Chemicals & Advanced Materials

Aramid Fiber Market CAGR to Reach at 8.67% by 2023

Global Aramid Fiber Market Report

Aramid Fiber Market

Industry Outlook and Trend Analysis

The Aramid Fiber Market was worth USD 2.67 billion in the year of 2014 and is expected to register itself at a compound annual growth rate CAGR of 8.67% during the forecast period. Aramid fibers market has been watching a rising inclination inferable from the different one of kind properties, for example, rigid and highly oriented molecular structure, low flammability, lightweight, ultra-high-strength, resistance to abrasion and organic solvents, and so forth. Worldwide aramid fiber market is anticipated to have huge request from the barrier segment for defensive garments in the following years. The surge in unbalanced warfare rates and incidents comprehensively has brought about expanded guard speculations by different countries in the last few years. For example, the wars including the Syrian common war, ISIS conflict, the Lebanon struggle, Indo-Pak strife over Kashmir, the fights between North Korea and the United States. Developing strains over the fringes has brought about a rising interest for ballistic protecting products, for example, headgear, bulletproof vests, eyewear, armored car, missiles, and so on. Rising guard use over the globe will drive the aramid fibers market in the following years.

Product Outlook and Trend Analysis

Para-aramid fibers drove the worldwide aramid fiber market in 2016, with an income of over USD 2 billion. The significant demand for protective apparatuses, for example, bulletproof vests, helmets, and vehicle armor will drive the para-aramid fiber market estimate over the figure time span. The most usually favored para-aramid strands over the globe include Twaron, Taparan, Kevlar, RUSLAN, X-FIPER, and so on. Meta aramid fibers are estimated to rise with a CAGR above 7% by 2024. These are projected to witness substantial demand from various applications.

Application Outlook and Trend Analysis

Worldwide aramid fiber market measure was pushed by safety equipment applications in 2016. The portion contributed a share of the market near 35 percent in the year and will display broad development over the estimate time span. The gigantic offer was credited to the rising safety issues for the mechanical and in addition defense workforce. Optical fiber applications generated close to 15 percent of the aramid fiber market share in 2016 and will witness significant gains over the forecast time frame. The mounting need from the electronics and telecommunication sector for durable and sturdy optical fiber cables will drive the demand for these fibers in the upcoming years.

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Regional Outlook and Trend Analysis

North America aramid fiber market produced income of over USD 700 million in 2016. The district is evaluated to witness the quickest development over the conjecture time frame. In 2014, the military spending in the locale was near USD 1.8 trillion. India and China are probably going to lift to the aramid fiber market development in guard industry in coming years. New acquirement for military, vehicles, and electronics are on the ascent and the likelihood of new contestants in the private division could assume a key part for aramid fiber market development in the locale.

Competitive Insights

The market is highly competitive with the presence of some significant players such as DowDuPont, Kolon Industries, Yantai Tayho Co, JSC Kamenskvolokno, Teijin Aramid, Huvis Corp, DSK Hyosung – Authorised service center and Kermel. The major players have been endeavoring to pick up the competitive edge with key limit developments. For example, in October 2017, Teijin experienced a limit extension for its Technora aramid fiber, which is eight times more grounded than steel, at its office in Matsuyama, Japan. Through the development, Teijin tended to the rising needs of its clients for the modern and support applications in Asia Pacific district.

The Aramid Fiber Market is segmented as follows-

By Product:

Meta Aramid
Para Aramid

By Application:

Frictional Materials
Safety Applications
Tire Reinforcement
Optical Fibers
Electrical Insulation
Rubber Reinforcement

By Region

North America
Rest of Europe
South Korea
Rest of Asia Pacific
Rest of the World
South Africa
Saudi Arabia
United Arab Emirates

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Some of the key questions answered by the report are:

What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?

Table of Content Covers the Topics mentioned below

Executive Summary
Market Overview
Market Analysis by Regions
Aramid Fiber Market, By Product
Aramid Fiber Market, By Application
Aramid Fiber Market, By Region
Company Profiles

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