Global Aramid Fiber Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Aramid Fiber Market report Overview:

“The global Aramid Fiber market size is expected to be worth around US$ 234.5 million by 2021 from US$ 141.2 million in 2031, growing at a CAGR of 5.19% during the forecast period 2021 to 2031.”

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The Aramid Fiber Market report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027.

The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.

The global aramid fiber market report has been segmented on the basis of product type, application, and region. This report is based on the synthesis, analysis, and interpretation of information gathered regarding the target market from various sources.

Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market.

In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in the future.

An aramid is a short form of ‘aromatic fiber’, that is made from high-performance fiber. This fiber has high strength, low flammability, and good resistance to organic solvents and abrasion. It is used for military clothing, body armor, bicycle tier, sports goods, optical cables, and many more.

Increasing demand for protective gear in the industrial and defense sectors is a major factor driving the growth of the global aramid fiber market. Stringent rules set by the government for compulsion on the use of protection wear in many industries is another factor fueling the growth of the global market.

Increasing the use of meta-aramid fiber for electrical insulation is also a factor propelling the growth of the target market. The increasing military budget of developing countries, due to rising instances of terrorism and political unrest has also given rise to gears made using aramid fiber such as ballistic-related body armor, hunting gators, and gloves.

The use of aramid belts as an alternative to steel belts that are used in conveyors and the increasing use of aramid in the aerospace sector are factors expected to support the growth of the global market over the forecast period.

However, the high cost of aramid fiber and the wide availability of other low-cost substitute materials are major factors expected to hamper the growth of the global aramid fiber market.

Development of cost-effective aramid fiber and increasing research and development to expand the application of aramid fiber can create high revenue opportunities for major players in the target market.

The market in Europe accounts for the largest market share in terms of revenue and is expected to maintain its dominance over the forecast period, owing to government rules regarding safety and the increasing use of aramid fiber in the automotive sector in the region.

The market in North America is expected to account for the second-highest share of the market in terms of revenue over the forecast period, owing to the increasing use of aramid for protective clothing in the region. The market in the Asia Pacific has expected to witness lucrative growth, especially in China, India, and Japan.

Global Aramid Fiber Market Segmentation:

Segmentation by product type:

• Para-aramid
• Meta aramid

Segmentation by application:

• Aerospace
• Electrical and electronics
• Defense
• Telecommunication
• Automotive

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa