The global aramid fiber reinforcement materials market size valued at $3.7 billion in 2020 and is projected to reach $8.4 billion by 2030, growing at a CAGR of 8.7% from 2021 to 2030.
Aramid fiber is high-end specialty synthetic product characterized by its superb heat resistance (more than 500°C) and strength (five times stronger than steel on an equal weight basis) for various industrial applications, including aerospace, defense (bulletproof vest/armoring fabric), automotive (brake pad/lining, high-end tire cord for racing car), and fiber cable system. The demand for aramid fibers is expected to rise significantly during the forecast period, owing to need for materials that contribute to weight reduction of finished products, lower energy & resource consumption, and significantly enhance the performance of finished products.
Increase in aerospace & defense projects is the primary driver for the growth of the aramid fiber reinforcement materials market. The aerospace industry has stringent performance product requirements for end users in commercial aircraft, engines, satellites, helicopters, and launchers. Thus, carbon fibers are employed in aerospace end-users industries. Structural materials in aircrafts, such as paneling interiors are made using aramid fiber reinforcement materials, as they possess mechanical properties, such as high tensile strength, impact resistance, reliability, fuel efficiency, and temperature resistance, which make them ideal for use in the aerospace industry. The flexing property of these materials is employed for the production of wing systems, thereby increasing their adoption in the aerospace & defense industry. Moreover, rise in R&D activities for process improvements in the production of aramid fiber reinforcement materials for the aerospace industry drives the growth of the market.
High cost of aramid fiber raw materials, such as carbon fiber and expensive processing methods of raw materials hinder the growth of aramid fiber reinforcement materials market during the forecast period. However, demand for aramid fiber reinforcement materials is rising in consumer goods, marine, and transportation industries which is expected to boost the market growth in the future.
The aramid fiber reinforcement materials market is segmented on the basis of type, end use, and region. On the basis of type, it is classified into para-aramid fibers, meta-aramid fibers, and others. By end use, it is fragmented into aerospace & defense, transportation, consumer goods, marine, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The aramid fiber reinforcement market share is analyzed across all significant regions and countries.
The key players operating in the global aramid fiber reinforcement materials market include BASF SE, DuPont, Honeywell International Inc., Huvis Corporation., Hyosung Corporation, Kolon Industries, Inc., Teijin Limited, Toray Industries Inc., Yantai Tayho Advanced Materials Co., Ltd, and YF International BV.
Global Aramid Fiber Reinforcement Materials Market, by Type
By type, the para-aramid fiber reinforcement material segment dominated the aramid fiber reinforcement market in terms of volume and value in 2020 and is expected to continue its dominance during the forecast period. Increase in concern toward health and safety of defense personnel and industrial employees along with rise in adoption of para-aramid fiber reinforcement materials from industries, such as automotive, rubber reinforcement, and telecommunication drive the growth of para-aramid fiber reinforcement material segment.
By Type
Para Aramid Fibers is projected as the most lucrative segment.
Global Aramid Fiber Reinforcement Materials Market, by End Use
By end use, the transportation segment accounted for the largest share of revenue in 2020 and is expected to continue its dominance during the forecast period. In the transportation sector, there is increase in demand for reinforcement materials, owing to the favorable properties offered by them such as high strength, durability, lightweight, fire resistance, and others.
By End Use
Automotive is projected as the most lucrative segment.
Global Aramid Fiber Reinforcement Materials Market, by Region
Region wise, Europe is a significant contributor to the global demand for aramid fiber reinforcement materials. The North American region held the largest share of more than 35.3% in the aramid fiber reinforcement market in 2020. Higher safety regulations, disposable incomes, and demand for lightweight materials among OEMs are expected to help the market maintain its share throughout the forecast period.
By Region
Asia Pacific is expected to be fastest growing region over the forecast period.
Key Benefits For Stakeholders
- The report includes an in-depth analysis of different segments and provides aramid fiber reinforcement materials market estimations between 2021 and 2030.
- The aramid fiber reinforcement market size is provided in terms of revenue and volume.
- A comprehensive analysis of the factors that drive and restrict the growth of the aramid fiber reinforcement materials market is provided.
- Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
- Key market players are profiled to gain an understanding of the strategies adopted by them.
- This report provides a detailed analysis of the current aramid fiber reinforcement materials market trends and future estimations from 2021 to 2030, which helps to identify the prevailing market opportunities.
COVID-19 Impact on Market
- COVID-19 pandemic caused a ban on imports and export, thereby disrupting the supply chain and hampering the aramid fiber reinforcement materials market growth.
- There was a supply and demand gap generated due to the COVID-19 pandemic.
- Fluctuation in prices of aramid fiber reinforcement materials during COVID-19 was a major hindrance to the market growth.
- During COVID-19, demand for aramid fiber reinforcement materials decreased in the aerospace, transportation, consumer goods, and marine industries. All the industries were shut, due to which demand for aramid fiber reinforcement materials was impacted negatively in 2020, owing to the lockdown.
Aramid Fiber Reinforcement Materials Market Report Highlights
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Analyst Review
According to the perspective of the CXOs of the leading companies, the global aramid fiber reinforcement materials market is expected to witness significant growth during the forecast period, owing to the presence of multiple end users in the defense sector. The superior strength and fire resistance of para-aramid fibers make them ideal for ballistic body armors and vests. In addition, high impact resistance, enhanced chemical resistance, abrasion resistance, and low density are some of the factors that fuel the demand for aramid fibers from the automotive, aerospace, and defense sectors.
North America occupied the largest share of the global market in 2020 and is expected to maintain this trend throughout the forecast period, owing to the presence of key market players. The key players face extensive competition with several agreements, collaborations, rise in production capacity, and product launches to improve their product portfolio and expand their geographical reach. Key player, namely, Honeywell International, Inc., increases its production capacities of its unique spectra fiber as it provides crucial protection to worldwide militaries and law enforcement against various threats.
Increase in aerospace & defense projects is the primary driver for the growth of the aramid fiber reinforcement materials market
The aramid fiber reinforcement materials market is expected to be $ 8,412.7 million in 2030.
The key players operating in the global aramid fiber reinforcement materials market include BASF SE, DuPont, Honeywell International Inc., Huvis Corporation., Hyosung Corporation, Kolon Industries, Inc., Teijin Limited, Toray Industries Inc., Yantai Tayho Advanced Materials Co., Ltd, and YF International BV.
In the transportation sector, there is increase in demand for reinforcement materials, owing to the favorable properties offered by them such as high strength, durability, lightweight, fire resistance, and others.
Type, end use and region are the segments which are covered in the report
Rise in R&D activities for process improvements in the production of aramid fiber reinforcement materials for the aerospace industry drives the growth of the market.
Aerospace & Defense industry is expected to be fastest growing segment over the forecas period as its use is rising as as subsitute of metal parts in aerospace and defense industry
COVID-19 pandemic caused a ban on imports and export, thereby disrupting the supply chain and hampering the aramid fiber reinforcement materials market growth.
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