Aramid Fiber Market: Overview and Dynamics
Impressive strength offering as strong as steel is set to make aramid fiber a key material in range of applications including but not limited to automotive, arms, aerospace and marine industry. Increasing demand for lighter, stronger and durable ropes and cables to lift heavier and to reach greater depths are set to augment the aramid fiber market growth during the forecast period. High performance properties offered by aramid fibers including high strength and light weight will increase its demand across offshore, leisure and mining industries.
Further, owing to aramid fibers high dimensional stability and stiffness it is used in hulls and sails. Surging consumption of aramid fibers in hulls and sails in order to increase its structural strength while decreasing noise and vibrations will uplift the market growth during the forecast period. Attributed to aforementioned facts, global aramid fiber market is poised to embark on a positive growth trajectory, registering a CAGR of ~6% over the forecast period (2020-2030).
COVID Impact Insights
The spread of the coronavirus has nearly forced all countries to impose lockdowns and strict social distancing measures which has disrupted every industry and market so the aramid fiber market across the globe. As per UN stats global economy is estimated to suffer billion dollars of loss in 2020. The coronavirus pandemic has generated massive disruptions in the demand-supply equation across multiple industries, causing a global economic meltdown. However, lockdown ease in Asia Pacific and Middle East & Africa are set to assist the aramid fiber market growth by the end of 2020
Segmentation Analysis of Aramid Fiber Market
The global aramid fiber market is bifurcated into three major segments: type, application, end use industry, and region.
On the basis of type, aramid fiber market has been segmented as follows:
- Para-Aramid Fiber
- Meta-Aramid Fiber
On the basis of end use industry, aramid fiber market has been segmented as follows:
- Adhesive, Sealant & Coatings
- Oil & Gas
On the basis of geographic regions, aramid fiber market is segmented as
- North America
- Latin America
- East Asia
- South Asia and Oceania
- Middle East & Africa
Aramid Fiber Market: Regional Outlook
The report on the global aramid fiber market covers six major regions that include North America, Europe, Latin America, East Asia, South Asia & Oceania, and MEA. East Asia is poised to experience leading growth rate over other regions on the back of China, which is the largest automotive manufacturer. Increasing arms spending in China, Japan and South Korea will result in high growth during the forecast period. For instance, as per department of defense, in 2019, Chinese government has planned to spend over US$ 200 Bn on defense, an increase of ~7% from previous year 2018. Further, Developed regions like North America and Europe are poised to assist the aramid fiber market growth at a moderate pace during the forecast period.
Aramid Fiber Market: Key Players
Prominent players in the global aramid fiber market are Teijin Aramid B.V., DuPont, China National Bluestar (Group) Co. Ltd., Taekwang Industrial Co. Ltd., Huvis Corp, Hyosung Corp., Kermel, SRO Aramid (Jiangsu) Co. Ltd., Kolon Industries Inc. and W. Barnet GmbH & Co. KG. The aramid fiber market is highly consolidated market in which alone Tenjin Aramid B.V. accounts for near half of the global production. Tenjin Aramid B.V. was a first aramid fiber manufacturer and due to continuous expansion and product innovation it has maintained its supremacy during the historical period. Further, other prominent companies have been adopting numerous organic and inorganic approaches to increase their market penetration across the globe. For instance, in order to align with trend of para aramid fibers several players have dedicated their production to this product. For instance, kolon industries and Taekwang Industrial Co., Ltd. offers para aramid fibers to enhance their market position over other competitors. Aforementioned facts are poised to uplift the market growth during the forecast period.
The research report presents a comprehensive assessment of the aramid fiber market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The aramid fiber market report provides analysis and information, according to market segments such as geographies, type, application and end use industry.
The Aramid Fiber Market Report Covers Exhaustive Analysis On:
- Market Segments
- Market Dynamics
- Market Size & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
The Aramid Fiber Market Regional Analysis Includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Europe (UK, Germany, Spain, France, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia & Oceania (India, ASEAN, Australia and New Zealand , Rest of South Asia & Oceania)
- Middle East and Africa (GCC Countries, South Africa, Turkey, Rest of MEA)
The aramid fiber report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The aramid fiber report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The aramid fiber report also maps the qualitative impact of various market factors on market segments and geographies.
The Aramid Fiber Market Report Highlights:
- A detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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