Global Aramid Fiber Market, in the recent years, has depicted a significant growth rate, which can be attributed to the rise in demand for materials that are strong and durable but light weight and require least maintenance.
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Due to the extensive deployment of aramid fibers in the manufacturing of various defense related components, it would be precise to state that the defense sector has been a major end-use domain for the aramid fiber market. These fibers possess excellent strength to weight ratio – that is to say, despite being extremely light weight, they are rather comfortable to wear, and are able to protect the body even against firing from sub machine guns.
With the rise of warfare and terrorist incidents worldwide, numerous countries have increased their defense investments, which has had a direct impact on the revenue graph of aramid fiber market. Technological advancements in the aramid fiber industry and superior structural integrity of aramid fibers have made it possible for most of the ballistic shielding products such as body armor, bulletproof headgears and vests and armored cars to be made from aramid fibers.
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Growth drivers are
1. Protective measures requirement led by rise in asymmetric warfare
2. Growing demand in automotive and aerospace applications
3. Potential alternative for asbestos and steel
Pertaining to their high flame resistance property, these fibers are also used to manufacture fireproof suits, gloves and helmets for firefighters. Thus, safety concerns for industrial and defense personnel has propelled the demand for safety equipment developed from aramid fibers, which has driven aramid fiber industry size from safety equipment applications. In fact, in 2016, safety equipment accounted for 35% of the overall aramid fiber market share, and are expected to contribute massively toward the growth of this business vertical in the years ahead.
The extensive use of aramid fibers in sporting goods is another factor driving the growth of aramid fiber market. For instance, leading sports goods manufacturer Reebok has joined forces with one of the key players of the aramid fiber industry and has used aramid fiber in its CrossFit gear. The strategically engineered product has been used in the main abrasion zones of CrossFit apparels and footwear such as knees, elbows and rear, so that athletes have to worry less about their gear and concentrate more on their workout.
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North America is projected to witness the maximum growth in aramid fiber industry in the forecast period, subject to the increased defense spending of USA. In 2015, the defense budget allocated by the U.S. House of Representatives amounted to USD 585 billion, which accounted for 54% of the entire federal discretionary spending. Unrefutably, this has been one of key driving forces of North America aramid fiber market size, which was pegged at USD 700 million in 2016.
Key players such as DowDuPont, Tejin Aramid, Yantai Tayho, JSC Kamenskvolokno, W. Barnet GmbH, Kolon Industries, and Hyosung apparently account for more than 60% of aramid fiber market share. Most companies in this highly consolidated aramid fiber industry are increasingly investing in R&D programs as a means to produce more effective high-performance aramid fibers.
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As a result of running these expensive R&D programs, aramid fiber products are often subjected to steep price hikes which can work as a deterrent for growth of the aramid fiber market. Nonetheless, with the increasing demand of highly effective protective gears and corrosion and abrasion resistive material, the aramid fiber industry will continue to expand in the forecast period. Estimates in fact, claim aramid fiber market size to cross a valuation of USD 5 billion by 2024.
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Website: https://www.gminsights.com/industry-analysis/aramid-fiber-market
Source URL: https://marketersmedia.com/at-8-cagr-aramid-fiber-market-size-to-exceed-usd-5-billion-by-2024/88900989
Source: MarketersMedia
Release ID: 88900989
