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Global Aramid Fiber Market

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Category : Other Services
Item Id : 44394
Published date : 28/03/2019
Modified date : 28/03/2019
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Pune , Maharashtra , India

Global Aramid Fiber Market was valued at US$ 3.25 Bn in 2017 and is expected to reach US$ 6.52 Bn by 2026, at a CAGR of 9.10 % during a forecast period.

The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding aramid fiber market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focus on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies and regional presence. The report also provide PEST analysis, PORTER’s analysis, SWOT analysis to address question of shareholders to prioritizing the efforts and investment in near future to emerging segment in aramid fiber market.

Aramid fiber is used in several applications due to its advantageous mechanical properties, such as high strength, impact resistivity, abrasion thermal degradation resistance, etc. Para-aramid and meta-aramid fiber is used mostly in protective clothing. These fibers when used in clothing, conveys several properties such as high strength, lightweight, cut-resistivity, and high energy absorption into the clothing material. These are used extensively in ballistic protective applications, such as bulletproof vests, protective apparel such as gloves, motorcycle protective clothing, and hunting gaiters, chaps, and pants.

Global demand for aramid fibers, which was bottomed out in 2017 has increased to record level in 2026 and is projected to increase by a CAGR of about 9.10% during 2017-2026, reflecting the growing need for materials that contribute to enhanced safety and security, low weight and help reducing energy consumption. End user industries such as Automotive and aerospace & defense are expected to persist the key end use industries in the global aramid fiber market during the forecast timeframe. A significant part of every country's annual budget is occupied by the defense sector due to several factors such as political differences and rising tension across borders. Therefore, increased government expenditure in the aerospace, defense and security industries is expected to drive the market in forecast period.

Increased demand for lightweight materials in security & protection applications and potential substitute for steel and asbestos are the major drivers of the aramid fiber market. The increasing pollution levels in many developed as well as emerging regions are reaching an alarming stage. Such a situation is one of the main factors for the growth in demand of aramid fibers market. High R&D costs of the aramid fibers and non-biodegradable nature of aramid fibers are the restraining factors for the growth of aramid fibers market.
Based on types, Para-aramid fiber and meta-aramid fiber are the two types of aramid fibers which are widely used in many end user industries. The para-aramid segment has superior properties such as high strength, lightweight as compared to meta-aramid fibers and likely to dominant the market during the forecast period. These fibers have gained popularity over the few decades in many applications such as ballistic protection, wire and cables, race cars, and protective gloves. In terms of revenue, meta-aramid fiber segment is expected to hold a highest CAGR during the forecast period.

Based on application, Security and protection accounts largest share by application in 2017 due to increasing applicability of personal protective equipment in various end-use markets. Aramid fibers are highly used in this application due to growing concerns over protection of personnel in military and industrial sectors.
Europe was the leading market for aramid fiber followed by North America and APAC, holding around 37% market share in 2017. Also, in 2017, North America held the second largest market for aramid fiber with around 28% share while the APAC held around 22%. The Asia Pacific is further foretold to be the fastest growing market for aramid fiber in the forecasted year.

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Snehal Lokhande
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