Para-Aramid is an aromatic polyamide distinguished by long, rigid polymer crystalline chains. The major drivers for this market are the increasing usage of para-aramid fiber in brake pads, clutches, transmission belts, gaskets, linings, and tires in automotive and the growing demand for protective clothing in defense and industrial sectors. Also, the 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 expected to fuel the market growth during the forecast period. Furthermore, stringent government norms regarding the safety of employees at the workplace and large penalties for non-compliance with these standards is also anticipated to contribute to the para-aramid fiber industry growth during the forecast period. However, the unremitting demand from the relatively unaffected defense and electrical & telecommunications industries is expected to be the redeeming grace for the aramid fiber market, indemnifying a portion of the losses incurred. The unwavering demand from the largely unaffected defense and electrical & telecommunications industries, on the other hand, is expected to be the aramid fiber market's saving grace, compensating for some of the losses experienced.
Covid-19 Impact Analysis
- The coronavirus's unfavorable global effects are already evident, and they will have a big impact on the para-aramid fibers s market in 2020.
- The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths all across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- The lockdown has resulted in hampering the imports and exports of various goods. Also, the uncertainty created in the market in the consumers’ buying pattern has resulted in hampering of the para-aramid fibers market.
Top Impacting Factors
The growing automotive, aerospace, defense and construction industries are among the key factors driving the growth of the market. Furthermore, the growing demand for lightweight materials for personnel protective equipment that protect the wearer from physical, thermal, electrical and biological hazards, is also providing a thrust to the market growth. Aramid fiber is also used for the production of bullet-proof and stab-resistant products, including helmets, gloves and clothing material. Additionally, it is widely utilized for the manufacturing of products such as fishing and golf rods, bows, skis and wall materials of airplanes. The increasing industrialization and urbanization across the globe is another factor favoring the market growth.
- Growing Demand from Safety & Protection Industry to Drive Market Growth.
- A huge amount of aramid fiber is used in safety & protection applications such as military, private security, municipal law enforcement, and private contractors involved in government projects. The regulations regarding the health and safety of employees are very stringent in North America and European countries, and thus driving the market. Also, not only military personnel are getting safer by using this fiber, but also the demand for protective clothing is increasing due to the demand from industrial organizations.
- Flourishing Automotive and Aerospace Industry is a Major Boost for the Market Growth
- The use of para-aramid fibers in tires provides advantages such as higher performance, higher protection, higher comfort, and lower fuel consumption, resulting in increased demand from the automotive industry. In addition, para-aramid fibers are also used in aerospace components, including wings, fuselage, landing gear doors, trailing edge plates, vertical and horizontal stabilizers, and flight control surfaces. They are used primarily in these components because of their superior performance characteristics such as impact resistance and low weight. And the automotive and aerospace industry is flourishing in various regions. And with the flourishing automotive and aerospace industry, the demand for para-aramid will also substantially increase, which will then drive the market growth.
- Increasing Demand for Homeland Security and Higher Defense Spending is also helping for the Market Expansion.
- Security & protection is a major application of aramid fibers. Owing to the increasing domestic and international conflicts worldwide, the need for additional safety measures for military personnel has grown, which is expected to increase the need for advanced weaponry and PPE. Several countries are also increasing their defense budgets to prepare themselves against both external and internal threats. A significant part of the funding is dedicated to protective equipment for the safety of the personnel in the line of fire.
Key Benefits of the Report
- This study presents the analytical depiction of the para-aramid fibers market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the para-aramid fibers market share.
- The current market is quantitatively analyzed to highlight para-aramid fibers market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed para-aramid fibers market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the Para-aramid Fibers Market Report
- Who are the leading market players active in the Para-aramid Fibers Market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is “Para-aramid Fibers Market “?
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- What is " Para-aramid Fibers Market” Market prediction in the future?
- Who are the leading global players in the “Para-aramid Fibers Market” market?
- What are the current trends and predicted trends?
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- What are the key benefits of the “Para-aramid Fibers Market “Market report?
- What will be the anticipated growth rates for your own Para-aramid Fibers Market economy altogether and for every segment inside?
- What are the driving factors and opportunities in the market?
Para-aramid Fibers Market Report Highlights
Key Market Players
Teijin Aramid, Specialty Materials, Hyosung, DuPont, ENKEV B.V., Koninklijke Ten Cate, Teijin Polyester, Honeywell, Owens Corning, Yantai Tayho Advanced Materials Co. Ltd.