Aramid Fibers Market Size Forecast to Reach USD US$6.5 Billion by 2027
Research Reports
Feb 21, 2022
Aramid Fibers Market Overview
The global aramid fibers market size is estimated to reach a value of USD US$6.5 billion by the end of 2027 and is projected to grow at a CAGR of 10.3% during the forecast period of 2022-2027. Aramid fibers are synthetic fibers that are made from aromatic polyamides and possess superior characteristics like high strength, resistance to heat, abrasion & solvents and electrical insulation. Aramid Fibers can be segmented into two types, namely, Para-aramid and Meta-aramid fibers. It is typically used in applications such as ballistic composites, protective clothing, industrial filtration, optical fibers and so on. Aramid Fibers are known to possess superior tensile strength, even more so than steel, and works efficiently even at temperatures as high as 600 degrees Celsius. They also possess dielectric properties which makes them ideal for electrical applications. The report coverage includes market segmentation, market landscape, drivers and challenges.
COVID-19 Impact
During the COVID-19 Pandemic, many industries had suffered a decrease in demand, and it was no different for the Aramid Fibers Market. Many governments across the globe implemented lockdown regulations and factories and production in many sectors came to a halt. The supply chain was greatly disrupted as many businesses followed the lockdown protocols. The economic impact of COVID-19 severely impacted the Aramid Fibers Market. According to Organisation Internationale des Constructeurs d’Automobiles (OICA), the production of passenger vehicles decreased by 16.9% from 2019 to 2020. The Automotive Industry is one of the primary End-Use Industries that support the Aramid Fibers market so a drop in their production also negatively impact the Aramid Fibers Market. However, the global response to COVID-19 has been robust and many countries and governments are now relieving Pandemic protocols. The Aramid Fibers Market is now seeing an increase in demand and is estimated to show a positive growth in the forecast period of 2021-2026.
Aramid Fibers Market Analysis – By Type
The para-aramid segment dominated the global aramid fibers market with a revenue share of more than 60% in 2021. This is because para-aramid fibers showcase outstanding strength-to-weight ratio as well as high tensile strength. This makes para-aramid fibers ideal for applications in protective and ballistic clothing and for the production of lightweight vehicles. While Meta-aramid fibers possess lesser tensile strength, they have a much higher resistance to temperature and showcase brilliant electrical insulation. These factors make Meta-aramid Fibers ideal for the Electrical and Electronics Industry.
Aramid Fibers Market Analysis – By End-Use Industry
The aerospace and defense industry held the largest share of more than 70% in 2020. Aramid Fibers are used as reinforcement components in the primary wings and the fuselage in new-generation aircraft. They are also used in the landing gear doors and edge panels. The Boeing Commercial Market Outlook 2021-2040 has estimated that the world fleet of aircraft will grow by a total of 43,610, an estimate of 3.1% growth. This is primarily being contributed by Asia-Pacific, especially China. The Aerospace and Defense Industries Association of Europe (ASD) has stated that the European Defense Sector generated revenue of EUR 116 billion in 2019, which accounts for more than 20% of the Global Defense Sector. Aramid Fibers possess superior qualities like high tensile strength while being lightweight and having a high resistance to heat and abrasion. These factors make them ideal for use in aircraft. As the Aerospace and Defense Industry grows, we can also correlate the growth of the Aramid Fibers Market.
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Aramid Fibers Market Analysis – By Geography
The Asia-Pacific region holds the largest share of more than 30% in the aramid fibers Market. This is primarily due to the substantial growth of the aerospace industry in the Asia-Pacific Region. According to Boeing Commercial Market Outlook 2021-2040, China is estimated to acquire 8,700 new aircraft within the next 20 years. China, also, currently accounts for 13% of the worldwide fleet which is estimated to be 19.9% by 2040. Boeing reports that within the next 20 years, a total of 4,415 aircraft deliveries will be sanctioned in South Asia, with India having the highest demand due to its increase in domestic air traffic. Other than the aerospace industry, the military sector of Asia-Pacific is also a driving factor for the Aramid Fibers Market, especially in China. Aramid Fibers are essential in making protective and ballistic clothing. These factors promote the growth of the Aramid Fibers Market in Asia-Pacific and make it the largest market.
Aramid Fibers Market Drivers
Shift to Lightweight Automobiles:
The demand for Lightweight Automobiles, especially Premium Lightweight Automobiles, has seen an increase, and Aramid Fibers are primarily used to make Automobiles weigh less while also maintaining superb strength and rigidity. The lightweight factor is highly sought after by Original Equipment Manufacturers (OEMs) because they greatly help in improving fuel efficiency and mileage, as well as maintaining rigidity and sturdiness. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), 55.8 million passenger cars were produced in the year 2020. Many OEMs are adopting Aramid Fibers for its qualities and more and more vehicles have Aramid Fibers in their composition. The shift in trend to lightweight automobiles is one of the key driving factors in the Aramid Fibers Market.
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Aramid Fibers Market Challenges
High Cost of Production:
The cost of production for Aramid Fibers is considerably higher and as such, it proves to be a challenge for the industry. The cost of production for a 1500 denier para-aramid fiber costs USD $23-27 per pound while the cost of a 1200 denier meta-aramid fiber costs USD $39 per pound. This is due in part to the large investment in technology and machinery and the supply of raw materials. The heavy investment, as well as Research & Development costs, are one of the key challenges to the Aramid Fibers Market.
Aramid Fibers Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Aramid Fibers Market. The key companies in the Aramid Fibers Market are:
1. TEIJIN Limited
2. DuPont
3. Yantai Tayho Advanced Materials Co.
4. Kolon Industries, Inc.
5. HYOSUNG
6. Toray Industries Inc.
7. Huvis
8. China National BlueStar Group Company
9. Taekwang Industrial
10. JSC Kamenskvolokno and Guangdong Charming Company
Acquisitions/Technological Launches
On 20 May 2020, Ulsan City, South Korea signed a Memorandum of Understanding (MOU) with HYOSUNG Advanced Materials to help expand the company’s Aramid Factory.
On 14 August 2021, Teijin Aramid engineered a new protective suit for motor racing that was worn during the Berlin Formula E ‘E-Prix’. The suit is characteristically ultralight and hosts superior protective qualities essential for motor racing.
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Key Takeaways
Asia-Pacific is the fastest-growing region for the Aramid Fibers market, and it can be attributed to the growth of the Aerospace and Defense Industry, especially in China and India.
Para-aramid Fibers possess higher Tensile Strength and are more commonly used in strengthening applications like protective and ballistic clothing while Meta-aramid Fibers are known for high heat resistance and their electrical insulation and are used more in the Electrical and Electronics Industry.
Aramid Fibers are most commonly used in Protective & Ballistic Clothing due to their superior tensile strength and high resistance to heat and abrasion.
During the Pandemic, there was a decrease in the demand for Aramid Fibers, and the supply chain was greatly disrupted.
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