as gloves, helmets, and clothing materials.
The market is also being boosted by the growing trend of industrialization and urbanization worldwide. As more people migrate to urban areas, there is a higher demand for aramid fibers as a substitute for asbestos and steel. This trend is leading to the construction of new infrastructure projects, which is further fueling market growth.
In addition to these drivers, significant research and development efforts and growing applications in the optical fiber industry are expected to drive the market's revenue growth over the forecast period. Moreover, the aramid fibers are being utilized for structural applications in various types of aircraft, including spacecraft, hot air balloons, passenger airlines, fighter planes, and space shuttles. The use of aramid fibers in airplanes is growing, as it provides both corrosion and impact resistance, temperature stability, as well as improved vision systems.
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