Aramid Fiber Market Size Market Share & Forecast, 2018 – 2024
Aramid Fiber Market Size will
surpass USD 5 billion by 2024. Manufacturing sector has been observing product
demand with utmost importance to smaller ecological footprint, enhanced safety
and cost-efficiency. Aramid fibers have been gaining the prominent preference
in the area of ballistic protection for their high tensile strength, high
modulus and resistive physical properties to bullets, shrapnel & bomb
fragments, stabbing, etc. Apart from the protective apparels, aramid fibers are
likely to find vast applications in the fields including automotive, aviation,
marine, electrical & electronics, etc. by 2024, for their low flammability,
non-conductivity, light weight and substantial thermal & chemicals
resistance.
Aramid fibers market will be
driven by the sectors where weight savings are critical, for instance,
automotive, space vehicles, aircraft components, helicopters and missiles.
Rising demand from the escalating automotive industry will propel global Aramid
Fiber Market in the near future. For instance, Total automotive sales in the
North America including: U.S. and Canada were over 19 million units in 2016 and
is likely to witness 4% growth by 2024. Aramid fibers find extensive automotive
applications in tire reinforcement (in racing automobiles, off-road, buses, and
trucks), power transmission belts, industrial and automotive hoses, brake,
clutch, and gasket uses etc.
Aramid fibers market will observe
significant demand from electrical insulation, sporting goods, marine
applications in the foreseeable timeframe. Characteristics such stiffness,
light weight, damage tolerance, vibration damping, etc. which are essential in
marine recreational industries will drive their demand in the hulls of canoes,
kayaks, and sail & power boats.
In 2016, safety applications led
the Aramid Fiber Market and generated revenue over USD 900 million. Rising investment by various nations to
bolster their defense sectors amidst rising uneven warfare will augment the
demand for aramid fibers from safety applications.
Frictional material segment held
share close to 25% in 2016. Usage of aramid fiber in this area include asbestos
replacements, automotive & industrial gaskets, brake pads, linings,
etc. Regulations prohibiting the
asbestos usage for various industrial applications will boost the demand for Aramid
Fiber Market by 2024.
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Europe led the global Aramid Fiber
Market with a market share over 30% in 2016. However, the region will exhibit
comparatively moderate growth rate in the coming years. Asia Pacific Aramid
Fiber Market will witness promising growth close to 9% by 2024. Rising
automotive industry and infrastructural development will be the key factors
boosting the regional growth.
Total automotive sales in Asia
Pacific region including: China, India, Japan, Australia, Indonesia, Thailand
and Malaysia were over 40 million units in 2016 and shall escalate by 2024. Recent
regulations by the Government of Japan for reinforcing the evacuation
facilities situated near volcano prone areas, for instance, Ebino Eco Museum
Center, will be another factor contributing to the growth of Aramid Fiber
Market in the region. Protecting structures from large airborne fragments is an
important issue in Japan, one of the world's more active volcanic regions,
where aramid fibers play vital role in construction owing to their airborne
fragment-resistive nature.
Major manufacturers have been:
Arkema, BASF SE, DSM, UBE INDUSTRIES, Evonik, DowDuPont Inc., EMS-CHEMIE
HOLDING AG, Asahi Kasei Corp., Lanxess, Grupa Azoty, RTP Company and others.
Companies have been engaged in strategic mergers & acquisitions for
strengthening their geographical footprint in order to serve the growing demand
for polyamides. BASF’s acquisition of Solvay polyamide business in September
2017 was a notable move in the global polyamide industry
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Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1 888-689-0688
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Aramid Fiber Market Size Market Share & Forecast, 2018 – 2024
Reviewed by GMI
on
January 24, 2019
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