by Market Overview:
Aramid fibers are a class of heat-resistant and strong synthetic fibers. They are often used in aerospace and military applications and clothing like bulletproof vests. Also workwear because of their high strength-to-weight ratio and heat resistance compared to steel and carbon fiber.
Market key trends:
One of the key trends in the aramid fibers market is the increasing use of aramid fibers in the production of protective apparel and equipment for industrial applications. Aramid fibers offer benefits like high strength, stiffness, thermal stability and fire resistance. Hence, they are increasingly in use of manufacturing of protective clothing, gloves, footwear. Also gear used in industries like oil & gas, construction, automotive, electrical and others where worker safety is of prime importance. Their ability to provide protection from physical, thermal. And electrical hazards without compromising on comfort make them a preferred materials for industrial protective wear.
SWOT Analysis:
Strength: Aramid fibers have high tensile strength, heat resistance, and chemical resistance which makes them suitable for applications in aerospace, defense, industrial and protective clothing. Their properties allow replacement of metal in some applications.
Weakness: Aramid fibers have low shear strength and are prone to fracture. Production of aramid fibers requires expensive and complex manufacturing process which increases the costs.
Opportunity: Growing demand from the automotive industry for lightweight composite materials to increase fuel efficiency and reduce vehicular weight offers opportunities for aramid fiber market. Development of cost-effective technologies for aramid fiber production can help address the weakness.
Threats: Stiff competition from substitute fibers like carbon and glass fibers poses a threat. Volatility in raw material prices especially for para-aramid can impact profitability.
The global Aramid Fibers Market Share is estimated to be valued at US$ 4447.55 Mn in 2023. And is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Key Takeaways:
The global Aramid Fibers market is expected to witness high growth, exhibiting a CAGR of 3.8% over the forecast period, due to increasing demand from the automotive and defense industries.
North America dominated the market in 2023, accounting for around 35% of global share, owing to high demand from the defense sector in the US. Asia Pacific will be the fastest growing market led by China, exhibiting a CAGR of over 4.5% during the forecast period due to growing industries. And developing infrastructure in the region.
Key players operating in the Aramid Fibers market are China National Bluestar (Group) Co. Ltd, DuPont, Hebei Silicon Valley Chemical Co Ltd, Huvis, Hyosung, Kermel, Kolon Industries Inc,Shenma Industrial Co Ltd, Sinopec Yizheng Chemical Fibre Limited Liability Company, Suzhou Zhaoda Specially Fiber Technical Co, Also Teijin Limited, Toray Industries Inc, Wuxi, Heshengyuan Carbon Fiber Technology, X-FIPER New Material Co. Ltd, Xiamen Chao Yu Environmental Protection Technology Co.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
