The global aramid fiber market is expected to grow to approximately USD 5,500 million by 2022, according to a new market research report by Technavio.
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Technavio has published a new market research report on the global aramid fiber market 2018-2022 under their chemicals and materials library. (Graphic: Business Wire)
Global aramid fiber market segmentation by end-user and type
Technavio’s report on the global aramid fiber market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by end-user, including automotive, aerospace and defense, and electrical and electronics. As projected in 2017, around 40% of the market share originated from automotive. It was followed by the aerospace and defense and electrical and electronics segments that contributed to approximately 28% and 24% of the market share respectively.
Based on type, the global aramid fiber market has been segmented into meta-aramid and para-aramid. As of 2017, around 68% of the market share came from para-aramid. It was followed by the meta-aramid segment that contributed to around 32% of the market share.
Para-aramid fibers are widely used in various applications such as ballistics protection, wire and cable, protective gloves, race cars, and hose reinforcement due to its properties such as high strength-to-weight ratio, low elongation, dimensional stability, and good resistance to organic solvents and abrasion. Para-aramid fibers are manufactured using dry-jet, wet spinning method. This will form fully extended liquid crystal chains along the fiber axis, resulting in a high degree of crystallinity and fiber strength.
Also, para-aramid fibers are a cost-effective alternative and are extensively used in end-user industries such as automotive, and aerospace and defense. The increasing demand for protective apparel such as vehicle armor and helmets is expected to fuel the demand for para-aramid fibers during the forecast period.
“The meta-aramid fiber is used in electrical insulation and security and protection applications. Though para-aramid fibers are widely used in various applications, meta-aramid fibers provide better thermal and chemical resistance, and electrical properties because of which it is a more preferred material for electrical insulation and fire-resistant clothing,” says a senior analyst at Technavio for textile, fiber, and composites research.
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Some of the vendors in the global aramid fiber market are:
- DowDuPont
- HYOSUNG
- Kolon Industries
- TEIJIN
- TORAY INDUSTRIES
- Yantai Tayho Advanced Materials
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Other topics covered in the report:
Market drivers:
- Increasing demand from emerging economies
- Miniaturization of electronic components
Market challenges:
- Slower adoption in emerging applications
- High cost of development and quality maintenance
Market trends:
- Increasing investment in the defense industry
- Increasing demand for aramid fibers from the consumer electronics industry
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