Aramid Fibers Market Expected To Witness High Growth Owing To Increasing Demand From Aerospace And Defense Industries
Market Overview:
Aramid fibers are synthetic polyamide fibers known for their high strength and heat resistant properties. They are produced by spinning a concentrated solution of aromatic polyamide. The most common applications of aramid fibers are in aerospace and defense, security & protection, optics and fiber optic cables, friction materials and industrial filtration. Aramid fibers find extensive use in automotive, construction and marine industries as well owing to their light-weight and high strength characteristics.
Market Dynamics:
The aramid fibers market is primarily driven by increasing demand from the aerospace and defense industries. Aramid fibers are widely used as reinforcement materials for aircraft components and aircraft interiors owing to their excellent strength-to-weight ratio and heat resistant properties. They are used in landing gear components, kevlar composites, wiring, electronics enclosures and engine components. Furthermore, aramid fibers also find increasing usage in the production of bulletproof jackets, combat uniforms and helmets used by military forces around the globe. Another major driving factor is the extensive usage of aramid fibers in industrial filtration applications including water filtration and air filtration due to their high temperature resistance up to 250°C. Aramid fibers filters offers longer service life and better efficiency compared to conventional filters. Increasing safety concerns and stringent emission regulations across industries are augmenting the demand for industrial filtration using aramid fibers.
The global Aramid Fibers Market Share is estimated to be valued at US$ 4447.55 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
SWOT Analysis
Strength: The aramid fibers have high tensile strength, high temperature resistance and chemical resistance which makes them suitable for applications in aerospace, bulletproof vests and other high-performance applications. They are extremely tough and can withstand chemical attacks. Their high strength-to-weight ratio provides strength and durability.
Weakness: Aramid fibers are very expensive to produce as compared to other fibers like carbon and glass fibers. Their brittleness and inflexibility limit their end uses. The production process is complex which increases the production costs.
Opportunity: Increasing demand from the automotive industry for lightweight and high-strength materials provides an opportunity for aramid fiber manufacturers. Rising safety concerns are driving the demand for bulletproof jackets and vests, thus presenting growth opportunities. Growing aerospace industry also offers potential growth prospects.
Threats: Stiff competition from cheaper alternative fibers like carbon and glass fibers poses a threat. Volatility in raw material prices can adversely impact production costs. Stringent environmental regulations associated with the production process also pose a threat.
Key Takeaways
The global aramid fibers market is expected to witness high growth, exhibiting a CAGR of 3.8% over the forecast period, due to increasing demand from the automotive and ballistic application segments.
Asia Pacific dominates the global aramid fibers market and is expected to grow at the fastest rate owing to the presence of emerging economies like China and India. China accounts for over half of the global aramid fiber production. North America and Europe also have a significant market share due to the growing aerospace and defense industries in these regions.
Key players operating in the Aramid fibers market are China National Bluestar (Group) Co. Ltd, DuPont, Hebei Silicon Valley Chemical Co Ltd, Huvis, Hyosung, Kermel, Kolon Industries Inc., Shenma Industrial Co. Ltd, Sinopec Yizheng Chemical Fibre Limited Liability Company, Suzhou Zhaoda Specially Fiber Technical Co.,Ltd., Teijin Limited, Toray Industries Inc., Wuxi, Heshengyuan Carbon Fiber Technology Co. Ltd, X-FIPER New Material Co. Ltd, Xiamen Chao Yu Environmental Protection Technology Co. Ltd, and Yantai Tayho Advanced Materials Co. Ltd.
Read More: https://blogger-veritas.blogspot.com/2023/11/body-armor-segment-to-is-expected-to.html
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian