Aramid Fiber Market will grow at 8% CAGR up to 2024

The qualitative research study conducted by Global Market Insights, Inc. titled “Aramid Fiber Market” provides primary Data, surveys, Scope of the Product and vendor briefings. The market dynamic forces have been determined after conducting a detailed study of the Global Aramid Fiber Market.Aramid Fiber Market will surpass USD 5 billion by 2024. Global aramid fiber market is expected to witness substantial rise especially in ballistic protection applications.

The rising demand will be attributed to the extreme tensile str ength and abrasion resistive properties of aramid fibers which makes them vastly desirable for protection against bullets, bomb fragments, etc. Light weight of these fibers, along with their non-conductivity, low flammability and thermal resistance make them a unique solution. By 2024, aramid fiber market shall observe substantial demand in the areas of aviation, electronics, automotive, marine and other industries, where savings in the structure weight are essential.

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Aramid fiber market is projected be propelled by the rising need of technical advancement of the military armor. For instance, global military expenditure was USD 1,725 billion in 2016. The global aramid fiber market shall also witness growing demand in aerospace and automotive applications. Aramid fibers are used in manufacturing various structural body parts and cabin panels in aircraft, in the wheels of the aircraft, etc. As per the Boeing estimations, the global demand for new airplanes is likely to be 39,620 by 2035, with the highest share of North America with above 15,000 airplanes. This presents brighter growth aspects for aramid fibers over the forecast timespan.

Para aramid fibers held highest share in aramid fiber market in the year 2016. These are likely to grow with CAGR close to 9% by 2024, with significant demand in fireproof apparels, vehicle armor, bulletproof vests, etc.

Safety applications held the highest share in aramid fiber market in the year 2016, and is expected to observe gains over CAGR 8%. Ultra-high strength of these fibers will make them the foremost choice of industry participants for safety applications in the near future. For instance, ropes made of aramid fibers were used for securing the airbags in the crucial landing apparatus of the Mars Pathfinder mission.

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The frictional materials held a significant market share around 25% in global aramid fiber market in 2016. This area of application will witness rising demand by 2024 with rising adaptation of aramid fibers as asbestos replacement, owing to the stringent regulations barring asbestos usage.

In 2016, Europe held a substantial share over 30% with robust product demand from Russia for especially for the soft & hard body armor for military. Yet, Europe is likely to observe slow growth in the next 7 years for its current economic upheavals. North America is estimated to have fastest growth in global aramid fiber market with a CAGR over 8%. Stringent defense investment policies of the region will propel the product demand over the forecast timeframe.

North America is projected to witness the maximum growth in aramid fiber industry in the forecast period, subject to the increased defense spending of USA. In 2015, the defense budget allocated by the U.S. House of Representatives amounted to USD 585 billion, which accounted for 54% of the entire federal discretionary spending. Unrefutably, this has been one of key driving forces of North America aramid fiber market size, which was pegged at USD 700 million in 2016.

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In terms of the competitive landscape, global aramid fiber market is immensely consolidated as the leading players including: Tejin Aramid, DowDuPont, Hyosung, W. Barnet Group, JSC Kamenskvolokno, Huvis Corporation, Yantai Tayho, etc. constitute above 60% share. Manufacturers are investing profoundly in R&D for the promising gains involved in the product development.