Aramid Fibers Market Size Worth USD 7.41 Billion in 2032 | Emergen Research

Potential substitutes for steal and asbestos, rising demand for aramid fibers in numerous end-use industries, rising need for lightweight materials enabling significant emission reduction in vehicles are some of the major factors driving the aramid fibers market revenue growth.

Vancouver, Jan. 16, 2024 (GLOBE NEWSWIRE) — The global aramid fibers market size was USD 4.12 billion in 2022 and is expected to register a revenue CAGR of 6.1% during the forecast period. Potential substitutes for steal and asbestos, rising demand for aramid fibers in numerous end-use industries, increasing adoption of lightweight materials for security and protection applications, rising need for lightweight materials enabling significant emission reduction in vehicles are some of the major factors driving the aramid fibers market revenue growth.
  
Rising demand for aramid fibers across a range of end-use sectors, including aerospace & military, automotive, electrical insulation, and others, is one of the major factors driving market revenue growth. With their exceptional mechanical characteristics, including high strength, abrasion resistance, and heat resistance, aramid fibers are utilized extensively in a wide range of applications. These fibers have high stiffnesses and tensile strengths, but are energy-intensive to manufacture and recycle and can only be recycled in an increasingly low-grade condition. In contrast, the CELLUN composite developed at DITF is a much more sustainable alternative. For the production of CELLUN, the reinforcing component is combined from non-fusible cellulose fibers as well as thermoplastic derivatized cellulose fibers as matrix to form a hybrid roving.

With their lightweight, high strength, and exceptional resistance to heat, chemicals, and abrasion, aramid fibers are increasingly in demand in the aerospace and defense sectors. The global aramid fibers market is being driven by expanding need for lightweight materials in the aerospace sector to increase fuel efficiency and lower carbon emissions. Another factor driving market revenue growth is expanding use of aramid fibers in ballistic protection materials for defense and law enforcement applications.

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Non-biodegradable nature of aramid fibers could restrain market revenue growth during forecast period. Aramid fibers possess valuable properties for numerous applications, and they pose environmental concerns. Aramid fibers are not easily biodegradable and lead to pollution issues when disposed of. This can result in significant landfill accumulation and clogging of drainage systems. In addition, inhaling dust from cut aramid fibers can lead to respiratory problems, underscoring the importance of handling them with care.

Segment Insights

Type Insights:

On the basis of type, the global aramid fibers market is segmented into para-aramid and meta-aramid.

Meta-aramid segment is expected to register a rapid revenue CAGR during the forecast period in the global aramid fiber market. Meta-aramid is appropriate for high-temperature applications and has outstanding thermal resistance characteristics, as meta-aramid fibers are in high demand. Also, the market for meta-aramid fibers is expected to rise during the forecast period due to rising need for flame-resistant apparel in the oil and gas industry. Stricter safety standards are increasingly being adopted in the sector, which mandates the use of flame-resistant clothing to safeguard workers from thermal and fire threats. Demand for meta-aramid fibers is being driven by increasing focus on environmentally friendly and sustainable materials. To fulfil the ever-rising demand for environmentally friendly and sustainable materials, manufacturers are concentrating on creating bio-based and recycled meta-aramid fibers.

Application Insights:

On the basis of application, the global aramid fibers market is segmented into security and protection, frictional materials, electrical insulation, tire reinforcement, industrial filtration, optical fibers, rubber reinforcement, and others.

Security and protection segment emerged as the largest application segment in the aramid market in 2022. The tremendous strength and stiffness of aramid fibers make them perfect for use in protective equipment, including gloves, helmets, and bulletproof vests. The need for aramid fibers in the security and protection application is being driven by increased emphasis on personal safety and protection in defense and law enforcement sectors. Expansion of the security and protection category is also being driven by demand for flame-resistant garments in sectors including chemicals, oil and gas, and firefighting. Aramid fibers are perfect for use in protective garments in these industries because of their superior heat and flame resistance.

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Regional Insights:

Asia Pacific market accounted for the largest revenue share in 2022 and is expected to register a steady revenue CAGR over the forecast period. Rising demand from numerous end-use industries, including the automotive, aerospace, and defense sectors, is responsible for the region’s growth. Demand for Aramid Fibers is anticipated to be driven by the region’s growing economies, including China and India. In addition, the abundance of cheap labor and raw materials in China, a significant portion of the world’s production of aramid fibers is now done there. Chinese manufacturers are expected to become significant competitors in the global aramid fibers market due to their cheaper component and system costs compared to internationally recognized names.

North America is expected to register a rapid CAGR over the forecast period. The factor driving the market is surging manufacturing of aircraft to influence the expansion of the market. The North America carbon fiber tape is also estimated to have significant growth in the market over the forecast period. This could be owing to the rising manufacturing of aircraft. The general aviation fleet was estimated to have about 204,404 aircraft in the United States in 2021, a rise from the previous year. Excellent toughness and stiffness-to-weight ratio, aramid fiber tape is ideal to be utilized in the wings, fuselages, and propulsion systems of aircraft and spacecraft.

Scope of Research

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Major Companies and Competitive Landscape

The global aramid fibers market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products.

Some of the major companies included in the global aramid fibers market report are:  

• Dupont
• Kolon Industries Inc.
• TEIJIN LIMITED
• Honeywell International Inc.
• Yantai Tayho Advanced Materials Co. Ltd
• Toray Industries Inc.
• Kureha Corporation
• Gunei Chemical Industry Co., Ltd.
• Teijin Aramid
• HYOSUNG
• Huvis Corporation
• China National Bluestar (Group) Co,Ltd.
• KERMEL
• Aramid Hpm, LLC.

Strategic Development

• On June 20, 2023, Kolon Industries Inc. of South Korea intends to double the production output of its para-aramid products by the end of the year by expanding its Gumi plant to meet the growing demand. Industry sources reported on Monday that Kolon Industries is targeting the completion of the production line expansion at the Gumi plant by the year’s end, thereby raising the production capacity from 7,500 tons to 15,000 tons per year.
• On 28 September 2022, Kolon Industries, Inc. announced its collaboration with Hyosung TNC Corporation, a South Korean company that specializes in the production of tire cords, to develop high-performance tire cords using aramid fibers. The collaboration was aimed at strengthening the companies’ presence in the global tire industry.
• On 1 July 2021, DuPont de Nemours, Inc. announced its plans to acquire Laird Performance Materials, a U.S. company that specializes in electromagnetic shielding and thermal management solutions. The acquisition was aimed at expanding DuPont’s portfolio of advanced materials for 5G networks, electric vehicles, and other emerging technologies.

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For the purpose of this report, Emergen Research has segmented the global aramid fibers market on the basis of type, application, end-use, and region:

• Type Outlook (Revenue, USD Billion, Volume, Thousand Units; 2019-2032)

• • Para-Aramid
  • Meta-Aramid

• Application Outlook (Revenue, USD Billion, Volume, Thousand Units; 2019-2032)

• • Security and Protection
  • Frictional Materials
  • Electrical Insulation
  • Tire Reinforcement
  • Industrial Filtration
  • Optical Fibers
  • Rubber Reinforcement
  • Others

• End-Use Outlook (Revenue, USD Billion, Volume, Thousand Units; 2019-2032)

• • Aerospace & Defense
  • Automotive
  • Electronics
  • Oil & Gas
  • Others

• Regional Outlook (Revenue, USD Billion, Volume, Thousand Units; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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