The global aramid fiber market is
projected to register a size of USD 6.51 billion by 2024, according to a new
report by Grand View Research, Inc. The market will be driven by increasing
demand for protective clothing from various sectors such as industrial and
defense. The growth of these end-user industries is projected to propel market
expansion further over the forecast period.
Aramid
fibers were extensively used for manufacturing frictional materials which
accounted for 25.8% of the global revenue share in 2015. It is used for
producing a broad range of materials including pig iron, steel, clutches,
automotive brakes, shoes, fabricated discs with a superior braking power to
reduce judder, noise, vibration and fading.
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Further key findings from the study suggest:
- The global demand for aramid fiber was 78.22 kilo tones in 2015. High strength, resistance to abrasion & organic solvents and low flammability makes it a viable option across a wide array of applications including textiles, aviation, automotive and electronic applications. Rising demand for textiles and vehicles is expected to drive market growth over the forecast period.
- Growing requirement for protective clothing from defense & industrial sectors for security & protection will result in high growth over the forecast period. Furthermore, stringent regulations implemented by the U.S. OSHA regarding the safety of workers are fueling consumption of protective clothing.
- Para-aramid fiber market was estimated as the largest market in 2015 accounting for 66.2% of the volume share, owing to its high strength and insulation property which makes it an essential material for use in electronics, automotive and aviation applications
- Europe accounted for 34.7% of the volume share in 2015 and is projected to experience significant growth owing to the increasing penetration of the product in various industries such as aerospace, security and protection and electrical insulation in several countries including Germany, France and UK. The growth of the automotive sector will further influence demand for the product over the next eight years. Moreover, the presence of a stringent regulatory framework for the protection of workers is expected to propel the demand for protective clothing, thereby, driving demand for aramid fibers.
- Key industry players include HYOSUNG Corporation, E. I. du Pont de Nemours and Company, Teijin Aramid, Ibiden Co., Ltd., Toray Chemical Korea Inc., Yantai Tayho Advanced Materials Co. Ltd. and Huvis Corporation. These companies have a strong emphasis on R&D activities to introduce new products and strengthen their aramid fiber product portfolio.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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