The Rising Number Of Lightweight Automotive To Boost The Aramid Fibers Market Growth

Aramid Fibers Market
Aramid Fibers Market

Aramid Fibers Market, By End-User Industry (Safety and Protection Equipment, Aerospace, Automotive, Electronics and Telecommunication, Other End-user Industries), By Product Type (Para-aramid, Meta-aramid), and By Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030

The global Aramid Fibers Market is estimated to be valued at US$ 3.82 billion in 2022 and is expected to exhibit a CAGR of 7.8 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Aramid fiber is an artificial fiber in which the substance which forms the fiber is a long-chain artificial polyamide which has around 85% of the amide bonds linked straight with two aromatic rings. It has an excellent resistivity to cuts and abrasion, and it is a strong fabric.

Competitive Landscape:

Key players involved in the global aramid fibers for market are Teijin Limited, Zhaoda Specially Fiber Technical Co.,Ltd., Huvis, China National Bluestar (Group) Co. Ltd, X-FIPER New Material Co. Ltd, Xiamen Chao Yu Environmental Protection Technology Co. Hyosung,Toray Industries Inc., Ltd, DuPont, Sinopec Yizheng Chemical Fibre Limited Liability Company, Hebei Silicon Valley Chemical Co Ltd, Heshengyuan Carbon Fiber Technology Co. Ltd, Kermel, Kolon Industries Inc., Shenma Industrial Co. Ltd, Wuxi, and Yantai Tayho Advanced Materials Co. Ltd

Market Key Drivers:

The rising number of lightweight automotive is expected to augment the growth of global Aramid Fibers Market. For instance, as per OICA, around 4.59 million light commercial automotive were sold in the year 2019 in Germany.

The rising demand of 5G technology is projected to propel the growth of global aramid fibers for market. For instance, in September 2020, Kolon and Hyosung from South Korea stated a rise in need of aramid fibers as due to rising adoption of 5G network in the region.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of the global aramid fibers for market due to the interruption in industrial expenditure and activities. Furthermore, the pandemic has affected regions of Asia, North America, Europe, and the ME strongly. Some countries have experienced complete shutdown. Various organizations are working with very limited labor, or are shut for acute period. This has impeded the growth of global aramid fibers for market.

Key Takeaways:

The global Aramid Fibers Market is expected to exhibit a CAGR of 7.8 % during the forecast period due rising R&D, quick product launches and approvals and increasing investments. For instance, in July 2018, Yantai Tayho Advanced Materials Co., Chinese manufacturer spent US$ 89 million to increase its para-aramid production service in China.

Among region North America, Asia Pacific and Europe are anticipated to witness robust growth in the global aramid fibers for market due to rising investments, increasing need of fuel-efficient vehicles, rising expansion of the product by the key players. For instance, in February 2020, Dupont declared its plans to increase the global capacity of Nomex Paper. This increase in capacity will be made by collaborating with Nippon Paper Papylia located in Japan.

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