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Aramid Fiber Market to witness rising demand by 2024

Author : Rahul Varpe | Published Date : 2019-05-01 

Global Market Insights provides a detailed overview of Aramid Fiber market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of Aramid Fiber market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.

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 strength 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, 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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In September 2017, the aramid fiber industry giant announced that it plans to supply its patented para-aramid fiber, Twaron to the solar-powered vehicles that are being manufactured conjointly by the University of Michigan and the KU Leuven teams contending in Bridgestone World Solar Challenge. Teijin’s move further endorses its product range in myriad applications, not only strengthening its position in aramid fiber market, but also enabling the firm to expand its reach across numerous geographies.

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.

The year 2017 witnessed Teijin‘s involvement in a plethora of projects, right from capacity expansions to increased product development for stipulated contracts. The company added a new production line in Japan, at the Technora aromatic polyamide fiber production facility to manufacture aramid fibers incorporated with excellent resistance to chemicals, fatigue, impact, and moisture and high tensile strength. These fibers are likely to find extensive applications in such as reinforcement material across the automotive, industrial, and oil & gas sectors, thus enlarging the expansion scope for Teijin. With the extensive commercialization of these fibers, it is most probable that the product spectrum of aramid fiber market will witness a dynamic transformation of sorts over 2016-2024.

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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.

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.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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