Aramid Fiber Market - Forecasts from 2020 to 2025

The global aramid fiber market is expected to grow at a CAGR of 8.59% over the forecast period to reach a total market size of US$6.315 billion by 2025 increasing from US$3.852 billion in 2019

Aramid fiber is a class of strong synthetic fiber that is widely used for ballistic rated body armor fabric and composites. The growing adoption of aramid in the aerospace industry is expected to be one of the prime drivers for the growth of the market during the forecast period. Also, with the increasing fuel prices, the aviation industry is under pressure of upgrading its performance with the adoption of lightweight technology which provides a key solution for lightweight and also promotes fuel efficiency. However, high research and development cost coupled with the complexity in the production process of aramid fiber is expected to restrain the growth of the market in the coming years.

Increasing demand for protective clothing

Growing demand for protective clothing in various industries like construction, aerospace, the military is considered as the driving factor for the growth of the market. Besides, there is an increasing demand for lightweight and strong materials that offers protection against situations such as extreme temperature and threats which further drive the market for aramid fiber. In addition, expanding the ballistic protection equipment market is also expected to boost the demand for aramid fiber in the production of equipment in the coming years. For instance, the ballistic protection equipment market is growing at a CAGR of more than four percent to reach a market size of US$12.688 billion in 2024 (Source: Knowledge Sourcing Intelligence).

Expanding aerospace and defence industry

Protective clothing is prominent equipment when it comes to protecting the first line of defense and the increasing investment in aerospace and defense around the globe is anticipated to propel the market growth opportunities in the coming years. Also, as government around the globe modernize their military platforms and systems and chase advanced technologies and capabilities, the projected spending on military aircraft, satellites, and spacecraft among other products is also expected to increase which is driving the growth of aramid fiber market. According to the World Bank, military expenditure at current USD in China and India has increased from US$115.712 and US$ 46.09billion in 2010 to US$249.997 and US$66.51 billion in 2018 respectively. In addition, global air transport, passenger carried has also increased from 2.5 billion in 2009 to 4.233 billion in 2018 showing a growth of more than eighty percent (Source: The World Bank).

North America is estimated to hold a significant share in the market

By geography, the global aramid fiber market has been segmented as North America, South America, Europe, the Middle East and Africa, and Asia Pacific (APAC) regions. North America accounts for the significant share of the global aramid fiber market in 2019 and is projected to grow at a healthy rate throughout the forecast period. This growth is attributed to the presence of big market players coupled with the early adoption of technology in the region.

The aramid fiber market in the Asia Pacific region is anticipated to witness exponential growth owing to expanding the automotive and aerospace industry in developing countries like China and India. For instance, automotive production in India has increased from 3,927.411 thousand units in 2011 to 5,174.645 thousand in 2018 (Source: International Organization of Motor Vehicle Manufacturers). However, the European aramid fiber market will witness considerable growth during the forecast period owing to the rising manufacturing and automotive industry in the region. Besides, the region is the home of major aerospace players and with the favorable government initiative towards the adoption of lightweight and advance, materials is further expected to boost the market in the region.

Competitive Insights

Prominent key market players in the global aramid fiber market include Dow DuPont and Teijin Ltd among others. At present, both companies hold a significant share in the market and are adopting various growth strategies such as new product launches, M&A, and partnerships to expand their global footprint. For instance, recently Teijin completes its acquisition of Benet Automotive, a leading provider of automotive composite and component in the Czech Republic. This acquisition is expected to serve as a solid foundation that will further strengthen Teijin's solution development capabilities as a material component supply partner of automotive Original Equipment Manufacturer customers in Europe.

Major players in the aramid fiber market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the aramid fiber market.

Segmentation:

By Type

• Para-Aramid
• Meta-Aramid

By End-User/b>

• Aerospace and Defense
• Automotive
• Electronics and Telecommunication
• Others

By Geography

North America

• USA
• Canada
• Mexico

South America

• Brazil
• Argentina
• Others

Europe

• UK
• Germany
• France
• Spain
• Others

Middle East and Africa

• Saudi Arabia
• UAE
• Others

Asia Pacific

• Japan
• China
• India
• Others