Aramid Fiber Market, Covid-19 Outbreak, Regional Analysis, Industry Overview, Segmentation, Competitive Analysis and Forecast to 2023

Market Overview

Aramid fibers are polyamides containing at least 85% amide linkages directly attached to aromatic rings. Various types of aramid fibers include meta and para aramid fiber. Meta-aramid fiber is projected to be the leading segment due to its high use in electrical insulation and security & protection applications. These aramid fibers have properties such as high thermal, chemical resistance, and dielectric coefficient, which makes them suitable for fire resistant clothing and electric insulation. Among the various applications of aramid fiber, the security & protection is the leading segment owing to the high demand for protective clothing in defense and industrial sectors. The optical fiber and electric insulation together hold a significant market share on account of the high demand for electronics and consumer goods along with the high disposable income and changing lifestyle. They find their use in major end-use industries such as aerospace, defense, and automotive. The increasing R&D in aerospace sector has augmented the market growth. Furthermore, the demand for lightweight, durable, and efficient automotive is projected to fuel the global market growth during the review period.

Market Segmentation

The Global Aramid Fiber market is segmented on the basis of the type, application, and end-user industries.

Based on the type, the global aramid fiber market is segmented as meta-aramid, para-aramid, and others.

The market is segmented on the basis of its application into security & protection, frictional materials, rubber reinforcement, optical fiber, electrical insulation, and others.

On the basis of the end-user industries, the global aramid fiber market is segmented into aerospace & defense, automotive, consumer goods, marine, and others.

Regional Analysis

Global Aramid Fiber Market is segmented into five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.

The growing product demand from end-use industries such as defense, automotive, and consumer goods in Asia Pacific is the major driver of the market. The high production and sales of automotive and consumer goods in countries such as India, China, and Japan have contributed to this growth.

The high demand from the defense and automotive sector in the U.S. is the major driving factor of the market in North America.

Europe is growing due to the high production and sales of various automotive parts in western European countries.

The growing automotive sector in Mexico is driving the Latin America market.

The substitution of steel and asbestos in various construction activities is driving the market in the GCC countries.

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Key Players

Some of the manufacturers operating in the global aramid fiber market are TEIJIN LIMITED (Japan), Yantai Tayho Advanced Materials Co., Ltd (China), HYOSUNG (South Korea), Toray Chemicals Korea Inc. (South Korea), KERMEL (France), Kolon Industries, Inc. (South Korea), Huvis (South Korea), China National Bluestar (Group) Co. Ltd. (China), SRO Aramid (Jiangzu) Co., Ltd. (China), and IBIDEN CO., LTD. (Japan).

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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.