Aramid Fiber Market Size, Share & Trends Analysis Report By Product (Para-, Meta-Aramid), By Application (Security & Protection, Optical Fibers, Aerospace), By Region (APAC, North America), And Segment Forecasts, 2022 - 2030

Report Overview

The global aramid fiber market size was estimated at USD 3.62 billion in 2021 and is estimated to register a compound annual growth rate (CAGR) of 5.3% over the forecast period. Rising product demand from various industries, such as oil & gas, healthcare, manufacturing, and others owing to the stringent government regulations related to workplace safety is estimated to fuel the market growth over the forecast period. The market witnessed a steep decline in growth, owing to the lack of demand from the industrial sector during the COVID-19 crisis. Government-imposed restrictions caused a temporary closure across a wide range of industries, which resulted in limiting the product demand.

In addition, a large number of manufacturers suffered huge financial losses due to the pandemic, leading to a number of manufacturers opting to postpone the installation of new automation systems. However, the industry witnessed a significant rise in product demand from the medical sector, which benefitted the market. The market growth in the U.S. is expected to be driven by a rise in the adoption of several advanced material handling equipment, such as wagon tipplers, belt conveyor systems, and bucket elevators, for easy movement and handling of materials, in the cement industry.

In addition, the adoption of advanced robotic systems in warehousing as per the trend of zero-labor warehousing in the U.S. is expected to benefit the market growth. An increasing number of onshore and offshore drilling activities coupled with the growing shale oil & gas industry are expected to drive the product demand in the U.S. over the forecast period. The para-aramid fiber segment is projected to witness significant growth on account of increasing demand from the application segments owing to the rigid molecular structure of para-aramid fibers.

Product Insights

The para-aramid product segment led the market in 2021 and accounted for more than 75.00% share of the global revenue. The excellent strength-to-weight ratio coupled with high tensile strength and modulus behavior is anticipated to benefit the segment growth over the forecast period. The product exhibits properties, such as low elongation to break, good chemical resistance, good heat & flame resistance, and excellent ballistic properties, which are expected to fuel its demand. In addition, high cut resistance and good chemical resistance are projected to promote its consumption across various applications including aerospace, security & protection, and frictional materials.

Meta aramid fiber is manufactured using wet spinning technology, which includes spinning the fiber in a chemical solution and forming a semi-crystalline product. The product can sustain extreme tensile stress when exposed to flames and temperatures up to 400°C, which favors its adoption in high-temperature applications. The meta-aramid fiber segment also accounted for a significant market share in 2021 and is projected to grow at a steady CAGR over the forecast period. Growing adoption of the product in protective clothing, electrical insulation, auto racers, and protective equipment is projected to benefit the segment growth.

Application Insights

The security & protection segment led the market in 2021 and accounted for more than 36.5% share of the global revenue. Increasing use of the product in bullet-resistant & protective clothing, and stab-resistant products, such as helmets and protective gloves, is projected to benefit the growth of the application segment. Aramid fiber is increasingly used in aerospace components, such as primary wing and fuselage structure in new-generation aircraft, landing gear doors, and leading & trailing edge panels. The properties of the product including its superior strength, impact resistance, and low weight are projected to result in its high consumption.

Aramid fibers are extensively used as a replacement for asbestos for friction and sealing products. In addition, the product is also used as reinforcement in friction products, such as brake pads and clutch plates. Moreover, they are also used in high pressure/temperature hoses, gaskets, and seals. This is anticipated to benefit the market growth over the forecast period. The others segment includes various applications, such as composites, filtration, ropes & cables, recreational goods, and adhesives & sealants. Low density, high strength, good impact & abrasion resistance, excellent chemical resistance, and good resistance to thermal degradation are some of the key beneficial characteristics that are encouraging product adoption.

Regional Insights

The Asia Pacific regional market is estimated to register the fastest growth rate of 6.1% during the forecast period. It is expected to witness growth owing to the rising employment of security & protection measures across several industries. In addition, increasing demand for the internet from emerging economies, rapid industrialization, and robust growth in the telecom industry are likely to drive the product demand in APAC. Rising military expenditure in major economies, such as China and India, on account of the increasing geopolitical tensions, is likely to offer growth opportunities for the market.

In addition, high investments in the construction, manufacturing, and healthcare sectors are anticipated to drive the product demand over the forecast period. The market in North America is anticipated to have robust growth from 2022 to 2030. The growing number of refurbishing activities in the region coupled with stringent regulations pertaining to the security & protection of workers across various industries is projected to fuel the market growth. The protection standards laid down by the American National Standards Institute (ANSI) in the U.S. are likely to further fuel the demand for products, such as protective gloves, helmets, and protective clothing. This is projected to benefit the market expansion in North America over the forecast period.

Key Companies & Market Share Insights

The key players are employing strategies, such as joint ventures, technical collaboration, capacity expansion, and mergers & acquisitions, to gain a stronger market position. In addition, manufacturers are also engaged in developing cost-effective and high-quality products to gain a higher market share. Yantai Tayho Advanced Materials Co., a manufacturer of aramid fiber operating in China, invested USD 89 million in July 2018 to expand its para-aramid manufacturing facility in China. The strategic initiative adopted by the company is projected to strengthen its market position in China as well as across the globe. Some prominent players in the global aramid fiber market include:

• Teijin Ltd.

• Yantai Tayho Advanced Materials Co

• E. I. du Pont de Nemours and Company (DowDuPont)

• Hyosung Corp.

• Toray Chemicals South Korea, Inc.

• Kermel S.A.

• Kolon Industries, Inc.

• Huvis Corp.

• China National Bluestar (Group) Co., Ltd.

• SRO Aramid (Jiangzu) Co., Ltd.

Aramid Fiber Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global aramid fiber market report the basis of product, application, and region:

• Product Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2030)

  • Para-Aramid

  • Meta-Aramid

• Application Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2030)

  • Security & Protection

  • Frictional Materials

  • Rubber Reinforcement

  • Optical Fibers

  • Tire Reinforcement

  • Electrical Insulation

  • Aerospace

  • Others

• Regional Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2030)

  • 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