Aramid Fiber Market Size, Share & Trends Analysis Report By Product (Para-aramid, Meta-aramid), By Application (Security & Protection, Frictional Materials, Rubber Reinforcement, Optical Fibers), By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the aramid fiber market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for aramid fiber market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of aramid fiber market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Aramid Fiber Market Categorization:

The aramid fiber market was categorized into three segments, namely product (Para-aramid, Meta-aramid), application (Security & Protection, Frictional Materials, Rubber Reinforcement, Optical Fibers, Tire Reinforcement, Electrical Insulation, Aerospace), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The aramid fiber market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The aramid fiber market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into thirteen countries, namely, the U.S.; Canada; Mexico; the UK; Germany; Italy, France; Russia; China; Japan; India; South Korea; Brazil.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Aramid fiber market companies & financials:

The aramid fiber market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Teijin Ltd. - Teijin Ltd. was incorporated in 1918. It was earlier known as Jinzo Kenshi Co., Ltd. It is the holding company of Teijin Group and operates through 150 subsidiaries and affiliates across the globe. The company provides a range of services and products in the fields of information and electronics, safety & protection, environment & energy, and healthcare. It operates through 169 group companies present across Europe, Asia, and the Americas. Its operations are classified into five segments, namely advanced fibers & composites, electronics materials & performance polymer products, healthcare, trading & retail, and others.

• Yantai Tayho Advanced Materials Co. Ltd. - Yantai Tayho Advanced Materials Co. was established in 1986 and is headquartered in Yantai, China. As of 2019, the company has over 1,200 employees. It offers products such as spandex, meta-aramid fibers, para-aramid fibers, and various chemicals, making one of the largest producers in China. The company’s annual production capacity of meta-aramid and para-aramid fibers is approximately 7,000 tons and 1,000 tons, respectively. The company operates in China and is involved in supplying products to domestic application industries.

• E. I. du Pont de Nemours and Company (DowDuPont) - E. I. du Pont de Nemours and Company (DowDuPont) was established in 1915 and is headquartered in Delaware, U.S. The company operates through six segments: agriculture, electronics & communication, industrial bioscience, nutrition & health, performance materials, and safety & protection. The company offers a wide range of products for use in various industries such as food & beverage, government & public sector, automotive, building & construction, energy, marine, healthcare & medical, safety & protection, plastics, mining, electronics, and agriculture.

• Hyosung Corp. - Hyosung Corp. was established in 1966 and is headquartered in Seoul, South Korea. The company manufactures products including tire cord, spandex, power distribution equipment, ATM, and fabric material. The company supplies its products globally and is engaged in various business areas such as power & industrial systems, industrial materials, textiles, chemicals, construction, trading, and information & communication.

• Toray Chemicals South Korea, Inc. - Toray Chemicals South Korea, Inc., a manufacturer of aramid fibers, was established in 1970 and is headquartered in South Korea. Toray Group is an integrated chemical industry group developing its business in 26 countries across Asia Pacific, Europe, North America, Africa, and South America regions.The company is engaged in several businesses including fibers & textiles, plastics & chemicals, ITrelated products, carbon fiber composite materials, environment and engineering & life science and other services. It manufactures several products such as filaments, staple fibers, PET resins, filters, films, aramid fiber, and melt-blown non-woven fiber. The company had over 7,625 employees as of 2019.

• Kermel S.A. - Kermel S.A. is a private company and was established in 1992. The company is headquartered in COLMAR CEDEX, France, and has its corporate offices in over 32 countries across North America, South America, Asia Pacific, Australia, Europe, and Africa. The company is a leading producer of meta-aramid fibers for use in thermo-stable products and non-flammable products. It has developed innovative process for the production of high-tech non-flammable fibers.

• Kolon Industries, Inc. - Kolon Industries, Inc. is a public company and was established in 1957. It is headquartered in South Korea. The company was earlier known as Korea Nylon, Inc. It was the first company in South Korea to start the production of Nylon. The company has four major divisions, namely industrial materials, chemical, films/electronic materials, and fashion. Kolon USA, Inc. a subsidiary of the company, is located in the U.S. and sells polyester films and nylon films. The company does not have any global corporate offices elsewhere other than the U.S. but is planning to globalize its automotive materials, advanced materials, optical films, chemical, and fashion businesses.

• China National Bluestar (Group) Co., Ltd. - China National Bluestar (Group) Co., Ltd. is a private company. It was established in 2000 and is headquartered in Beijing, China. The company is engaged in manufacturing chemical materials and animal nutrition products. It has 58 factories, 16 R&D centers, and 4 overseas subsidiaries. The company’s chemical materials include organic silicon, engineering plastics, general-purpose plastic and rubber, polyurethane, aramid fiber, special chemicals, and inorganic materials. Its animal nutrition products include rumen, methionine, vitamins, and metasmart.

• SRO Aramid (Jiangzu) Co., Ltd. - SRO Aramid (Jiangzu) Co., Ltd. is a private company. It was established in 2005 and is headquartered in Suzhou, China. It is a hi-tech enterprise specialized in research, development, and manufacturing of new materials. The company established its production and operation bases in Shanghai. As of 2017, the company had over 500 employees. It is mainly engaged in the manufacturing and processing of aramid 1313 fiber and aramid paper insulation composite. The company is one of the top special new materials manufacturing enterprises in China. It offers aramid products under two brands, namely XFIPER Meta Aramid Paper and X-FIPER Meta Aramid Fiber.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Aramid Fiber Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Aramid Fiber Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.