Para-aramid Fibers Market Size, Share & Trends Analysis Report By Application (Security & Protection, Friction Material, Rubber Reinforcement), By Region, And Segment Forecasts, 2019 - 2025

Industry Insights

The global para-aramid fibers market size was estimated at USD 2.2 billion in 2017 and is expected to exhibit a CAGR of 6.5% from 2018 to 2025. Increasing utilization of para-aramid fiber as an alternative to asbestos and steel in military and aerospace applications for ballistic grade body armor fabric is likely to fuel market growth over the forecast period.

The market is expected to witness substantial growth owing to its superior properties including high strength and rigid molecular structure, which drives product use in security and protection applications. Increasing demand for protective headgear, eye protection equipment, and safety harnesses is anticipated to propel product demand over the coming years.

Stringent government norms regarding the safety of employees at the workplace and large penalties for non-compliance with these standards have driven product demand in U.S. Increasing onshore and offshore drilling activities, coupled with a thriving shale oil and gas industry, are also expected to drive product demand over the forecast period.

The product is supplied through wholesalers, retailers, direct agreements between players and distributors, or through third-party supply agreements. E. I. du Pont de Nemours Company and Teijin Ltd. are major product manufacturers and suppliers across the globe that are forward integrated across the value chain.

Various companies are involved in the development of low-cost and technologically advanced aramid fiber products. Hand lay-up, vacuum bagging, vacuum infusion, RTM, RTM light, press molding, filament winding, and pultrusion are some of the methods adopted for product manufacturing.

The threat of substitutes is anticipated to remain medium over the forecast period. Carbon and glass fibers can be used as alternatives to aramid fibers depending on the requirement in various application segments. In addition, most end users prefer aramid-based products over other synthetic fibers on account of their excellent chemical, mechanical, and thermal properties.

Product manufacturers are facing numerous challenges, elevated manufacturing costs, and low production efficiency, which can act as a deterrent to growth. Factors including high production cost, high initial investment, and inconsistent raw material supply are also expected to hamper market growth, thereby discouraging the entry of new players in the market.

Application Insights

Security and protection was the largest segment in the para-aramid fibers market in 2017 and is expected to reach a value of USD 1.4 billion by 2025. Para-aramid-based products have registered high demand from the security and protection application owing to growing concerns over personnel protection in military and industrial sectors.

Para-aramid fibers are used as strength providers in the design and manufacturing of fiber optic cables owing to their low weight, flexibility, dielectricity, and handling. Optical fiber applications include aerial dielectric self-supporting cables, premise cables, water-blocking yarns, and fiber to the home (FTTH), which find extensive use of the product.

Para-aramid fibers are extensively used as an alternative to asbestos in friction and sealing products. They are widely used in friction plates and pads due to superior benefits such as extended life, non-glaze/smear on the surface of the lining, fade resistance, and non-aggressive wear on drums and discs. This is expected to drive demand over the forecast period.

The use of aramid fibers in tires provide benefits such as higher performance, increased safety, higher comfort, and reduced fuel consumption. Superior fatigue resistance provided by the product in racing car tires is expected to drive the substitution of traditionally used materials such as polyester, steel, and polyamide, thereby benefitting the industry.

Aramid fibers are also used in aerospace components, including fairings, primary wing, fuselage, landing gear doors, leading and trailing edge panels on the wings, flight control surfaces, and vertical and horizontal stabilizers. They are used mainly in components that are subject to impact resistance, high stress, and low weight on account of superior performance characteristics.

Regional Insights

Asia Pacific was the fastest-growing market for para-aramid fibers in 2017 and is expected to register a CAGR of 6.3% in terms of volume from 2018 to 2025. This can be attributed to the security and protection measures in various industries such as healthcare/medical, mining, oil and gas, manufacturing, building and construction, and military.

The market in China is estimated to exhibit significant growth over the forecast period, on account of rapid industrialization and continuous infrastructure development supported by government efforts. In addition, increasing R&D and other activities by major players in the country is anticipated to boost product demand through 2025.

Europe was the largest market for para-aramid fibers in 2017 with the trend expected to continue until the end of the forecast period. Demand for high bandwidth fiber optic cables for data services and communication is expected to have a positive influence on market growth.

Stringent regulations laid down by various regulatory bodies, such as the Health and Safety Executive (HSE), the American National Standards Institute (ANSI), and state bodies pertaining to security and protection measures of workers in various industries are expected to drive the regional markets. Increasing efforts undertaken by major companies in North America is also expected to benefit industry growth.

Para-aramid Fibers Market Share Insights

Key players are executing various strategies such as partnerships, mergers and acquisitions, new product development, and agreements with tier 1 and tier 2 players to gain a competitive edge. Various initiatives by prominent participants, such as technology innovations and research and development, are projected to increase the competition in the market over the forecast period.

The presence of large companies such as Teijin and DuPont with significant market share is expected to limit market entry for new players. Companies in the industry benefit from high market goodwill due to the dominance of a handful of players. Companies compete majorly on product quality due to the low price-sensitivity of consumers across the globe.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis on latest 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 para-aramid fibers market report on the basis of application and region:

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

  • Security & Protection

  • Optical Fibers

  • Friction Materials

  • Rubber Reinforcement

  • Tire Reinforcement

  • Others

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

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Central & South America

  • Middle East & Africa