Aramid Fibers Market Estimated To Witness High Growth Owing To Increasing Demand From Aerospace And Defense Sector
Aramid fibers are lightweight and high-strength synthetic fibers known for their superior tensile strength and heat resistance. The aerospace & defense sector is a major end-use industry for aramid fibers, where their lightweight and high-strength properties aid in weight reduction and increase fuel efficiency of aircraft. Therefore, the growing aircraft fleet size and rising defense budgets of countries worldwide are driving the demand for advanced high-performance materials like aramid fibers in this sector.
Market Overview:
Aramid fibers have a variety of applications and uses including reinforcements for multiple composite structures and parts. They are used in components and body panels of aircraft, ballistic-rated body armor, cables, optical fibers and automotive braking systems. Their unique properties allow products to withstand high heat, stress and be lightweight - making them suited for transportation, protection, industrial and other applications.
Market Dynamics:
The aerospace and defense sector accounts for over 30% of total aramid fiber demand, driven by two key factors. Firstly, the commercial aircraft fleet is growing significantly with rising passenger traffic globally. Commercial aircraft manufacturers are focusing on reducing aircraft weight to improve fuel efficiency. Aramid fibers help reduce weight without compromising on strength. Secondly, defense budgets of major countries are increasing in view of geopolitical issues, thereby driving procurement of advanced military equipment containing aramid fiber composites. Another factor is the usage of aramid paper and rolls in electrical insulation, as a substitute for asbestos, owing to their heat resistance up to 155°C. This is contributing to the growth of the aramid fibers market.
The global Aramid Fibers Market Demand is estimated to be valued at US$ 4447.55 Bn 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:
Aramid fibers have high tensile strength and excellent resistance to abrasion which makes them suitable for protective gear like clothing, helmets, and vehicles.
They are lightweight and have good thermal stability which increases their utility in various industries like aerospace and defense.
Easy processing and construction of aramid fibers helps in manufacturing composites for diverse applications.
Weakness:
Aramid fibers are stiff and inflexible limiting their use where flexibility is required.
They have low resistance to chemicals, making protection necessary during processing and end-use.
Opportunity:
Growing demand for protective clothing and composites from defense sector due to rising geopolitical conflicts and military upgrades.
Increasing r&d on development of flexible aramid fibers and hybrid composites to tap into new application areas.
Threats:
Availability of substitute fibers like carbon and glass fibers that have better specific properties.
Volatility in raw material prices impacting the costs of aramid fiber production.
Key Takeaways
The global Aramid Fibers market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing demand for protection equipment across industries.
Regional analysis:
The Asia Pacific region currently dominates the global aramid fibers market with a share of over 35% in 2023. China contributes significantly to the regional market growth due to presence of leading manufacturing bases. North America and Europe are other major consumers driven by developing aerospace and defense industries in countries like the US and UK.
Key players:
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.
Get more insights on this topic: https://makuv.com/industrial-protective-fabrics-are-the-fastest-growing-segment-fueling-the-growth-of-aramid-fibers-market/
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