What Has Been The Historical And Current Growth Of The Aramid Fiber Market?
The aramid fiber market has seen considerable growth due to a variety of factors.
• In the last few years, there has been a swift expansion in the size of the aramid fiber market. Its worth is anticipated to rise from $5.26 billion in 2024 to $5.8 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 10.4%.
Various factors have sparked this growth during the historic period, including robust economic growth in emerging markets, increased government investment in military and defense sectors, the escalating demand for lightweight materials that significantly reduce emissions in vehicles, and government-driven initiatives within the textile sector.
What are the Market Size and Expected Growth Rates for the Aramid Fiber Market?
The aramid fiber market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the aramid fiber market size is projected to experience a brisk expansion. The expectation is that by 2029, the market will be worth $9.01 billion, rising at a compound annual growth rate (CAGR) of 11.6%.
Factors driving this expected upswing during the forecast period include the rise in population and urbanization, the escalating requirement from the automotive sector, along with the growing adoption of 5g technology. Significant trends predicted for this period encompass an increased focus on investments, the production of sustainable and eco-friendly fabrics, the application of blockchain technology, and forming partnerships and collaborations to enhance their financial robustness and product range.
What Are the Critical Driver Fuelling the Aramid Fiber Market's Growth?
The increasing requirement for lightweight materials that significantly reduce emissions in vehicles is fuelling the aramid fiber market's expansion. Utilizing lightweight elements in vehicles minimizes weight, fuel usage, and greenhouse gas emissions. Aramid fibers, due to their light yet robust characteristics, are adopted as reinforcement materials in the production of various auto parts like tires, turbocharger hoses, powertrain units, belts, brakes, gaskets, clutches, seat fabric, electronics, and seat sensors. As per the Electronic Specifier, a source of global electronics sector details based in the UK, a 5% CAGR is expected in the auto industry's usage of lightweight materials by 2028. As a result, the escalating need for lightweight materials that notably curtail emissions in vehicles will stimulate the aramid fiber market's growth.
What Are The Key Segments Within The Global Aramid Fiber Market?
The aramid fiber market covered in this report is segmented –
1) By Type: Para-Aramid Fiber, Meta-Aramid Fiber
2) By Application: Protective Fabrics, Frictional Materials, Optical Fibers, Tire Reinforcement, Rubber Reinforcement, Composites, Other Applications
3) By End Use Industry: Aerospace And Defense, Automotive, Electronics And Telecommunication, Sports Goods, Other End-Use Industries
Subsegments:
1) By Para-Aramid Fiber: Kevlar, Twaron
2) By Meta-Aramid Fiber: Nomex, Conex
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How Are New Trends Impacting The Size Of The Aramid Fiber Market?
Prominent entities in the aramid fiber industry are progressively augmenting their investments to boost production capabilities. An illustration of this is when Kolon Industries, a shrimp chemical and textile producing company based in Korea, successfully channeled an investment of KRW 298.9 billion in December 2023 to enlarge its aramid manufacturing facilities at the Gumi plant. This move essentially doubled its yearly capacity to 15,310 metric tons, further cementing its status as a top aramid producer in Korea. The new plant integrates cutting-edge smart factory technologies and is designed to be eco-friendly, thereby increasing production efficacy while concurrently reducing environmental effects.
Who Are the Key Players in the Aramid Fiber Market?
Major companies operating in the aramid fiber market include:
• DuPont
• Teijin Ltd
• Taekwang Industrial
• Toray Industries Inc
• Hyosung
• Kolon Industries Inc
• Huvis Corp
• Yantai Tayho Advanced Materials Co. Ltd.
• X-FIPER New Material Co. Ltd
• China National Bluestar Co. ltd
• Indorama Corporation Pte Ltd
• Far Eastern New Century
• Kermel
• Coats Group plc
• AMANN Group
• Solvay
• Kamenskvolokno JSC
• Special Textile Group
• Dexcraft
• Texel Inc
• Trelleborg Engineered Coated Fabrics
• Albany International Corp.
• WORK PROTEC SA
What are the Regional Insights into the Aramid Fiber Market?
Europe was the largest region in the aramid fiber market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aramid fiber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
