Aramid Fiber Reinforcement Materials Market Overview:
The global aramid fiber reinforcement materials market was valued at $2,680 million in 2015, and is expected to reach $4,813 million by 2022, growing at a CAGR of 8.8% from 2016 to 2022. Aramid fiber reinforcement materials is a high-end specialty synthetic product characterized by its enhanced heat resistance (more than 500°C) and tensile strength (five times stronger than steel on an equal weight basis) for various industrial applications, such as aerospace, defense (bullet proof vest/armoring fabric), automotive (brake pad/lining, high-end tire cord for racing car), and optical fiber cable system.
The factors that drive the global aramid fiber reinforcement materials market are growth in demand from aerospace & defense sector and rise in security concerns, which fuel the demand for high-performance, safety supporting materials. Moreover, increase in need for materials that contribute to weight reduction and lower energy & resource consumption that enhances the performance of finished products have augmented the growth of aramid fiber reinforcement materials market. However, the non-biodegradable nature of aramid fiber and high product costs may hinder the market growth during the forecast period. Furthermore, innovation in existing technologies and development of aramid fibers with higher strength and durability are expected to create several growth opportunities for key market players.
Aramid Fiber Reinforcement Materials Market Segmentation
The global aramid fiber reinforcement materials market is segmented based on type, end-use industry, and geography. Based on type, the market is divided into para-aramid fibers, meta-aramid fibers, and others. On the basis of end-use industry, it is segmented into aerospace & defense, automotive, consumer goods, marine, and others. Geographically, the market is categorized into North America, Europe, Asia-Pacific, and LAMEA.
Top investment pocket
The consumer goods segment is anticipated to be the top investment pocket, owing to rise in adoption of aramid fiber aramid fiber reinforcement materials by the consumer goods segment and their high performance, durability, and low maintenance. Moreover, automotive is anticipated to be the second choice of market players due to the growing demand for use in brake pads and other friction materials.
Top Investment Pockets
North America accounted for highest share in the global aramid fiber reinforcement materials market in 2015, and is expected to maintain its lead throughout the forecast period. This is attributed to the presence of key market players and high demand for aramid fiber aramid fiber reinforcement materials from the transportation and protective clothing sector. Furthermore, Asia-Pacific is projected to grow at the highest rate, throughout 2016‐2022, both in terms of value and volume.
Aramid Fiber Reinforcement Materials Market, By Geography, 2015-2022
China was the highest revenue contributor in the Asia-Pacific aramid fiber reinforcement materials market in 2015, and is expected to maintain its lead throughout the forecast period. This is attributed to the rise in demand for protective clothing and increase in infrastructural development.
China Aramid Fiber Reinforcement Materials Market, 2014-2022 ($Million)
Key players operating in the aramid fiber reinforcement materials market include E. I. du Pont de Nemours and Company, Kolon Industries, Inc., Teijin Ltd., Honeywell International Inc., Hyosung Corporation, Toray Industries, Inc., SRO Aramid (Jiangsu) Co., Ltd., Yantai Tayho Advanced materials Co., Ltd., Huvis Corporation, and Ibiden Co., Ltd.
Other major players in the aramid fiber reinforcement materials market (not included in the report) are Kermel, China National Bluestar (Group) Co. Ltd., BASF SE, Guangdong Charming Co., Ltd., JSC Kamenskvolokno, Suzhou Zhaoda Specially Fiber Technical Co., Ltd., YF International BV, Tango Engineering Ltd., Polymer Technologies Pte. Ltd., and Lydall Performance Materials Inc.
- This report provides a detailed study of aramid fiber reinforcement materials market trends and forecast from 2014 to 2022, which assist to identify the prevailing market opportunities
- In-depth coverage of the global market, including drivers, restraints, and opportunities, helps professionals to understand the market behavior in a better way.
- This study further includes market share analysis in terms of type and end-use industries globally.
- Detailed study of the strategies of key leaders, partnerships, and acquisitions in the market is provided.
- Porter’s Five Forces analysis examines the competitive structure of the market and assists strategists in better decision-making.
Aramid Fiber Reinforcement Materials Market Key Segments
- Para-Aramid Fibers
- Meta-Aramid Fibers
By End-Use Industry
- Aerospace & Defense
- Consumer Goods
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Rest of LAMEA