Aramid Fiber Market Size, Share & Trends Report

Aramid Fiber Market Size, Share & Trends Analysis Report By Product (Para-aramid, Meta-aramid), By Application (Security & Protection, Frictional Materials, Optical Fibers), By Region, And Segment Forecasts, 2019 - 2025

  • Published Date: Sep, 2019
  • Base Year for Estimate: 2018
  • Report ID: 978-1-68038-883-1
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2017
  • Number of Pages: 123

Industry Insights

The global aramid fiber market size was valued at USD 3.3 billion in 2018 and is expected to grow at a CAGR of 8.3% from 2019 to 2025. Increasing utilization of lightweight aramid fiber in the production of electrical insulation and in rubber reinforcement applications is projected to drive the market over the forecast period.

The product offers exceptional properties such as high thermal & abrasion resistance, non-conductivity, low inflammability, and high melting point. In addition, the product provides superior resistance to organic solvents and offers good fabric integrity at elevated temperatures, thereby positively impacting its adoption and boosting the market growth.

U.S. Aramid Fiber Market

The U.S. Department of Defense (DoD) has been given the authority to acquire the items containing aramid fibers manufactured in foreign countries with the intention to ensure the procurement of optimum quality product. This, in turn, is expected to positively impact the market growth over the forecast period. Rising utilization of aramid fibers in automobile industry, especially in race cars, is expected to emerge as a key trend, which is projected to boost the product demand across the globe. Furthermore, the demand for CCTVs has been witnessing an ascend in the recent years owing to intensifying security measures across the globe. This, in turn, is contributing to the demand for optical fiber network and consequently that of aramid fiber.

Major companies are increasingly investing in the development of advanced technologies in a bid to enhance production efficiency and improve the product quality while lowering the production cost. However, the cost of manufacturing is impacted by the fluctuations in raw material prices as the latter accounts for the major share of the overall production cost. Aramid fiber has emerged as a potential substitute to asbestos, which is presumed to be carcinogenic, and other toxic fibers as it can substitute these products in applications such as security & protection and frictional materials. In addition, it facilitates the selection of inert fillers based on thermal and wear resistance on account of fewer concerns regarding the other physical properties of the fillers.

Product Insights

Para-aramid fiber segment dominated the overall market in 2018, accounting for a reveune share of 75.7% owing to the use of the product in a wide range of applications including wire & cables, protection gloves, and ballistic protection. In addition, prime features offered by the product such as high cut resistance, excellent ballistic properties, and good chemical resistance are expected to drive its adoption.

Furthermore, the product exhibits superior performance in applications such as hose reinforcement and rubber reinforcement on account of its features including high modulus behavior and tensile strength. The light weight of the product as compared to steel fiber is also likely to boost its demand over the forecast period.

Meta-aramid fiber is manufactured through wet spinning, which includes spinning in a chemical solution and thus forming a semi-crystalline product. The product exhibits the ability to withstand extreme tensile stress during exposure to flames and temperature up to 400°C, which favors its adoption in high-temperature applications.

Meta-aramid fiber segment is expected to witness rapid growth at a CAGR of 8.8% from 2019 to 2025 on account of rising product application in protective clothing for personnel, electrical insulation, and high-speed automobiles. In addition, the product properties such as resistance to flame and chemical degradation are expected to positively impact the growth of meta-aramid fiber segment in the market.

Application Insights

Security & protection application is expected to register a CAGR of 9.2% from 2019 to 2025 globally owing to high product consumption in applications such as bulletproof jackets and stab-resistant products such as helmets. Rising defense expenditure in major economies is expected to drive the demand for protective clothing, thereby propelling the consumption of aramid fibers. The fiber is also widely utilized in brake lining as it provides benefits such as non-glaze/smear on the surface of the lining, extended life, non-aggressive wear, and fade resistance on drums and discs, thereby driving its demand as a frictional material.

Global Aramid Fiber Market

Aramid fiber is used as the strength member in the design and manufacturing of fiber optic cables owing to its advantageous properties such as flexibility, di-electricity, low weight, and handling requirements in such cables. Optical fiber applications include aerial premise cables, water-blocking yarns, and dielectric self-supporting cables. Optical fiber application segment is expected to witness significant growth at a CAGR of 8.2% over the forecast period on account of increasing product utilization in telecommunication network, primarily in the developing countries. Thus, the rapid growth of the aforementioned trends is expected to drive the product demand and consequently the market over the forecast period.

Regional Insights

Asia Pacific market for aramid fiber was valued at USD 747.5 million in 2018 and is expected to witness notable growth owing to rising employment of security & protection measures across several industries. In addition, rising military expenditure in major economies such as China and India owing to increasing geopolitical tensions is likely to offer growth opportunities for the product.

Growing investments in construction, manufacturing, and healthcare sectors are anticipated to drive the product demand over the forecast period in the region. Moreover, factors such as ascending demand for internet infrastructure from the emerging economies, rapid industrialization, and robust growth of telecom industry are likely to drive the demand for the product.

Europe dominated the global aramid fiber market accounting for 34.7% of the market share in 2018 owing to a broad spectrum of applications including electrical insulation, frictional materials, and rubber reinforcement. Moreover, rising demand for fiber optic cables with high bandwidth for installation in IT infrastructure is likely to positively influence the product consumption in optical fibers segment.

The European countries are among the world’s largest manufacturers of automobiles and automotive components. Tire market is largely dependent on the automotive sector, which has a direct influence on the demand for aramid fibers. The product is extensively utilized in tire reinforcement for higher performance and reduction of fuel consumption, which is expected to drive the market.

Aramid Fiber Market Share Insights

Key market players are employing efforts toward the achievement of optimum growth and strengthening their market position through various expansion strategies such as joint ventures, technical collaborations, and capacity expansions. In addition, companies are focused on the development of advanced aramid fiber grades to gain competitive advantage in the market.

Key market players are engaged in research activities to develop a cost-effective and high-quality product and encourage the product adoption in critical applications. In addition, increasing need for materials that contribute to weight reduction, resource consumption, and lower energy is further encouraging the market players to invest in research and development.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation

Volume in Tons, Revenue in USD Million and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country scope

U.S., Canada, Mexico, Germany, U.K., France, Italy, Russia, China, India, Japan, South Korea, Brazil

Report coverage

Volume forecast, Revenue forecast, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global aramid fiber market report on the basis of product, application, and region:

  • Product Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)

    • Para-aramid

    • Meta-aramid

  • Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)

    • Security & Protection

    • Frictional Materials

    • Rubber Reinforcement

    • Optical Fibers

    • Tire Reinforcement

    • Electrical Insulation

    • Aerospace

    • Others

  • Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Russia

    • Asia Pacific

      • China

      • Japan

      • India

      • South Korea

    • Central & South America

      • Brazil

    • Middle East & Africa

Key questions answered by the report
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