Aramid Fiber Reinforcement Materials Market Expected to Reach $8.4 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research titled, “Aramid Fiber Reinforcement Materials Market by Type and End Use: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global aramid fiber reinforcement materials market was 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 reinforced materials are class of heat-resistant and synthetic fibers made of a polymer matrix reinforced with aramid fibers. It employs various applications in end-use industries such as aerospace, transportation, consumer goods, and marine, owing to its properties like high elastic modulus, high tensile strength, high abrasion resistance, and high temperature resistance.

Aramid fiber reinforcement materials offer various mechanical performance including stiffness versus strength, impact and/or temperature resistance, low thermal & electrical conductivity, and dimensional stability, owing  to which it is used in electrical & electronics applications. In the consumer goods industry, demand for aramid fiber reinforcement material is rising, due to its various properties, such as inert, water-resistant, and corrosion resistant, which enables durable composite solutions to solve surface degradation in humid environments thereby, offering extended service life.

There is increase in use of aramid fiber in marine industry for engineering analysis and design evolution. Although fiberglass was used for many years in small recreational and high-performance boats, a range of new composite materials is now being used for several applications. To meet the requirement of the high-speed rail industry prototype, vehicles are developed using carbon composites. In addition, bearing materials, pressure vessels, abrasive materials, electrical machinery, truss members, cutting tools, and electrical brushes employ reinforced composite materials for increased toughness, durability, impact resistance, and weight reduction. Increase in use of aramid fiber materials in consumer goods, electronics, marine, and the rail industry is expected to boost the market during the forecast period.

The aramid fiber reinforcement materials market is segmented on the basis of type, end use, and region. By type, the para-aramid fiber segment accounted for the highest market share in 2020, owing to  high tenacity, tensile modulus, and heat resistance of para-aramid fibers. Meta-aramid fibers segment is expected to grow at the fastest CAGR throughout the forecast period.

By end use, the transportation segment dominated the global market with a share of 42.1% in 2020. In various automotive vehicles, demand for aramid reinforcement materials is increasing due to the fact that they are lightweight, fire-resistant, and durable.

Region wise, Europe dominated the global market with a market share of 35.3% in 2020, and Asia-Pacific is expected to witness the fastest growth rate over the forecast period. The automotive industry experienced growth in Asia-Pacific, owing to the rise in middle class population as well as increase in overall income, boosting the growth of reinforcement materials market. Aramid fiber is expected to surpass the glass fiber demand from the reinforcement materials sector in Asia-Pacific. Increase in consumption of lightweight composites in China drives the growth of reinforcement materials market.

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.

Key Findings Of Study

• By type, para-aramid fiber is anticipated to be the largest type segment in terms of value with the market share of 57.7% in 2020, and growing at a CAGR of 8.4%, throughout 2021–2030.
• By end use, the transportation segment emerged as the global leader by acquiring around 42.1% market share in 2020 in terms of revenue and is anticipated to show a significant growth rate over the forecast period.
• Region-wise, Europe is the major consumer of aramid fiber reinforcement materials among other regions. It accounted for around 35.3% of the global market share in 2020 and Asia-Pacific is expected to witness lucrative growth rate over the forecast period.

COVID-19 Impact on Market

• During the COVID-19 pandemic, the aramid fiber reinforcement materials industry was impacted in terms of distribution and logistics due to lockdown across the globe. Aramid fiber reinforcement materials production and distribution came to a halt because of the economic downturn due to the pandemic.
• The COVID-19 pandemic disrupted the aerospace, transportation, consumer goods, and marine industries, resulting in reduced usage of aramid fiber reinforcement materials s in these industries.
• The global COVID-19 pandemic hindered inter-country activity and import & export of aramid fiber reinforcement materials due to varied economic and legal limitations globally. As a result, the aramid fiber reinforcement materials market impacted moderately in 2020. However, by the beginning of 2021, all the industries started their operation due to which the demand for aramid fiber reinforcement materials improved in the aerospace, transportation, consumer goods, and marine industries.