Aramid Fiber Market worth $6.3 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 11, 2021 /PRNewswire/ -- According to the new market research report "Aramid Fiber Market by Type (Para-Aramid Fiber, Meta-Aramid Fiber), Application (Security & Protection, Frictional Materials, Industrial Filtration, Optical Fibers, Rubber Reinforcement, Tire Reinforcement), Region - Global Forecast to 2026", published by MarketsandMarkets™, the Aramid Fiber Market is projected to reach USD 6.3 billion by 2026, at a CAGR of 9.7% from USD 3.9 billion in 2021.
Aramid fibers are synthetic polymers with unique properties such as high strength bearing capacity and low density and can withstand very high temperatures and corrosive environments. Aramid fibers, on average, are five times stronger than steel, have no melting point, function efficiently between 400°C and 600°C, and have dielectric properties. Owing to these unique properties, aramid fibers are used to effectively address requirements in industries such as defense, personal protection equipment (PPE), automotive, telecommunication, oil & gas, iron & steel, aerospace, and mechanical rubber goods. These fibers are mainly used for security & protection applications owing to their thermal resistance, lightweight, and high load-bearing capacity.
Para-aramid fiber is the largest type segment of the aramid fiber market. Europe was the largest market for aramid fiber in 2020, in terms of value. Factors such as increasing demand for lightweight and flexible materials from the automotive and military & defense industries for various applications is driving the market.
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"Meta-aramid fiber is projected to be the fastest-growing type for aramid fiber market between 2021 and 2026"
These fibers offer high performance, due to which they may be blended with materials such as wood and carbon to increase their strength. The increased spending on protective clothing for military purposes is estimated to drive the meta-aramid fiber market during the forecast period.
"Optical fibers segment is projected to be the fastest-growing end-use industry in aramid fiber market between 2021 and 2026."
Aramid fiber protects against mechanical stress and moisture, thereby leading to its increasing demand in fiber optic cables from the telecommunication industry.
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"APAC is projected to be the fastest-growing region for the aramid fiber market during the forecast period"
Growth of the aramid fiber market in APAC is propelled by the increasing demand from the automotive and defense industries. The increased concern for the safety of the workers at workplaces is fostering the demand for protective clothing, which in turn drives the aramid fiber market. Aramid fiber is preferred due to its properties that allow the fabric to be lightweight. Most of the growth in APAC is expected from India, China, South Korea, and Southeast Asian countries.
The key market players profiled in the report Teijin Ltd. (Japan), DuPont De Numerous, Inc. (US), Yantai Tayho Advanced Materials Co., Ltd. (China), Hyosung Corp. (South Korea), Toray Industries, Inc. (Japan), Kolon Industries Inc. (South Korea), Huvis Corporation (South Korea), Kermel (France), China National Bluestar (Group) Co., Ltd. (China), and SRO Aramid (Jiangsu) Co. Ltd. (China).
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