Global Aramid Fiber Market Size 2024, Forecast To 2033
11 Mar, 2024
The aramid fiber market has witnessed rapid growth, escalating from $4.78 billion in 2023 to $5.29 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 10.7%. This growth in the historical period is attributed to robust economic expansion in emerging markets, increased government spending on military and defense industries, the rising demand for lightweight materials offering substantial emission reduction in vehicles, and government initiatives aimed at bolstering the textile industry. Forecasts indicate continued rapid growth, with the market expected to reach $7.98 billion in 2028, boasting a compound annual growth rate (CAGR) of 10.8%. This surge is driven by factors such as increasing population and urbanization, growing demand from the automotive sector, and the expanding adoption of 5G technology. Major trends in the forecast period include heightened investments, production of sustainable fabrics, integration of blockchain technology, and strategic partnerships to enhance financial stability and product offerings.
Global Aramid Fiber Market Key Driver
The aramid fiber market is witnessing growth due to the increasing demand for lightweight materials that offer significant emission reduction in vehicles. Lightweight materials play a crucial role in reducing weight, fuel consumption, and greenhouse gas emissions in automobiles. Aramid fibers, known for their lightweight and high-strength capabilities, are extensively used as reinforced materials in various automotive components such as tires, turbocharger hoses, powertrain components, belts, brake pads, gaskets, clutches, seat textiles, electronics, and seat sensors. According to the Electronic Specifier, the automobile industry's lightweight material sector is projected to expand at a CAGR of 5% by 2028. This underscores the rising need for lightweight materials to drive emission reductions in vehicles, consequently fueling the growth of the aramid fiber market. The market sizes for 2023, 2024, and 2028 are essential metrics for understanding the evolving landscape.
Get A Free Sample Of The Global Aramid Fiber Market ReportGlobal Aramid Fiber Market Segments
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
By Geography:The regions covered in the aramid fiber market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Europe was the largest region in the aramid fiber market in 2023. 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.
Major Aramid Fiber Industry Players
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, Bhor Chemicals and Plastics Private Limited, Kishco Enterprises Private Limited, Weiqiao Textile Company Limited, Gold Star Fabrics Private Limited, Nisshinbo Textile Inc, Marubeni Corporation, Far Eastern New Century, Kermel, Coats Group plc, AMANN Group, Solvay, Kamenskvolokno JSC, Special Textile Group, Dexcraft, Texel Inc, EIS Fabrication Solutions, Dunmore Corp, Maples Industries Inc, Hanesbrands Inc, Mohawk Industries Inc, Wallace Workwear Inc, Lenrod Industries, Bermatex, Saint Gobain Tape Solutions, Trelleborg Engineered Coated Fabrics, Albany International Corp., WORK PROTEC SA, Texiglass Industria e Comercio Textil Ltda., A MARSHALL MOFFAT SA, Geotex SRL, BCA Textil Ltd., Omar Kassem Alesayi Textiles Co.Ltd, United Textiles, Aratex Group, Saudi Spinning & Textile Mill, Da Gama Textiles, African Textiles Manufacturers ltd, AlSaraTex Co, Integrated Fibers Limited.
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Aramid Fiber Market Overview
Aramid fiber refers to a long-chain synthetic polyamide fiber made of synthetic linkages that are at least 85% directly connected to two aromatic rings. Aramid fiber is mostly used for reinforcement in composites such as sports goods, aviation, and military vehicles, as well as fabrics in apparel such as fire safety garments or bulletproof jackets.
Aramid Fiber Global Market Report 2023 provides data on the global aramid fiber market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The aramid fiber market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.